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Marine Insurance

Legal Definition and Related Resources of Marine Insurance

Meaning of Marine Insurance

An insurance against marine losses, that is, the losses incident to marine adventure. An insurance against risks connected with navigation to which a ship, cargo , freight or other insurable interest in such property may be exposed during a certain voyage or a fixed period of time.

Marine Insurance Alternative Definition

A contract of indemnity by which one party, for a stipulated premium, undertakes to indemnify the other, to the extent of the amount insured, against all perils of the sea, or certain enumerated perils, to which his ship, cargo, and freight, or some of them, may be exposed during a certain voyage, or a fixed period of time.

International Trade Meaning and Definition of Marine Insurance

Insurance that compensates the owners of goods transported overseas in the event of loss that cannot be legally recovered from the carrier.

Related Entries of Marine Insurance in the Encyclopedia of Law Project

Browse or run a search for Marine Insurance in the American Encyclopedia of Law, the Asian Encyclopedia of Law, the European Encyclopedia of Law, the UK Encyclopedia of Law or the Latin American and Spanish Encyclopedia of Law.

Marine Insurance in Historical Law

You might be interested in the historical meaning of this term. Browse or search for Marine Insurance in Historical Law in the Encyclopedia of Law.

Legal Abbreviations and Acronyms

Search for legal acronyms and/or abbreviations containing Marine Insurance in the Legal Abbreviations and Acronyms Dictionary.

Related Legal Terms

You might be also interested in these legal terms:

Mentioned in these terms

C.i.f., Condition, Constructive Total Loss, Deviation, Goods, Inherent Vice, Insurance, Lost Or Not Lost, Particular Average, Perils Of The Sea, Sue And Labor Clause, Time Marine Policy, Total Loss.

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Marine Insurance in the Dictionary Marine Insurance in our legal dictionaries
Browse the Legal Thesaurus Find synonyms and related words of Marine Insurance
Legal Maxims Maxims are established principles that jurists use as interpretive tools, invoked more frequently in international law
Legal Answers (Q&A) A community-driven knowledge creation process, of enduring value to a broad audience
Related topics Marine Insurance in the World Encyclopedia of Law

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This definition of Marine Insurance is based on the The Cyclopedic Law Dictionary . This entry needs to be proofread.

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Topic Map A group of names, occurrences and associations
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https://legaldictionary.lawin.org/marine-insurance/ The URI of Marine Insurance (more about URIs)

Marine insurance in Law Enforcement

Main Entry: Law Enforcement in the Legal Dictionary. This section provides, in the context of Law Enforcement, a partial definition of marine insurance.

Marine Insurance Act, 1906 in Maritime Law

Note: There is more information on maritime/admiralty law here.

The following is a definition of Marine Insurance Act, 1906, produced by Tetley, in the context of admiralty law: (U.K.) 6 Edw. VII, c. 41 – The basic statute on marine insurance, which has been copied almost verbatim in many British Commonwealth countries and which is frequently looked to as authoritative, even by American courts, in marine insurance decisions. See for example, Queen Ins. Co. v. Globe & Rutgers Fire Ins. Co., 263 U.S. 487 at p. 493, 1924 AMC 107 at p. 109 (1924); Gulf Refining Co. v. Atlantic Mut. Ins. Co., 279 U.S. 708, 1929 AMC 825 (1929); Standard Oil Co. of New Jersey v. U.S., 340 U.S. 54, 1951 AMC 1 (1950); Calmar S.S. Corp v. Scott, 345 U.S. 427 at p. 443, 1953 AMC 952 at p. 965 (1953); Antilles S.S. Co. v. Members of American Hull Ins., 733 F.2d 195 at p. 198, 1984 AMC 2444 at p. 2449 (2 Cir. 1984). See Tetley, Int’l C. of L., 1994 at p. 339; Int’l. M. & A. L., 2003 at pp. 583-586; and M.L.C., 2 Ed., 1998 at pp. 831-840 with respect to marine insurance liens.

Marine Insurance Act in Maritime Law

Note: There is more information on maritime/admiralty law here.

The following is a definition of Marine Insurance Act, produced by Tetley, in the context of admiralty law: S.C. 1993, c. 22 – The Canadian federal statute on marine insurance, modelled on the United Kingdom’s Marine Insurance Act, 1906 (see this maritime law term in this legal dictionary).

Marine Insurance in Maritime Law

Note: There is more information on maritime/admiralty law here.

The following is a definition of Marine Insurance, produced by Tetley, in the context of admiralty law: The original form of insurance in Western society, pre-dating all insurance ashore, marine insurance was developed by Lombard merchants in the city states of northern Italy in the twelfth century, whence it gradually spread north to the cities of the Hanseatic League, and later to London, where King Henry IV of England (1399-1413) granted the “Lombard merchants” a sector of the City of London in which to live and practise their trade, which came to be known as “Lombard Street”. In succeeding centuries, London emerged as the major world centre of the marine insurance and reinsurance markets, a position which it continues to occupy, being the seat of both Lloyd’s and the International Underwriting Association of London (formerly the Institute of London Underwriters).

Marine insurance was originally an aspect of the medieval European, transnational lex mercatoria, or Law Merchant, rooted in the civil law, whose usages were eventually codified in the ordinances of various maritime commercial centres on the Continent and later in the Ordonnance de la Marine (1681). In England, thanks largely to the efforts of Lord Mansfield, Chief Justice of King’s Bench from 1756 to 1788, these Continental sources of marine insurance law were frequently cited and came slowly to be incorporated into the common law of England. In 1906, the bulk of this common law was codified in the U.K.’s Marine Insurance Act, 1906, 6 Edw VII, c. 41 (see this maritime law term in this legal dictionary), in force January 1, 1907. The 1906 enactment, a masterpience of legislative drafting attributable to Sir Mackenzie Chalmers, has been copied, almost verbatim, by various Commonwealth jurisdictions (e.g. Australia and Canada) and even influences American judges in rendering decisions on marine insurance matters, although the United States has no statute on the subject. The historic lex mercatoria continues to apply to contracts of marine insurance in England the Commonwealth, however, thanks to provisions such as sect. 91(2) of the U.K.’s Marine Insurance Act, 1906, which perpetuates the “… rules of the common law including the law merchant, save in so far as they are inconsistent with the express provisions of this Act”. See Tetley, “The General Maritime law – The Lex Maritima” (1994) 20 Syracuse J. Int’l L. & Comm. 105-145 at pp. 129-130; reprinted in [1996] ETL 469-505 at pp. 492-493; Tetley, “Maritime Law as Mixed Legal System (With Particular Reference to the Distinctive Nature of American Maritime Law, Which Benefits from Both its Civil Law and Common Law Heritages)” (1999) 23 Tul. Mar. L.J. 317-350 at p. 336 and at https://www.mcgill.ca/maritimelaw/comparative/marlawmix/.

By sect. 1 of the U.K.’s Marine Insurance Act, 1906, a contract of marine insurance is “… a contract whereby the insurer undertakes to indemnify the assured, in the manner and to the extent thereby agreed, against marine losses, that is to say, the losses incident to marine adventure.” Definitions given in other statutes and treatises are similar. See Tetley, Int’l C. of L., 1994 at pp. 336-338. The three basic types of marine insurance are hull insurance (on the ship and its machinery), cargo insurance (on cargo) and Protection and Indemnity, or “P. & I.” insurance (insurasnce in respect of third party liability resulting from the operation of the ship). See also marine reinsurance (see this maritime law term in this legal dictionary). See Tetley, Int’l. M. & A. L., 2003, Chap. 15, at pp.573-622.

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See Also

  • Law Enforcement Officer
  • Police
  • Law Enforcement Agency

Further Reading

Marine Insurance in Admiralty Law

For information on marine insurance in this context, see the entry on marine insurance in the maritime law encyclopedia.

Marine Insurance

Hierarchical Display of Marine insurance

Finance > Insurance > Insurance > Transport insurance
Transport > Maritime and inland waterway transport > Maritime transport

Meaning of Marine insurance

Overview and more information about Marine insurance

For a more comprehensive understanding of Marine insurance, see in the general part of the online platform.[rtbs name=”xxx-xxx”]

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Translation of Marine insurance

Thesaurus of Marine insurance

Finance > Insurance > Insurance > Transport insurance > Marine insurance
Transport > Maritime and inland waterway transport > Maritime transport > Marine insurance

See also

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