What is the concept of marine insurance under Admiralty Law?

Admiralty law is a type of maritime law that deals with a wide array of maritime questions, disputes, and accidents. In Nebraska, marine insurance falls under this branch of law. Marine insurance is a type of insurance policy that provides protection for ships, cargo, and other maritime interests against losses or damages due to risks at sea. There are two types of marine insurance: hull insurance and cargo insurance. Hull insurance covers the vessel itself, including the ship, engine, and any other equipment or parts. Cargo insurance protects the goods on board, including materials, merchandise, and any other items that may be transported on board. Cargo insurance is especially important for companies that rely on the successful transport of goods via ship. The concept of marine insurance is rooted in the notion of “in rem” rights. This means that the rights of the insurer to recoup losses from an insured item are held against the property itself, regardless of the interest or owner of the ship or goods. While the concept of marine insurance can be complex, it is a valuable way to preserve the interests of ship owners and companies that rely on safe shipping practices.

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What is the concept of marine insurance under Admiralty Law?

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