What is the concept of marine insurance under Admiralty Law?

Marine insurance under Admiralty Law is the practice of insuring ships, vessels, and cargo against loss or damage while at sea. This type of insurance typically compensates for losses due to damage, piracy, and other causes. It also provides coverage for personal injury and death caused by a marine accident. In Washington, maritime insurance is governed by the state’s Marine Insurance Act. This act outlines a variety of policies and procedures for both individuals and businesses that need to purchase marine insurance. It also defines the types of coverage that are available to protect the insured’s interests. The concept of marine insurance is based on concepts of indemnity and liability. Under this system, an insured person or business must prove their loss before they can collect on a policy. This means that the insured must demonstrate that the loss or damage was caused by some event that was covered by the policy. Furthermore, the insured must also demonstrate that the loss or damage is not due to their own negligence. In essence, marine insurance protects people, businesses, and cargo from loss or damage at sea. By obtaining this type of insurance, individuals and businesses can be sure that they will be adequately compensated for losses caused by events outside of their control.

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What is the concept of marine insurance under Admiralty Law?

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