What is the concept of marine insurance under Admiralty Law?

Marine insurance refers to a concept under Admiralty Law that provides protection to the owners of ships and goods being transported by ship. This insurance covers the cost of losses that may occur during a voyage, such as storms, fires, and other hazards. The insurance may also cover losses that may occur due to theft or piracy. In Kansas, marine insurance is obtained through an insurance company and usually covers the cost of losses up to the value of the property being insured. It can also cover the legal fees and expenses related to recovering the property or making repairs. The insurance company is required to pay the insured for any valid claims that are made against the policy. One of the most important aspects of marine insurance is determining what types of losses are covered, as well as what the limits of coverage are. For example, while storms and fires are common losses covered by marine insurance, losses due to negligence or intentional acts are not. In addition to covering the costs of losses, marine insurance also covers the costs associated with transportation and transportation delays. This includes the cost of replacing any damaged goods or the cost of repair, as well as the cost of additional delays. In Kansas, marine insurance is often referred to as "hull insurance" since it covers the cost of repairing vessels, including ships, boats, and any other maritime transportation vehicles.

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What is the concept of marine insurance under Admiralty Law?

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