What is the law of marine insurance?
The law of marine insurance is the body of legal principles that determine the rights and obligations of insurance companies and policyholders when marine insurance is obtained. It applies to maritime activities that involve the carriage of goods over water, including coastal and ocean voyages. In Texas, the law of marine insurance is based mainly on the Federal Maritime Law, as codified in the United States Code. This federal law provides for the issuance of marine insurance policies and regulates the relationship between the insurer and the insured. It also outlines the coverage limits and other provisions that must be included in the policy. The law of marine insurance covers a variety of circumstances and risks, including the hazards faced by vessels, their cargo, and passengers, as well as the obligations of ship owners and other parties associated with the voyage. It also covers the obligations of insurers to make prompt payments and to hold the insured harmless in the event of a claim. In addition, the law of marine insurance also sets forth rules regarding the sale and purchase of marine insurance policies, the rights of the insurer and the insured, and the enforcement of claims. Finally, it provides for the rights of third parties who may be affected by the action of a marine insurer or insured.
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