Understanding Marine Insurance With The Historical Perspectives And Legal Framework Of International Maritime Laws
- IJLLR Journal
- Jun 9
- 2 min read
Kartisha Vaishnavi, BBA LLB (Hons), IILM Law School, Gurugram
ABSTRACT
International maritime law is rooted in history and has greatly impacted marine insurance; and, one of the best ways to do such an investigation of the field is through historical development. This essay analyses the complex legal framework developed by those big agreements, including UNCLOS, and how they can impact marine insurance policies. Where once there were customary practices today there exists a codified set of regulations that dictate how things are done both within national boundaries and out in the high seas. Simply put, it is maritime law. It is indicative of how international shipping and trade has only grown more complicated over the years, requiring solid legal frameworks to address issues related to liability, environmental protection, safety laws.
The study of marine insurance and maritime law is specifically vital as the latter provides a cushion for the perils associated with the Commercial Marine Industry. This study will explore the effect of international conventions on marine insurance cover, risk rating / assessment and claims procedure in Nigeria. It will also explore how marine insurers face on-going challenges in a changing maritime legal environment and environmental concerns such as pollution and piracy.
The aim of this research is to offer thorough knowledge concerning international maritime law which not only direct shipping activities but also effects on a higher note toward the marine insurance industry by combining historical perspective with today's legal regimes. The two-fold focus will underscore the crucial function that legal frameworks perform in stimulating a safe and secure maritime industry on one hand, while ensuring an adequate level of protection to those engaged in this important area, on the other.
