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Maritime lien and ship mortgage have a single corresponding term in the civil law, namely the ship hypothec. The maritime lien is a proprietary instrument meaning it concerns the property: the res .
The Convention on Limitation of Liability for Maritime Claims is an IMO treaty that was concluded in London in November 1976. It entered into force in 1986, and superseded the 1957 Brussels Convention of the same name. As of October 2016, 54 states are party to the convention. [1]
A co-insurance, which typically governs non-proportional treaty reinsurance, is an excess expressed as a proportion of a claim in percentage terms and applied to the entirety of a claim. Co-insurance is a penalty imposed on the insured by the insurance carrier for under reporting/declaring/insuring the value of tangible property or business income.
The NorthStandard P&I Association or Club is a marine mutual liability insurer in the United Kingdom.. In May 2022, it was announced that the North of England P&I Association would merge with the Standard Steamship Owners Protection & Indemnity Association (the Standard Club). [1]
If the ship was properly abandoned under the orders from the master, the vessel's own crews who saved the vessel or cargo on board were entitled to claim salvage. In the case of the Master's discharge of crew concerned, the Warrior Lush (476) case ruled that if the crew is properly discharged by the master, their employment contract is validly ...
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Protection and indemnity insurance, more commonly known as P&I insurance, is a form of mutual maritime insurance provided by a P&I club. [1] Whereas a marine insurance company provides "hull and machinery" cover for shipowners, and cargo cover for cargo owners, a P&I club provides cover for open-ended risks that traditional insurers are reluctant to insure.
War risk insurance is a type of insurance which covers damage due to acts of war, including invasion, insurrection, rebellion and hijacking. Some policies also cover damage due to weapons of mass destruction. It is most commonly used in the shipping and aviation industries.