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A salvage situation arises when a shipowner accepts an offer of help from a salvor. To that extent, the arrangement is contractual, but it is not a contract for services with a pre-arranged fee (such as, say, a towage contract). Instead, the law provides that after the service is done a court or arbitrator will make an award taking into account:
A shipowner's lien is a possessory lien which is the major difference between it and other maritime liens. The right to this lien can be applied only on the goods which are delivering by the shipowner when the shipper is the contractual party. It may entitle the shipowner to retain the cargoes as security for the payment of a debt.
Increased Value (IV): Increased Value cover protects the shipowner against any difference between the insured value of the vessel and the market value of the vessel. Overdue insurance: This is a form of insurance now largely obsolete due to advances in communications. It was an early form of reinsurance and was bought by an insurer when a ship ...
If you have car insurance for a salvage title car, you are generally still able to file a claim in the event of a future incident. However, whether the insurance company will pay out on that claim ...
Marine salvage is the process of recovering a ship and its cargo after a shipwreck or other maritime casualty. Salvage may encompass towing, lifting a vessel, or effecting repairs to a ship. [1] Salvors are normally paid for their efforts. [1]
Flotsam on a beach at Terschelling, Wadden Sea. In maritime law, flotsam, jetsam, lagan, and derelict are terms for various types of property lost or abandoned at sea. The words have specific nautical meanings, with legal consequences in the law of admiralty and marine salvage. [1]
A difference in conditions policy is an insurance policy that can help provide additional and expanded coverage for your home or business if you live in a region that sees regular disasters.
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.