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The Role of Marine Insurance Act in Resolving Disputes and Claims
The Marine Insurance Act provides the legal framework for marine insurance, defining the rights, duties, and obligations of insurers and policyholders. It ensures principles like utmost good faith, insurable interest, indemnity, and warranties are upheld, regulates claims processing, and offers dispute resolution through negotiation, mediation, arbitration, or litigation, promoting fairness, transparency, and risk management in maritime insurance.
18 Apr 2024
The Marine Insurance Act provides the legal framework for marine insurance, defining the rights, duties, and obligations of insurers and policyholders. It ensures principles like utmost good faith, insurable interest, indemnity, and warranties are upheld, regulates claims processing, and offers dispute resolution through negotiation, mediation, arbitration, or litigation, promoting fairness, transparency, and risk management in maritime insurance.
18 Apr 2024