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Frustration and Deviation - Essay Example
Author : millie28
Pages 20 (5020 words)
Marine insurance covers the loss or damage of ships and goods at sea and is the oldest form of insurance Lloyd's of London and the Institute of London Underwriters developed standardized clauses for marine insurance in the 19th century known as Institute Clauses (Nunes 2004)…
A maritime locus is defined as being on navigable waters (Force 2004).
The majority of maritime commercial transactions involve the carriage of goods. The primary document is the bill of lading, which is basically a contract of carriage. In 1936 the Carriage of Goods by Sea Act (COGSA) was passed in the United States, only applies to foreign trade and is limited to the time the cargo is loaded and discharged from the vessel. COGSA was in implementation of the Hague Rules, which sought to ensure a seaworthy ship and the proper care of goods. COGSA was also enacted to cover encompass the international sphere of uniform liability rules governing domestic voyages found in the Harter Act of 1893. It covers only the period of time between the times the goods are loaded on the ship and when they are discharged from the shop. The main point of the Act was to prevent ship owners contracting out of the duty to properly care for the vessel and the cargo onboard.
Two terms for dispute in maritime law are in personam and in rem. The in personam suit is typical of other forms of law, but in rem is nearly exclusive to admiralty jurisdiction and is basic to the maritime lien. ...