The risk on Marine insurance contract

A study in the Libyan Law

Abstract

It is obvious to realize that how important the Marine Insurance contract is, especially in the world of International Trade by shipping in the sea. What is more, this kind of trade includes many risks during the marine journey whether ships or goods, which it is more important to prevent such risk via marine insurance contract. Additionally, this contract has been vital element recently in the world of international trade, therefore, it has been not common to find a shipping goods with funds by a bank without the existing of insurance documents.

From the light of above, the marine risk is considered as the most important terms on the marine insurance contract, in case of the contract has no marine risk, the contract will consider as a revoked contract as a legal consequence. What is more, we can identify the risk in general as the accident which could happen to the insured items, and this study is related to the risk on the marine insurance contract.

It is well known that the marine activities includes on numbers of marine risk, and the marine insurance is considered as a way of protection to face the risks. Besides, the marine insurance is an effective way to reduce the losses could appear during the journey of shipping. However, this contract is important as well when the goods on ship is a high value with necessary to face such serious risk during the journey.

Furthermore, the marine risk not only have to related directly to the sea, but also could the risk appear as a result of being at the sea, moreover, the Libyan Law is considering the insurance on marine risks whether in the sea, or because of the sea. Besides, the marine risks in the Libyan Law is only for examples nor as limited cases, and also the Libyan Law has been excluded several marine risks from the insurance