The Principle of Indemnity in Marine Insurance Contracts

With the global expansion of the maritime sector, marine insurance is on the forefront nowadays, more than ever before. Notwithstanding this growth, a vast number of legal disputes continues to emerge, with indemnity being, inter alia, amidst their focal points. Accordingly, the author discusses legal issues correlated to the principle of indemnity which is entailed in such contracts as well as in disputes that may arise there under, in a representative sample of common and continental law jurisdictions. In view of the ongoing attempt for unification, undertaken by the Comité Maritime Internationale (CMI) since 1998, it has been considered essential that the discussion encompasses an international and comparative aspect. Hence, this book comparatively examines Australian, English, Canadian, French, Greek, Norwegian and U.S. law, from the angle of indemnity in marine insurance contracts, the scope for a legal reform and the potential of harmonization, in terms of achieving a better, more flexible and modern indemnification regime in marine insurance.