EIRP Proceedings, Vol 14, No 1 (2019)

Abstract

This paper portrays relevant information about different aspects in maritime insurance with its history and we also emphasize on the principle of utmost good faith which is a very important principle that has to be noticed when making an insurance contract. We also refer to different types of maritime insurance policies offered by maritime insurance companies, as well as the P&I Club, together with their benefits. The different type of average and the maritime insurance Premium, and also Express Warranties are other topics which our work deals with. This analysis is based on qualitative methods and is addressed both to the specialist in this field and, also, to students and researchers which might be interested in. The aim of this research is to bring into attention this important problem of insurance – in any situation of life and, especially, in this area of the maritime activity. Our conclusion is that maritime insurance helps to spread risk and also makes provision for the share of losses as seen in the function of general average and it also indemnifies the assured of their losses or damages accordingly.