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Great Lakes Insurance SE v. Raiders Retreat Realty Co., LLC
In the world of marine insurance, reliability and predictability are a top priority. Marine insurers must safeguard their own financial stability, while protecting against unique maritime risks for their policyholders. To serve the goals of reliability and predictability, many marine insurance policies include “choice-of-law” clauses. A choice of law clause specifies which laws will apply if there is a dispute involving the policy. If there is a dispute, the insurer and policyholder know which laws apply, allowing both parties to reasonably predict the outcome of any potential disputes.
For example, a number of marine insurance policies point to New York law as the choice-of-law in marine insurance policies. New York law is a common choice among marine insurers because New York is a populous state with a robust economy, including a significant maritime industry. New York’s laws are well-established and reliable in the context of maritime contracts and disputes, and New York’s maritime jurisprudence is generally more developed than that of other states.
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maritime-executive.com
In the world of marine insurance, reliability and predictability are a top priority. Marine insurers must safeguard their own financial stability, while protecting against unique maritime risks for their policyholders. To serve the goals of reliability and predictability, many marine insurance policies include “choice-of-law” clauses. A choice of law clause specifies which laws will apply if there is a dispute involving the policy. If there is a dispute, the insurer and policyholder know which laws apply, allowing both parties to reasonably predict the outcome of any potential disputes.
For example, a number of marine insurance policies point to New York law as the choice-of-law in marine insurance policies. New York law is a common choice among marine insurers because New York is a populous state with a robust economy, including a significant maritime industry. New York’s laws are well-established and reliable in the context of maritime contracts and disputes, and New York’s maritime jurisprudence is generally more developed than that of other states.
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Pending Supreme Court Decision Could Deeply Affect Marine Insurance
In the world of marine insurance, reliability and predictability are a top priority. Marine insurers must safeguard their own financial stability, whi...
maritime-executive.com
