The role of arbitration in resolving liability insurance disputes of floating owners

The role of marine insurance in covering the responsibility of the ship owner is very important; Although it is possible that the ship owner undertakes the transportation of goods and is also considered a carrier, but the responsibilities of the ship owner as the sole owner of the ship include things that are separate from the title of carrier. In addition to being responsible for their own actions and mistakes, ship owners are responsible for the operations of the commander in the contracts he concludes in connection with his duties, and are also responsible for the operations of the ship's crew and the owner's authorized agents. The owners of the vessels can issue a letter of responsibility. Usually, the terms of arbitration are included in the terms of the insurance policy. Although the handling of heavy losses in the insurance industry is not much different from the handling of damage estimates in other insurances, but the judicial proceeding is time-consuming and costly in order to comply with the strict legal procedures according to the procedural rules, generally, prolonging the proceedings is not compatible with the conditions of the victims. And the insurance companies are not interested in resolving their disputes with the insurers through the judicial system due to advertising and customer-oriented issues and good reputation and professional reputation, so referring to arbitration can be effective for resolving the disputes of both groups.

arbitration, insurance arbitration, liability insurance of floating owners