The fact that Vietnam has signed or accessed many free trade agreements recently makes local enterprises developed their business of export and import, thus, that also pushes the development of maritime activities including services related to the maritime sector such as marine insurance. Despite the development of the marine insurance agreement, practically, many marine insurance disputes are arising from a variety of reasons. Therefore, many enterprises in the marine section are extremely interested in the service of advising on marine insurance disputes to ensure their interest the best when arising marine loss.
Marine insurance agreement
The relationship of insurance between the assured and the insurer is established based on the marine insurance agreement. Marine insurance disputes are mainly related to the establishment, execution, and termination of the marine insurance agreement.
Under the Maritime Code of Vietnam 2015, a marine insurance agreement refers to a contract of insurance against marine risks concerning the perils consequent on, or incidental to, the navigation of the sea, including perils of the seas, fire, explosion, war perils, pirates, thieves, seizures, captures, restraints, detainments, jettisons, procurements, requisitions, acquisitions by the Government, illegal acts and any other perils, either of the like-kind or which may be designated by the insurance contract. A marine insurance contract must be in writing. After the signing of the marine insurance agreement, the assured shall pay the agreed premium and the insurer undertakes to indemnify the assured for marine loss covered by the insurance under the terms and conditions agreed in the insurance agreement.
Marine insurance disputes
The marine insurance disputes are usually complicated because either the marine insurance agreement is usually a standard form contract that is particularly built and complicatedly structured or the assured is lack of good advice on execution of the marine insurance agreement, including advice on potential marine insurance disputes arising from the marine insurance agreement. The marine insurance disputes often include:
– Disputes over the subject of marine insurance;
– Disputes on the insured value and the sum insured;
– Disputes about the insurance coverage;
– Disputes over compensation in hull insurance;
– Disputes over compensation in insurance of goods transported by sea;
– Disputes over validity of the marine insurance agreement; and
– Other disputes related to the marine insurance agreement.
Advising on marine insurance disputes
Advising on marine insurance disputes usually include the following tasks:
– Advising on marine insurance disputes involved in the content of the marine insurance agreement and assessing the legal position of parties in the marine insurance disputes;
– Giving solutions to settle marine insurance disputes under the law; depending on the features of the dispute, methods of dispute resolution are recommended negotiation, mediation, or the initiation of a lawsuit in an Arbitration or a Court;
– Assisting and advising in preparation of documents and shreds of evidence in the process of settling marine insurance disputes;
– Instructing about procedures and participating in the dispute settlement process when advising on marine insurance disputes;
– Consulting and representing clients to participate in a Court or an Arbitration proceeding in case that the dispute cannot be resolved by negotiation or conciliation; and
– Other assignments per request of advising on the marine insurance disputes.
The above is an overview of advising on marine insurance disputes. If you have trouble with legal issues of advising on marine insurance disputes, please contact us: Phuoc & Partners is a professional consulting firm established in Vietnam which currently has nearly 100 members working in three offices in Ho Chi Minh City, Hanoi, and Danang. Phuoc & Partners. It is rated as one of the leading consulting firms specializing in civil litigation in Vietnam that has leading practice areas in the legal market such as Labour and Employment, Taxation, Merger and acquisition, Litigation. We are confident in providing customers with optimal and effective service.