ABSTRACT
Marine insurance in China is mainly governed by the Chinese Maritime Code (CMC) 1992. In the practice of maritime insurance, if there is no such provision in the CMC 1992 and the Insurance Law 2015, the relevant legal provisions in the Contract Law 1999 apply. Under the CMC 1992, a contract of marine insurance is a contract whereby the insurer undertakes, as agreed, to indemnify the loss of the subject-matter insured and the liability of the assured caused by perils covered by the insurance against the payment of an insurance premium by the assured. A contract of marine insurance for the carriage of goods by sea may be assigned more than once and the final assignee obtains the rights of suit under the marine insurance contract. Before the insurance commences, the assured may terminate the marine insurance contract but must pay the handling fee to the insurer, and the insurer shall refund the premium.
