ABSTRACT
The Chinese Maritime Code, as the first commercial code in the New China, came into effect on 1 July 1993. Chapter 12 of the Chinese Maritime Code contains provisions on the contract of marine insurance.2 There are 41 Articles from Article 216 through Article 256, which are divided into six sections as shown below:
(1) Section 1: Basic Principles (2) Section 2: Conclusion, Termination and Assignment of Contract (3) Section 3: Obligations of the Insured (4) Section 4: Liability of the Insurer (5) Section 5: Loss of or Damage to the Subject Matter Insured and
Abandonment (6) Section 6: Payment of the Indemnity
On 13 November 2006, the Supreme People’s Court of the People’s Republic of China issued the first judicial interpretation on the law of marine insurance entitled Provisions of the Supreme People’s Court on the Hearing of Cases of Marine Insurance Disputes, which came into effect on 1 January 2007. The Supreme People’s Court of China is currently preparing the second judicial interpretation on the law of marine insurance, having considered the numerous appeal and petition cases of marine insurance disputes in recent years.
