Which subjects can be insured against maritime perils in Vietnam?

Which subjects can be insured against maritime perils in Vietnam?

I have questions and would like to ask you to answer them. Specifically, who can be insured against maritime perils? Hope to receive a response soon. I sincerely thank!

Answer: The subject of a marine insurance contract refers to any pecuniary benefit relating to marine operations.

Accordingly, Clause 2, Article 304 of the Vietnam Maritime Code 2015 stipulates that subject of a marine insurance contract includes:

a) Sea-going ships, ships in course of building, goods or any property are exposed to maritime perils;

b) Freight for carriage of goods, charges for hiring or hiring and purchase of a ship, estimated interest on goods, commissions, loans or security for any advance, expenses endangered by the exposure of sea-going ships, ships in course of building, goods or any other property to maritime perils;

c) Any liability may be incurred by reason of maritime perils.

Above is the answer to the subjects of marine insurance in Vietnam.

Which subjects can be insured against maritime perils in Vietnam? (Image from the Internet)

What is a marine insurance contract in Vietnam?

I have questions and would like to ask you to answer them. Specifically, please ask: What is a marine insurance contract in Vietnam? Is this issue mentioned in any legal documents? Hope to receive a response soon. Sincerely thank!

Answer : In Clause 1, Article 303 of the Vietnam Maritime Code 2015, there are regulations on marine insurance contract as follows:

A contract of marine insurance refers to a contract of insurance against marine risks whereby the assured is bound to pay agreed premiums and the insurer undertakes to indemnify the assured against marine losses that fall under the insurance coverage in manner and to the extent thereby agreed.

Note: Marine insurance contracts must be concluded in writing.

Above is the answer to the concept of marine insurance contracts. For more information on this issue, you can refer to the Vietnam Maritime Code 2015.

Best regards!

When does a marine insurance contract automatically terminate in Vietnam? 

I have questions and would like to ask you to answer them. Specifically, let me ask: When does a marine insurance contract automatically terminate in Vietnam? Hope to receive a response soon. Thank you!

Answer: According to current law: A contract of marine insurance refers to a contract of insurance against marine risks whereby the assured is bound to pay agreed premiums and the insurer undertakes to indemnify the assured against marine losses that fall under the insurance coverage in manner and to the extent thereby agreed.

In particular, Maritime perils refer to 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.

In Article 309 of the Vietnam Maritime Code 2015, there are provisions on automatic termination of a marine insurance contract as follows:

A marine insurance contract shall be automatically terminated in the event that, on the date of effecting thereof, any insurable loss has occurred or is not likely to occur in reality; in this case, the insurer is not liable for indemnity but remains entitled to collect insurance premiums specified in the insurance contract, except to the extent that the insurer was aware of such event before the insurance contract is effected.

Above is the answer to the case where a marine insurance contract automatically terminates in Vietnam.

Best regards!