Marine Insurance Law and Piracy: Comparative Insights from India and the United Kingdom

Abstract

Background: Marine insurance plays a critical role in mitigating risks associated with piracy, particularly in regions with high maritime traffic. India and the United Kingdom, with their strategic maritime interests, have developed unique legal frameworks to address this challenge.
Objective: This study aims to compare the legal provisions for marine insurance and piracy-related risks in India and the United Kingdom. It seeks to identify best practices for enhancing the effectiveness of marine insurance policies in piracy-prone areas.
Methodology: The research employs a doctrinal analysis of marine insurance laws, piracy-related statutes, and international conventions. Case studies of piracy incidents and their insurance implications provide practical insights.
Findings: The United Kingdom’s comprehensive marine insurance framework, based on the Marine Insurance Act, ensures robust coverage against piracy risks. India, while adhering to international conventions, faces challenges in enforcement and policyholder awareness. Strengthening enforcement mechanisms and public-private partnerships could enhance piracy risk management in India.