The Marine Insurance Act, 2016
Proposed by: ENGR. Khurram Dastagir Khan, Federal Minister for Commerce.
Summary: The Marine Insurance Act 2016 was introduced in the National Assembly on Tuesday, 14th June 2016 in Islamabad. It consists of 18 chapters, including detailed descriptions ranging from marine insurance to voyage, insurable interest to insurable value, policy to the assignment of the policy, double insurance to warranties, premium to the return of premium, loss and abandonment, partial losses including salvage, general average and particular charges, measure of indemnity, rights of the insurer on payment, mutual insurance, etc. The rules of construction of the policy have been clearly stated in 18 points.
The agenda behind this bill is to provide the legal framework for the regulation of marine insurance in Pakistan and to remove contradictions and similarities with other laws existing in the field. It provides rules for the construction and interpretation of marine insurance policies to encourage and help promote the marine insurance sector.
(Summary by Rimsha Tanveer Soofi)