Marine Insurance Contract

MARINE INSURANCE AGREEMENT

PARTIES
On one side, …………………………… Insurance Inc. (hereinafter "Insurer" ),
On the other side, …………………………… (hereinafter "Insured" ).

ARTICLE 1 – SUBJECT OF THE AGREEMENT

This agreement concerns the insurance of the Insured's vessel named ………… with gross tonnage and/or the cargo carried by the vessel, against risks that may occur during the sea voyage, and the determination of the rights and obligations of the parties within this scope.

ARTICLE 2 – INSURANCE COVERAGE AND SCOPE

2.1. This insurance covers the following risks:

Natural marine hazards such as storms, hurricanes, floods, fog, collisions, groundings, and sinkings
Fire, explosion, piracy, and malicious acts by third parties,
Damage occurring during loading and unloading,
General average and salvage costs.

2.2. The following situations are excluded from insurance coverage:

The insured's intentional actions,
The ship setting sail in an unseaworthy condition,
Violation of legal requirements,
Nuclear risks and the dangers of war.

ARTICLE 3 – INSURANCE AMOUNT AND PREMIUM

3.1. The insurance amount is determined based on the market value of the vessel and the declared value of the cargo carried.
3.2. The insurance premium is ………… USD/EUR and is payable in advance or in ………… installments.
3.3. Insurance coverage will be suspended if the premium is not paid on time.

ARTICLE 4 – DURATION

4.1. The insurance period begins on ………… and ends on ………….
4.2. The period may be extended by written agreement of the parties.

ARTICLE 5 – OBLIGATIONS OF THE INSURED

5.1. The insured is obligated to ensure the vessel is seaworthy when sailing.
5.2. In the event of an eventual risk, the insured is obligated to immediately notify the insurer and submit the necessary documentation.
5.3. The insured must declare to the insurer any other insurance policies existing for the insured vessel or cargo.

ARTICLE 6 – COMPENSATION

6.1. In the event of a risk occurring, the Insurer will determine the amount of damage according to the expert report.
6.2. Compensation will be paid to the Insured within a maximum of ………… days from the notification of the risk.
6.3. The Insurer has the right of recourse against third parties up to the amount of compensation paid.

ARTICLE 7 – TERMINATION

7.1. If either party acts in breach of the contract terms, the other party may terminate the contract.
7.2. In case of termination, the premium for the unused period will be refunded to the Insured if the risk has not materialized.

ARTICLE 8 – RESOLUTION OF DISPUTES

In case of disputes arising from this contract, the provisions of the Turkish Commercial Code regarding marine insurance shall apply.
The Istanbul Maritime Specialized Courts and the Istanbul Arbitration Center (ISTAC) shall have jurisdiction in resolving disputes.

INSURER INSURED
Name – Signature Name – Signature

YAĞMUR YORULMAZ, LAW FACULTY STUDENT

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