Efficient dispute resolution mechanisms in marine insurance contracts: Legal perspectives and emerging trends

The marine insurance contract primarily aims at providing security for the performance of the commercial activity of transporting goods. This contract has a special nature that aims to indemnify the insured against losses to the marine adventure. Marine insurance contract disputes, like several other types of disputes, are determined by various resolution procedures, either in the courts or through alternative methods such as arbitration, negotiation, and mediation. This characteristic influences the choice of the substantive and procedural rules that will apply to resolve possible conflicts between the parties. If disputes do arise, peaceful and quick resolution is in the interest of everyone involved. Commercial parties usually insert in marine insurance contracts the choice of court and applicable law clauses that determine a timely resolution of disputes. The choice of dispute resolution method is therefore critical. In this paper, we discuss modern, quick, and effective resolutions to ensure that the disputes arising from a marine insurance contract are resolved at the lowest cost. We also analyze several cases.