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From: Al Golden (no email)
Date: Wed Oct 01 2003 - 20:07:54 EDT
Frank:
>>I do not advocate sailing without insurance. I am just throwing out
the
>>questions, "How much makes sense?" and "What does the insurance
provide?".
Under Maritime Law, the vessel is treated as an entity, in the same sense
that a corporation is under statute law. She can be sued in Rem, which
means
that the vessel herself can be the defendant in a lawsuit.
Further, under Maritime Law, the amount of a judgement in many
circumstances
may be limited to the value of the vessel. Therefore, the answer to your
"how
much" question is, the next available limit above the value of the vessel.
The answer to your "provide" question is, of course, protection for the
vessel's only assets, her value.
Al Golden
International Marine Insurance Services
1-800-541-4647
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