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This paper aims to classify and assess the impact of charter party clauses against the contractual terms of marine insurance contracts. Initially, a contractual term may be classified as a condition, a warranty, or an innominate term when the nature of a clause is not yet classified. Based on this classification, the effectiveness of those terms and the available remedies vary significantly upon a contractual dispute or termination. Specifically, the classification of a term as a condition has similar effects in charter parties and insurance contracts, namely, the termination of the contract and/or claim for damages. Nevertheless, the marine insurance conditions also rely on the claim’s seriousness to effectively provide the election of contractual termination, thus rendering them r... |
