Page 36 - Insurance Times March 2016 Sample
P. 36
ARBITRATION
IN MARINE
CARGO
INSURANCE
Introduction to Arbitration in Marine 4) The Washington Convention of 1965
Cargo Insurance 5) The UNITRAL Model Law for Arbitration
6) The UNITRAL Rules for Arbitration
"Arbitration" is a system whereby a dispute is resolved
outside the Courts where the parties to the dispute refer In view of the desirability of uniformity of the Law of Arbitral
to one or more persons (who are called Arbitrators) and procedures and the specific needs of International
agres to abide by the decision of the arbitrator(s). Commercial Arbitration practice, The United Nations
General Assembly recommended that all Countries give due
Historically, it is seen that the United States and Great consideration to the Model Law on International Arbitration
Britain are pioneers of this "Arbitration" mechanism. The of UNCITRAL.
famous "Treaty of Wasington-1872" between United States
and Britain in connection with Alabama claims paved the The preamble of Arbitration and Conciliation Act, 1996
path for International Arbitration and was forerunner of passed by Government of India refers to the
"Hague Convention", "the League of Nations" and "the recommendations of the General Assembly of United
World Court" etc. Nations about the UNCITRAL Model Law of International
Commercial Arbitration of 1985.
Some of the International Agreements :
Most of the Insurance Policies covering properties do have
1) The Geneva Protocol of 1923 an "Arbitration Clause" whereby any dispute about the
2) The Geneva Convention of 1927 quantum of loss is submitted to Arbitration (Liability being
3) The European Convention of 1961 otherwise admitted).
About the author An 'Arbitration Clause' is incorporated in some of the
Liability policies.
R. Hanumantha Sarma
Though all disputes can be resolved through Arbitration as
Principle Officer per the "Model Law on International Commerical
Optimum Insurance Broking Services Pvt. Ltd., Arbitration" of United Nations Commission on International
Chennai
36 The Insurance Times, March 2016
