Maritime Law

AAA

DEFINITION of 'Maritime Law'

A body of laws, conventions and treaties that governs international private business or other matters involving ships, shipping or crimes occurring on open water. Laws between nations governing such things as national versus international waters are considered public international law and are known as the Law of the Seas.

Also known as "admiralty law".

INVESTOPEDIA EXPLAINS 'Maritime Law'

In most developed nations, maritime law is governed by a separate code and is a separate jurisdiction from national laws. The United Nations, through the International Maritime Organization, has issued numerous conventions that can be enforced by the navies and coast guards that have signed the treaty outlining these rules. Maritime law governs many of the insurance claims relating to ships and cargo, civil matters between shipowners, seamen and passengers, and piracy.

RELATED TERMS
  1. International Maritime Organization ...

    A specialized agency of the United Nations that is responsible ...
  2. Bottomry

    When the owner of a ship borrows money and uses the ship itself ...
  3. The Jones Act

    Legislation that regulates maritime commerce between U.S. cities. ...
  4. Admiralty Proceeding

    Any matter that comes before an admiralty court that involves ...
  5. Admiralty Court

    Any court governed by admiralty law, whether the court is officially ...
  6. Builders Risk Hull Insurance

    A protection policy pertaining to when a ship is in the builders' ...
Related Articles
  1. What Is International Trade?
    Personal Finance

    What Is International Trade?

  2. Globalization: Progress Or Profiteering?
    Economics

    Globalization: Progress Or Profiteering?

  3. What Is The World Trade Organization?
    Economics

    What Is The World Trade Organization?

  4. NAFTA's Winners And Losers
    Economics

    NAFTA's Winners And Losers

Hot Definitions
  1. Hyperinflation

    Extremely rapid or out of control inflation. There is no precise numerical definition to hyperinflation. Hyperinflation is ...
  2. Gross Rate Of Return

    The total rate of return on an investment before the deduction of any fees or expenses. The gross rate of return is quoted ...
  3. Debit Spread

    Two options with different market prices that an investor trades on the same underlying security. The higher priced option ...
  4. Leading Indicator

    A measurable economic factor that changes before the economy starts to follow a particular pattern or trend. Leading indicators ...
  5. Wage-Price Spiral

    A macroeconomic theory to explain the cause-and-effect relationship between rising wages and rising prices, or inflation. ...
  6. Accelerated Depreciation

    Any method of depreciation used for accounting or income tax purposes that allows greater deductions in the earlier years ...
Trading Center