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

comments powered by Disqus
Hot Definitions
  1. Takeover

    A corporate action where an acquiring company makes a bid for an acquiree. If the target company is publicly traded, the ...
  2. Harvest Strategy

    A strategy in which investment in a particular line of business is reduced or eliminated because the revenue brought in by ...
  3. Stop-Limit Order

    An order placed with a broker that combines the features of stop order with those of a limit order. A stop-limit order will ...
  4. Pareto Principle

    A principle, named after economist Vilfredo Pareto, that specifies an unequal relationship between inputs and outputs. The ...
  5. Pareto Principle

    A principle, named after economist Vilfredo Pareto, that specifies an unequal relationship between inputs and outputs. The ...
  6. Budget Deficit

    A status of financial health in which expenditures exceed revenue. The term "budget deficit" is most commonly used to refer ...
Trading Center