Studies from Dalian Maritime University Add New Findings in the Area of Transportation Business and Management (Russian Laws Governing Marine Insurance and the Development of Mutual Insurance): Transportation – Transportation Business and Management

2022 JUL 14 (NewsRx) -- By a News Reporter-Staff News Editor at NewsRx Policy and Law Daily -- Investigators publish new report on Transportation - Transportation Business and Management. According to news originating from Liaoning, People’s Republic of China, by NewsRx correspondents, research stated, “The importance of marine insurance is determined by the nature of the risks, associated with maritime navigation, the cost of marine vessels and the cargo’ size. Navigation is still hazardous despite technological advances and innovations, and ships continue to sink, causing people to die, cargo loss, and harm to third parties.”

Our news journalists obtained a quote from the research from Dalian Maritime University, “The level of development in marine insurance of a maritime state is one of the key characteristics of that state’s economy as a whole. Russia has traditionally been one of the world’s major maritime powers, playing an active role in marine research and development. Over the last decade, Russia has made extensive progress in developing natural gas resources and supporting infrastructure on its northern coast. With the growth of ship traffic along the Northern Sea Route, it is a timely opportunity to evaluate the prevailing Russian marine insurance system and determine whether it is adequate to meet the needs for insurance in this realm over the foreseeable future. The main objectives of this study are to introduce the system of Russian marine insurance law, including the legislative acts regulating relationships arising out of the insurance contract law, governing the organisation of the insurance business in the Russian Federation, and to analyse the reasons for the imperfections of the legislation in terms of mutual insurance and its impact to the realisation of projects relating to the navigation in the Northern Sea Route waters.”

According to the news editors, the research concluded: “The study concludes that in order to safeguard the key national projects, taking account of the fact that risks of damages to ships operating in Arctic waters are high and costly, thus there is a need for a careful and verified state policy and legislation in the field of marine insurance aimed at promoting and supporting the development of mutual insurance.”

This research has been peer-reviewed.

For more information on this research see: Russian Laws Governing Marine Insurance and the Development of Mutual Insurance. Research in Transportation Business & Management, 2022;43:100781. Research in Transportation Business & Management can be contacted at: Elsevier, Radarweg 29, 1043 Nx Amsterdam, Netherlands.

The news correspondents report that additional information may be obtained from Mehran Idris Khan, Dalian Maritime University, School of Law, Dalian 116026, Liaoning, People’s Republic of China. Additional authors for this research include Kseniia Novikova and Yen-Chiang Chang.

The direct object identifier (DOI) for that additional information is: https://doi.org/10.1016/j.rtbm.2022.100781. This DOI is a link to an online electronic document that is either free or for purchase, and can be your direct source for a journal article and its citation.

(Our reports deliver fact-based news of research and discoveries from around the world.)