Abandonment as an exceptional means of obtaining compensation for the insured person Analytical Study in Saudi Commercial Maritime System

Author

Islamic economy dept., Shariah Faculty, Islamic university, Almadinah Almonawwara, Saudi Arabia

Abstract

Abstract:
The Saudi Commercial Maritime System has been issued with maritime insurance reflecting a significant regulatory development in Saudi Arabia's legislative field. Maritime insurance is considered a guarantee of stability for maritime business operations at the national, regional, and international levels. To keep up with this development, we consider it necessary to devote this scientific research on abandonment and its effects as an exceptional means of obtaining compensation for the insured person. The problem of research is a number of questions that can be solved by the inductive analytical method. It has produced systemic results and problems. The most important issue is that Saudi regulator has caught in a conflict between the meaning of the text of the statute of limitations of old judicial action arising from the maritime insurance contract over two years in accordance with article number 325 in the Regulations. The statutory limitations provided for in the rules governing the work of the commissions for the adjudication of disputes and insurance offences which were restricted to five years from the maturity date on which the amount of money. We also present the required recommendations to manipulate such problems. Urging the regulator to unify the statute of limitations of abandonment's action comes at the forefront of the recommendations. Hopefully, the specialists would consider it specially through issuing the executive regulations of the system.

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References

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The bulletin of the Faculty of Islamic and Arabic Studies for Girls in Alexandria
Volume 38, Issue 6
second edition
December 2022
Pages 286-343

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