Commercial Maritime Law

1. An insurance contract, and any modifications thereon, shall only be established in writing. 2. Under the insurance contract, an insurance policy shall be issued, which shall include: a) insurance contract’s date and place of issuance; b) name and domicile of the insurer and the insured; c) subject of insurance; d) description, limitations, exceptions, duration, and geographical scope of the insurance coverage; e) amount and premium of insurance; and f) any other particulars specified by the regulations. 3. A binder issued by the insurer shall be enforceable on the parties, pending the issuance of the final insurance policy.