Admiralty Bond

C1 16+
  • Frequency of Use
    20 %
  • Retention Rate
    60 %
  • Complexity
    80 %
  • Admiralty Bond Meanings

    noun A legal document that guarantees payment to the court if the terms of the bond are not met.

    Fields related to admiralty bond

    Insurance

    Insurance companies may require an admiralty bond as part of their underwriting process for insuring maritime risks, to ensure that potential liabilities are covered.

    Legal Proceedings

    In legal proceedings involving maritime disputes, admiralty bonds play a crucial role in providing financial security for parties involved in the case.

    Maritime Law

    In maritime law, an admiralty bond is a type of security bond required by a court for the release of a ship or cargo that has been arrested. It guarantees payment of a judgment in a maritime case.

    Shipping Industry

    In the shipping industry, admiralty bonds are commonly used to secure the release of vessels or cargo that have been detained due to legal disputes or unpaid debts.

    Occupation Usage of admiralty bond

    Writer

    In the context of a novel or screenplay, a character may need to post an admiralty bond in order to secure the release of a ship or cargo.

    Lawyer

    Lawyers specializing in maritime law may assist clients in obtaining admiralty bonds to protect their interests in maritime transactions or disputes.

    Insurance Broker

    Insurance brokers may help clients secure admiralty bonds as a form of insurance against potential losses in maritime activities.

    Consolidated Statistics about admiralty bond

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