noun A legal document that guarantees payment to the court if the terms of the bond are not met.
Insurance companies may require an admiralty bond as part of their underwriting process for insuring maritime risks, to ensure that potential liabilities are covered.
In legal proceedings involving maritime disputes, admiralty bonds play a crucial role in providing financial security for parties involved in the case.
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.
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.
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.
Lawyers specializing in maritime law may assist clients in obtaining admiralty bonds to protect their interests in maritime transactions or disputes.
Insurance brokers may help clients secure admiralty bonds as a form of insurance against potential losses in maritime activities.