Encyclopedia
Ship Mortgage
Vessel mortgage applies to the vessel's fittings owned by the same owner as the vessel, as well as to the insurance indemnity due under a marine insurance contract of the vessel on the terms of liability for loss and damage to the vessel. A vessel mortgage does not apply to freight1.
Russian Federation Maritime Commerce Code. 1999, as amended on June 22, 2024, Article 375, paragraph 1. ↩