A dispute between an insurer and a yacht owner went all the way to the U.S. Supreme Court with a decision recently—the first of its kind on marine insurance in about 70 years—to clarify federal maritime law and state insurance law.

Last month the highest court released a unanimous opinion that choice-of-law provisions in maritime contracts, governed by federal maritime law, are enforceable over state law. Maritime contracts include marine insurance policies.

The case at hand, Great Lakes Insurance v. Raiders Retreat Realty, g

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