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INTRODUCTION TO MARINE INSURANCE Professor Proshanto K. Mukherjee Lund Universirty

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INTRODUCTION TO MARINE INSURANCE Professor Proshanto K. Mukherjee Lund Universirty World Maritime University 17 November 2008. Historical Origin. Origin “veiled in antiquity and lost in obscurity”

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INTRODUCTION TO

MARINE INSURANCE

Professor Proshanto K. Mukherjee

Lund Universirty

World Maritime University

17 November 2008

historical origin
Historical Origin
  • Origin “veiled in antiquity and lost in obscurity”
  • Bottomry – originally a kind of marine insurance, first practiced by ancient Babylonians and Indians.
  • Roman era – 215 B.C. Documented evidence of fraudulent marine insurance claims.
  • By 50 B.C. – Major principles of marine insurance law established i.e.,
      • insurable interest;
      • spreading of risk;
      • premium as consideration
  • By 13th century, marine insurance practiced by the Lombards and Hanseaticmerchants.
  • Early 17th Century – Rise of Lloyds.
marine insurance institutions
Marine Insurance Institutions
  • Association of Lloyd’s Underwriters
  • Institute of London Underwriters
  • International Group of Protection & Indemnity Clubs
  • International Union of Marine Insurers (IUMI)
marine insurance business practice
Marine Insurance Business & Practice
  • Lloyds’ S.G. Form
  • Lloyds’ MAR Form
  • Role of the Broker
  • Hull & Machinery Coverage
  • P & I coverage
      • Third Party Risks
      • Omnibus Rule
      • No limitation on coverage
principles of marine insurance
Principles of Marine Insurance
  • Doctrine of uberrimaefidei
    • Requirement of full disclosure of material facts by assured.
    • Carter v. Boehm (1766), 3 Burr. 1905
    • James YachtsLtd v. Thames & Mersey Mar. Ins. Co. Ltd.[1976]LL.L.R. 2591
  • InsurableInterest
    • reasonable expectation of acquiring an interest
    • distinguishable from wagering or gambling
    • “that which amounts to a moral certainty”
    • “benefit from its existence, prejudice from its destruction”
      • Lucena v. Crauford (1806), 127 E.R. 630 (H.L.)
principles of marine insurance1
Principles of Marine Insurance
  • Indemnity
      • Compensation limited to extent of pecuniary loss
      • Compensation limited to contractual limit of indemnity
      • If unvalued policy – “to full extent of insurable value” –
      • Valued and Unvalued Policies
        • The Borre(1923), 15 LL.L.R. 175
  • Subrogation
      • “to step into the shoes of the assured”
    • Castellinav. Preston (1883), 11 Q.B. 388
      • Windfall
    • Burand v. Rodocanachi (1882) 7 A.C. 333
    • Yorkshire Insurance v. Nisbet Shipping (1961), 2 AU E.R. 487
principles of marine insurance2
Principles of Marine Insurance
  • Constructive Total Loss
    • Unique to marine insurance
      • Moore v. Evans (1918) A.C. 185
    • Distinction with actual total loss: irretrievable deprivation or loss in species
      • George Cohen Sons & Co. v. Standard Mar. Ins. Co. Ltd. (1925) 21 LL.L. Rep 30.
    • 2 types of CTL
      • Unlikelihood of Recovery
      • Cost in excess of value of recovered property
  • Abandonment
    • Notice of Abandonment
    • Where CTL claimed in respect of a partial loss
    • Distinguished from “subrogation”
      • A.G. v. Glen Line Ltd et al. (1939) H.L.
marine insurance legislation contracts
Marine Insurance Legislation & Contracts
  • The Marine Insurance Act 1906
  • Institute Clauses
  • International Hull Clauses 2003
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