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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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