Module leader: Dr Steven Hazelwood
Teaching and assessment (2014): Semester 2, Essay - 6,000 words
This option will not only provide a thorough knowledge of the law and practice of the insurance of maritime adventures but will also provide a grounding in many principles applicable to contracts of insurance in general. Concepts such as insurable interest, utmost good faith, warranties and reinsurance are common throughout the law of insurance. In this way the course will be of value for those interested generally in commercial law. For those seeking to specialize in shipping law, marine insurance is an essential complement to the module on Maritime Law. Whilst the latter explains who might be liable for ships colliding, sinking and causing loss of life and personal injuries, marine insurance will answer the question of who pays for such misfortunes – that is, the insurer, provided the shipowner, mortgagee, charterer, sub-charterer or cargo owner has in place valid and appropriate insurance coverage.
Whilst the course will focus on English law and practice of marine insurance, references will be made to variations found in other major jurisdictions such as the USA and Norway.
- Introduction: the markets, Lloyd’s, ILU, the Marine Insurance Act 1906, Lloyd’s SG and Open Form policies, Institute Clauses
- A Contract of Indemnity, Insurable interest, Subject-matter Insured
- The making of a contract of marine insurance. The Role of Brokers. A contract of the utmost good faith; non-disclosure and misrepresentation.
- Types of Policy: Time and Voyage policies: Valued and Unvalued. Assignment of policies.
- Perils insured against. Hull and Cargo insurance.
- Proximate Cause
- Measure of Indemnity
- Saving Acts/Protection and Indemnity Insurance