LAWSG092 Marine Insurance Law

LAWSG092: MARINE INSURANCE LAW
Credit value: 30 credits (15 ECTS)
Convenor: Peter MacDonald Eggers
Other Teachers: None
Teaching Delivery: 20 x 2-hour weekly lectures, 10 lectures per term, Term One and Two
Who may enrol: LLM students only
Prerequisites: None
Must not be taken with: None
Qualifying module for: LLM in International Commercial Law;
LLM in Maritime Law
Introductory video View introduction video from the module convenor
Assessment
Practice Assessment: Opportunity for feedback on one optional problem question
Final Assessment: 3-hour unseen written examination
Module Overview
Module summary:

The module involves the study and appraisal of the English law of marine insurance, involving consideration, amongst other things, of (a) the definition and requirements of a valid marine insurance contract, (b) the conclusion of the contract and the duty of utmost good faith (duty of fair presentation), (c) the categories of marine insurance contract, (d) the parties and their agents, (e) the principle of indemnity, (f) coverage focussing on marine and war risks, (g) the terms of the contract, (h) the measure of indemnity, and (i) the principles of subrogation and contribution.

The law of marine insurance concerns the insurance of property, financial interests and liabilities arising by exposure to maritime and other perils and principally relates to the insurance of ships, cargoes and energy interests. The module involves a close reading of the Marine Insurance Act 1906 and also involves consideration of the extensive case law. The module also considers the Insurance Act 2015, which entered into force on 12 August 2016

Module syllabus:

  • The Contract of Marine Insurance and Insurable Interest
  • Formation, Construction and Rectification of the Marine Insurance Contract
  • Voyage and Time Policies
  • Valued and Unvalued Policies
  • Floating Policies and Open Covers
  • Composite and Joint Policies
  • The Duty of the Utmost Good Faith (Duty of Fair Presentation) – Part I
  • The Duty of the Utmost Good Faith (Duty of Fair Presentation) – Part II
  • The Broker in the Contract of Marine Insurance
  • The Consideration for the Contract – Premium
  • Assignment
  • Express Warranties and Terms of the Policy
  • Implied Warranties and Terms
  • Marine Risks – Part I
  • Marine Risks – Part II
  • Causation and Excepted Perils
  • War and Strike Risks
  • Sue and Labour
  • Measure of Indemnity: Partial and Particular Average Losses
  • Measure of Indemnity and Actual Total Loss
  • Measure of Indemnity and Constructive Total Loss
  • Subrogation and Contribution
  • Reinsurance, Mutual Insurance and Rights of Third Parties
Recommended materials:

  • Marine Insurance Act 1906
  • Insurance Act 2015

There are no required text books. However, the following text books are useful reference
sources:

  • Arnould’s Law of Marine Insurance and Average (18th ed., 2013)
  • Rose, Marine Insurance: Law and Practice (2nd ed., 2012)
  • Bennett, The Law of Marine Insurance (2nd ed., 2006)
Preliminary reading:

Background Reading (optional):

  • Arnould’s Law of Marine Insurance and Average (18th ed., 2013), chapters 1, 10 and 11
  • Rose, Marine Insurance: Law and Practice (2nd ed., 2012), chapters 1, 2 and 3
  • Bennett, The Law of Marine Insurance (2nd ed., 2006), chapter 1 and para. 3.02-3.64

Module reading lists and other module materials will be provided via online module pages, available at the beginning of term once students have enrolled.