Where modules run over two terms as a 30 credit module, SIL students will attend and be assessed on the contents of term 1. Please note that some modules reflect this with an additional "A" in their module code, but this is not the case for all of them due to special assessment arrangements for SIL students.
All assessments are graded on a pass/fail basis.
MARINE INSURANCE LAW (LAWSG092) Credit value: 30 credits (12 ECTS)
Assessment method for LLM students: 3-hour unseen written examination
Assessment method for SIL students: 3,000 word coursework essay
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, (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 exposed to maritime 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 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 - Part I
The Duty of the Utmost Good Faith - Part II
The Broker in the Contract of Marine Insurance
The Consideration for the Contract - Premium
Warranties - Part I
Warranties - Part II
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
Lecture notes will be distributed electronically via Moodle (virtual learning environment) in advance of each class. Lectures notes will set out relevant principles, refer to relevant cases and recommend further reading.
There is no prescribed text book. However, it is recommended that students regularly consult at least one of the following text books:
Bennett, H, The Law of Marine Insurance, (Oxford University Press, 2006: 2nd edition) [ISBN 13:978-0-19-927359-1]
Arnould’s Law of Marine Insurance and Average (Sweet & Maxwell, 2008: 17th edition) [ISBN 978 0 421 72710 6]
Rose, F, Marine Insurance: Law and Practice (LLP: London, 2004) [ISBN 1 84311 247 7]
Preliminary reading is not compulsory, but students may wish to read:
Bennett, The Law of Marine Insurance (as above), chapter 1 and para. 3.02-3.64
Arnould’s Law of Marine Insurance and Average (as above), chapters 1, 11 and 12
Rose, Marine Insurance: Law and Practice (as above), chapters 1, 2 and 3
In previous years, bulk orders for the purchase of Bennett, The Law of Marine Insurance (as above) direct from the publisher at a discounted price have been permitted. It is not currently known whether this arrangement will be continued, but it will be investigated once it is known how many students wish to purchase this book.
Prizes for this module: There are currently no prizes available for this module.