The module involves the study and appraisal of the English law of marine insurance.
Marine Insurance Law represents the development of centuries of commercial practice and common law and is the foundation for the law governing all insurance transactions. The law is constantly evolving to meet new technologies and economic circumstances and remains influential in the development of general insurance law in England and other countries. This involves the 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 the Insurance Act 2015 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 (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
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
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 (20th ed., 2021)
Gurses, Marine Insurance Law (3rd ed., 2023)
Preliminery Reading
Background Reading (optional):
Arnould’s Law of Marine Insurance and Average (20th ed., 2021), chapters 1, 10 and 11
Gurses, Marine Insurance Law (3rd ed., 2023), chapter 1
Module reading lists and other module materials will be provided via online module pages, available at the beginning of term once students have enrolled.
Key Information
Module details | |
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Credit value: | 45 Credits (450 learning hours) |
Convenor: | Peter MacDonald Eggers KC |
Other Teachers: | None |
Teaching Delivery: | 20 x 2-hour weekly lectures, Term 1 and 2 |
Who may enrol: | LLM Students |
Prerequisites: | None |
Must not be taken with: | None |
Qualifying module for: | LLM in International Commercial Law; LLM in Maritime Law |
Assessment | |
Practice Assessment: | One piece of non-assessed written work |
Final Assessment: | Controlled Condition Exam (100%) |