Perils Of The Seas And Inherent Vice In Marine Insurance Law

The Supreme Court ruling in Global Process System Inc. v Syarikat Takaful Malaysia Berhad (The Cendor MOPU) created a shock wave in the London marine insurance market, as the Supreme Court decision changed the boundaries of doctrine with respect to the meaning of ‘perils of the sea’ and ‘inherent vice’. Both phrases play an important role in the insurance market, affecting both assureds and insurers and their respective interests under all classes of marine insurance policies. This book reviews the origin of the clauses ‘perils of the sea’ and ‘inherent vice’ by tracing back through the early cases in order to understand the origin and noting how and why the changes occurred. It will examine how the law has been developed in the recent cases and discuss whether the Supreme Court case The Cendor MOPU has overruled the previous cases in terms of the clauses ‘inherent vice’ and ‘perils of the sea’. Considering the impact of The Cendor MOPU decision with respect to the Marine Insurance Act 1906, as well as the standard Institute Cargo Clauses, it evaluates whether the decision is consistent with these things and discusses the effect of the decision on recent cases and on the insurance market.

The Supreme Court ruling in Global Process System Inc. v Syarikat Takaful Malaysia Berhad (The Cendor MOPU) created a shock wave in the London marine insurance market, as the Supreme Court decision changed the boundaries of doctrine with respect to the meaning of ‘perils of the sea’ and ‘inherent vice’. Both phrases play an important role in the insurance market, affecting both assureds and insurers and their respective interests under all classes of marine insurance policies. This book reviews the origin of the clauses ‘perils of the sea’ and ‘inherent vice’ by tracing back through the early cases in order to understand the origin and noting how and why the changes occurred. It will examine how the law has been developed in the recent cases and discuss whether the Supreme Court case The Cendor MOPU has overruled the previous cases in terms of the clauses ‘inherent vice’ and ‘perils of the sea’. Considering the impact of The Cendor MOPU decision with respect to the Marine Insurance Act 1906, as well as the standard Institute Cargo Clauses, it evaluates whether the decision is consistent with these things and discusses the effect of the decision on recent cases and on the insurance market.

This work covers the full ramifications of marine insurance law.

Starting with an historical view of marine insurance, this book then deals specifically with hull and cargo perils and cargo exclusions and goes on to cover cause, sue and labour, general average, salvage, total loss, subrogation and double insurance. It is intended for lawyers and non-lawyers

This book expertly introduces and clearly explains all topics covered in marine insurance law courses at undergraduate and postgraduate levels, offering students and those new to the area a comprehensive and accessible overview of this important topic in commercial law. Beginning by introducing the general principles of the subject, the structure and formation of insurance contracts, Marine Insurance Law then looks to individual considerations in detail, including: brokers, losses, risks and perils, sue and labour, reinsurance, and mutual insurance/P&I clubs. This title has been developed with the needs of courses specifically in mind, and its content has been tailored to include the most important and commonly taught topics in the field. Each chapter contains end of chapter further reading to support student research, ensuring this new textbook provides a reliable and accessible gateway into this important topic in maritime law

Marine Insurance Law, Second Edition introduces and clearly explains all topics covered in courses at Masters level, offering students and those new to the area a comprehensive and accessible overview and way into this important topic in maritime law. Beginning by introducing the general principles of the subject and structure and formation of insurance contracts, this text goes on to look at individual considerations in detail, including – the duty of utmost good faith /fair presentation of the risk, insurable interest, terms of insurance contracts, brokers, the premium, causation and marine perils, losses, sue and labour, subrogation, fraudulent claims and reinsurance. This second edition reflects the substantial changes introduced by the Insurance Act 2015, and includes new Appendices containing relevant legislation and example clauses from marine insurance contracts.

This latest and fourth volume in the series comprises ten contributions written by an expert team of academics and practitioners and which collectively analyse and expound many of the contemporary legal issues and debates in the law and practice of marine insurance. Some of the contributions touch upon areas of the law which will be amended by the Insurance Act 2015, and provide an insight to the future changes in the law. The topics covered are An assessment of the Marine Insurance Act 1906 Construction of marine policies Litigating against brokers – the measure of damages Co-insurance and leading underwriter clauses Duties of good faith of insurers and reinsurers Assured right to interest when a policy is avoided The impact of The Cendor MOPU on the Institute Cargo Clauses Fraudulent claims Aspects of Subrogation Conflict of laws in light of the recast Brussels I Regulation This book is essential reading for maritime lawyers, brokers and insurance market practitioners, academics, and companies associated with the marine insurance markets worldwide.

This book provides a comprehensive collection of Cases and Materials On Marine Insurance Law. The sources included here are not always readily accessible. Each chapter is introduced with a brief resume of the general principles,before the facts of each case are summarised and the extracts of the relevant parts of judgments reproduced. The significance of the judicial extracts, the statutory materials and standard terms are then discussed with particular emphasis on important and problematical areas of the law.This book will be indispensable not only to postgraduate students of law, in-house lawyers, insurance brokers and claims adjusters, but also to students of maritime studies, legal practitioners and a wide range of professionals within the shipping industry who may wish to have at hand a convenient source of information. Whilst the book is a companion to the authors The Law of Marine Insurance, it is also structured to stand as a marine insurance text in its own right.