Category: The contract of marine insurance

Persons Who May Claim On A Policy 1. Section 26 MIA Section 26 MIA provides as follows:- (1) The subject-matter insured must be designated in a marine policy with reasonable certainty (2) The nature and extent of the interest of the assured in the subject-matter insured need not be specified in the policy.  (3) Where...

Valuation of Insurable Interest 1. Basis of Valuation Valuation is important to know the quantum of indemnity that the assured is rightfully entitled to in the event of loss. Indemnity is the position or situation that the assured will be in if no loss had occurred to him. In an unvalued policy, the object sought...

Change Of Voyage, Deviation And Delay 1. Attachment Of Risk, Change Of Voyage And Deviation Section 45 MIA provides as follows:- (1) Where, after the commencement of the risk, the destination of the ship is voluntarily changed from the destination contemplated by the policy, there is said to be a change of voyage. (2) Unless...

Duration of Risk : Time Policies And Voyage Policies 1. Time and Voyage Policies Defined Section 25 MIA provides as follows:- (1) Where the contract is to insure the subject-matter “at and from,” or from one place to another or others, the policy is called a “voyage policy,” and where the contract is to insure...

Floating Policies & Open Covers 1. Floating Policies Section 29 MIA provides as follows:- (1) A floating policy is a policy which describes the insurance in general terms, and leaves the name of the ship or ships and other particulars to be defined by subsequent declaration. (2) The subsequent declaration or declarations may be made...

The Construction Of Marine Policies 1. Principles Of Construction  The words in a policy is to be construed in a commercial sense according to the understanding of merchants (Hart v Standard Mar Ins Co) 2. Consistency And Precedent The marine insurance market is characterised by the use of standard form contracts, albeit often adapted to...

Form And Contents Of Marine Insurance Policies 1. What Insurances Must Be Made By A Policy A contract must be embodied in a policy Section 22 MIA provides as follows: Subject to the provisions of any statute, a contract of marine insurance is inadmissible in evidence unless it is embodied in a marine policy in accordance...

Insurable Interest 1. Insurable Interest Generally English law recognised that contracts of insurance required the assured to have an interest in the subject matter insured prior to the Marine Insurance Act of 1745 wherein policies by way of wagers were prohibited on British shipping and its goods. Section 4 of the MIA:- (1)Every contract of marine insurance...

  The Subject of Marine Insurance What Can Be Insured Generally, everything that will be exposed to risk of facing the perils of the sea will be subject to a contract of a contract of marine insurance. This can be seen in Section 3 MIA. What Is Covered By A Policy On A Ship Usually in...

Codification Of The Law Of Marine Insurance 01. Condifcation The Marine Insurance Act 1906 (hereafter referred to as the MIA within the Marine Insurance Law Series) codifies all decisions of Courts and industry practices within the marine industry. 02. Definition of Marine Insurance Section 1 MIA – A contract of marine insurance is a contract...