Marine insurance - Knowledge

1408:(P&I), to insure the remaining one-quarter liability amongst themselves. These Clubs are still in existence today and have become the model for other specialized and noncommercial marine and non-marine mutuals, for example in relation to oil pollution and nuclear risks. Clubs work on the basis of agreeing to accept a shipowner as a member and levying an initial "call" (premium). With the fund accumulated, reinsurance will be purchased; however, if the loss experience is unfavourable one or more "supplementary calls" may be made. Clubs also typically try to build up reserves, but this puts them at odds with their mutual status. Because liability regimes vary throughout the world, insurers are usually careful to limit or exclude American 1385:, i.e., the underwriters are all liable together, but only for their share or proportion of the risk. If one underwriter should default, the remainder are not liable to pick his share of the claim. Typically, marine insurance is split between the vessels and the cargo. Insurance of the vessels is generally known as "Hull and Machinery" (H&M). A more restricted form of cover is "Total Loss Only" (TLO), generally used as a reinsurance, which only covers the total loss of the vessel and not any partial loss. Cover may be on either a "voyage" or "time" basis. The "voyage" basis covers transit between the ports set out in the policy; the "time" basis covers a period, typically one year, and is more common. 1371:

also expressed in rather archaic terms. In 1991, the London market produced a new standard policy wording known as the MAR 91 form using the Institute Clauses. The MAR form is simply a general statement of insurance; the Institute Clauses are used to set out the detail of the insurance cover. In practice, the policy document usually consists of the MAR form used as a cover, with the Clauses stapled to the inside. Typically, each clause will be stamped, with the stamp overlapping both onto the inside cover and to other clauses; this practice is used to avoid the substitution or removal of clauses. Because marine insurance is typically underwritten on a subscription basis, the MAR form begins:

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strictly complied with will automatically discharge the insurer from further liability under the contract of insurance. The assured has no defense to his breach, unless he can prove that the insurer, by his conduct, has waived his right to invoke the breach, possibility provided in section 34(3) of the Marine Insurance Act 1906 (MIA). Furthermore, in the absence of express warranties the MIA will imply them, notably a warranty to provide a seaworthy vessel at the commencement of the voyage in a voyage policy (section 39(1)) and a warranty of legality of the insured voyage (section 41).

77: 1536:, and so were unenforceable in law. Policies were typically marked P.P.I. (Policy is Proof of Interest). Their use continued into the 1970s before they were banned by Lloyd's, the main market, by which time they had become nothing more than crude bets. A "tonner" was simply a "policy" setting out the global gross tonnage loss for a year. If that loss was reached or exceeded, the policy paid out. A "chinaman" applied the same principle but in reverse: thus, if the limit was not reached, the policy paid out. 1524:

the value of tangible property or business income. The penalty is based on a percentage stated within the policy and the amount under reported. As an example: a vessel actually valued at $ 1,000,000 has an 80% co-insurance clause but is insured for only $ 750,000. Since its insured value is less than 80% of its actual value, when it suffers a loss, the insurance payout will be subject to the under-reporting penalty, the insured will receive 750000/1000000th (75%) of the claim made less the deductible.

1764: 139: 1727:" refers to the practice of rendering aid to a vessel in distress. Apart from the consideration that the sea is traditionally "a place of safety", with sailors honour-bound to render assistance as required, it is obviously in underwriters' interests to encourage assistance to vessels in danger of being wrecked. A policy will usually include a "sue and labour" clause which will cover the reasonable costs incurred by a shipowner in his avoiding a greater loss. 1734:" with any potential salvor. The Lloyd's Open Form (LOF) is the standard contract, although other forms exist. The Lloyd's Open Form is headed "No cure — no pay"; the intention being that if the attempted salvage is unsuccessful, no award will be made. However, this principle has been weakened in recent years, and awards are now permitted in cases where, although the ship might have sunk, pollution has been avoided or mitigated. 226: 36: 1435:

insurance differs from non-marine insurance, with which the insured is required to prove his loss. Traditionally, in law, marine insurance was seen as an insurance of "the adventure", with insurers having a stake and an interest in the vessel and/or the cargo rather than simply an interest in the financial consequences of the subject-matter's survival.

1658:. Often these insurance conditions are developed for a specific group as is the case with the Institute Federation of Oils, Seeds and Fats Associations (FOFSA) Trades Clauses which have been agreed with the Federation of Oils, Seeds and Fats Associations and Institute Commodity Trades Clauses which are used for the insurance of shipments of 1864:. Typically, a shipowner might assign the benefit of a policy to the ship-mortgagor.:§§60-63: deals with the issues of a constructive total loss. The insured can, by notice, claim for a constructive total loss with the insurer becoming entitled to the ship or cargo if it should later turn up. (By contrast an 1711:. In English law, a condition typically describes a part of the contract that is fundamental to the performance of that contract, and, if breached, the non-breaching party is entitled not only to claim damages but to terminate the contract on the basis that it has been repudiated by the party in breach. 1502:

is a marine claims specialist responsible for adjusting and providing the general average statement. An Average Adjuster in North America is a 'member of the association of Average Adjusters' To ensure the fairness of the adjustment a General Average adjuster is appointed by the shipowner and paid by

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A marine policy typically covered only three-quarter of the insured's liabilities towards third parties (Institute Time Clauses Hulls 1.10.83). The typical liabilities arise in respect of collision with another ship, known as "running down" (collision with a fixed object is an "allision"), and wreck

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A co-insurance, which typically governs non-proportional treaty reinsurance, is an excess expressed as a proportion of a claim in percentage terms and applied to the entirety of a claim. Co-insurance is a penalty imposed on the insured by the insurance carrier for under reporting/declaring/insuring

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The Marine Insurance Act includes, as a schedule, a standard policy (known as the "SG form"), which parties were at liberty to use if they wished. Because each term in the policy had been tested through at least two centuries of judicial precedent, the policy was extremely thorough. However, it was

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Marine insurance is always written on an occurrence basis, covering claims that arise out of damage or injury that took place during the policy period, regardless when claims are made. Policy features often include extensions of coverage for items typical to a marine business such as liability for

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In other circumstances the "salvor" may invoke the SCOPIC terms (most recent and commonly used rendition is SCOPIC 2000) in contrast to the LOF these terms mean that the salvor will be paid even if the salvage attempt is unsuccessful. The amount the salvor receives is limited to cover the costs of

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to be properly declared, 1) there must be an event which is beyond the shipowner's control, which imperils the entire adventure; 2) there must be a voluntary sacrifice, 3) there must be something saved. The voluntary sacrifice might be the jettison of certain cargo, the use of tugs, or salvors, or

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It is common for marine insurance agencies to compete with the offerings provided by local insurers. These specialist agencies often fill market gaps by providing cover for hard-to-place or obscure marine insurance risks that would otherwise be difficult or impossible to find insurance cover for.

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covers the physical loss or damage of ships, cargo, terminals, and any transport by which the property is transferred, acquired, or held between the points of origin and the final destination. Cargo insurance is the sub-branch of marine insurance, though marine insurance also includes onshore and

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By contrast, a warranty is not fundamental to the performance of the contract and breach of a warranty, while giving rise to a claim for damages, does not entitle the non-breaching party to terminate the contract. The meaning of these terms is reversed in insurance law. Indeed, a warranty if not

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London company insurers) developed between them standardized clauses for the use of marine insurance, and these have been maintained since. These are known as the Institute Clauses because the Institute covered the cost of their publication. Out of marine insurance, grew non-marine insurance and

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Annual Cover: is issued for twelve month period subject to at inception of a minimum deposit premium. Often used by regular shippers of goods such as importers and exporters including freight forwarding agents, where a policy is issued to cover a number of consignments being shipped to and from

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the previous common law; it is both an extremely thorough and concise piece of work. Although the title of the Act refers to marine insurance, the general principles have been applied to all non-life insurance. In the 19th century, Lloyd's and the Institute of London Underwriters (a grouping of

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This is a form of insurance now largely obsolete due to advances in communications. It was an early form of reinsurance and was bought by an insurer when a ship was late at arriving at her destination port and there was a risk that she might have been lost (but, equally, might simply have been

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is a situation in which the cost of repairs plus the cost of salvage equal or exceed the value. The use of these terms is contingent on there being property remaining to assess damages, which is not always possible in losses to ships at sea or in total theft situations. In this respect, marine

1264:(law merchant). In 1601, a specialized chamber of assurance separate from the other Courts was established in England. By the end of the seventeenth century, London's growing importance as a centre for trade was increasing demand for marine insurance. In the late 1680s, Edward Lloyd opened 1511:

An excess is the amount payable by the insured and is usually expressed as the first amount falling due, up to a ceiling, in the event of a loss. An excess may or may not be applied. It may be expressed in either monetary or percentage terms. An excess is typically used to discourage

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The Lloyd's Open Form, once agreed, allows salvage attempts to begin immediately. The extent of any award is determined later; although the standard wording refers to the Chairman of Lloyd's arbitrating any award, in practice the role of arbitrator is passed to specialist admiralty

1561:: This policy may be purchased by a carrier, freight broker, or shipper, as coverage for the shipper's goods. In the event of loss or damage, this type of insurance will pay for the true value of the shipment, rather than only the legal amount that the carrier is liable for. 1282:

was the first marine insurance market. It became the meeting place for parties in the shipping industry wishing to insure cargoes and ships, and those willing to underwrite such ventures. These informal beginnings led to the establishment of the insurance market

1835:), i.e., that questions must be answered honestly and the risk not misrepresented.:§18: the proposer of the insurer has a duty to disclose all material facts relevant to the acceptance and rating of the risk. Failure to do so is known as 1256:, in Camogli in 1853 and other Italian cities in the fourteenth century and spread to northern Europe. Premiums varied with intuitive estimates of the variable risk from seasons and pirates. Modern marine insurance law originated in the 1738:

the salvage attempt and 25% above it. One of the main negative factors in invoking SCOPIC (on the salvor's behalf) is if the salvage attempt is successful the amount at which the salvor can claim under article 13 of LOF is discounted.

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If be not complied with, then, subject to any express provision in the policy, the insurer is discharged from liability as from the date of the breach of warranty, but without prejudice to any liability incurred by him before that

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These agencies can become quite large and eventually become market makers. They operate best when their day-to-day management is independent of the insurers who provide them with the capital to underwrite risks on their behalf.

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A deductible is the first amount of a claim that the policy holders bears themselves. There can occasionally be a zero deductible but in most cases a deductible applies to claims made under a policy of marine insurance.

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requires all parties concerned in the maritime venture (hull/cargo/freight/bunkers) to contribute to make good the voluntary sacrifice. They share the expense in proportion to the 'value at risk" in the adventure.

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policy). However, if the assured knowingly allows an unseaworthy vessel to set sail the insurer is not liable for losses caused by unseasworthiness.:§50: a policy may be

1459:; postwar the term was also used for ships damaged in typhoons. By this time enough ships were available for the war that some could be disposed of if severely damaged. 1575:

insurance" and includes liability coverage. Smaller vessels such as yachts and fishing vessels are typically underwritten on a "binding authority" or "line slip" basis.

784: 1498:– is the situation in which the insured has under-insured, i.e., insured an item for less than it is worth. Average will apply to reduce the claim amount payable. An 2539:

that if merchandise is thrown overboard for the purpose of lightening a ship, the loss is made good by the assessment of all which is made for the benefit of all.

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and several related shipping and insurance businesses. The participating members of the insurance arrangement eventually formed a committee and moved to the

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to describe naval vessels that were damaged to such an extent that they were beyond economical repair. This was most often applied to small-type ships (

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was liable for replacement of the passenger ship and cargo it held upon provision of an affidavit of the collision by the owner of the passenger ship.

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insured and recover salvage for his own benefit. Schedule 1 of the Act contains a list of definitions; schedule 2 contains the model policy wording.

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Increased Value cover protects the shipowner against any difference between the insured value of the vessel and the market value of the vessel.

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General hull insurance does not cover the risks of a vessel sailing into a war zone. A typical example is the risk to a tanker sailing in the

1276:. It soon became a popular haunt for ship owners, merchants, and ships' captains, and thereby a reliable source of the latest shipping news. 3057: 1852:(ignored) by the insurer.:§39(1): implied warranty that the vessel must be seaworthy at the start of her voyage and for the purpose of it ( 665: 3807: 295: 1823:

The most important sections of this Act include::§4: a policy without insurable interest is void.:§17: imposes a duty on the insured of

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and have been agreed with the Federation of Commodity Associations. There has also been discussion about insurance policies to address

1347:. Nowadays, Marine insurance is often grouped with Aviation and Transit (cargo) risks, and in this form is known by the acronym 'MAT'. 413: 1354:

As of 2020, the Nordic region was the largest provider of marine hull insurance at 14% of the world market, China second at 12.4% and

2722: 2391: 2294: 2148: 849: 823: 17: 3817: 1125:, or charterer was liable for the replacement of a lost vessel and cargo to the shipowner and consignees respectively that was 778: 2844:

Nwafor, Ndubuisi. A; Walker, Tony R. (1 October 2020). "Rethinking marine insurance and plastic pollution: food for thought".

2494: 3802: 2801: 2757: 1316: 2669: 2495:"The Baltimore bridge collapse probably caused billions in damages. Who owes what may come down to ancient laws from Greece" 1455:, patrol boats, landing ships, mine warfare vessels, etc.) in 1945, the last year of the war, many of which were damaged by 3072: 3018: 1315:

gave English law a prominence in this area which it largely maintains and forms the basis of almost all modern practice.

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in marine insurance terms is "an equitable apportionment among all the interested parties of such an expense or loss".

1405: 1394: 874:, pipelines), hull, marine casualty, and marine losses. When goods are transported by mail or courier or related post, 2423: 2326: 2183: 3142: 2955: 2919: 2904: 2652: 2444: 2347: 2204: 2086: 1804: 201: 183: 120: 98: 63: 49: 91: 3208: 1686:

as a result of plastic cargo losses at sea. For example, marine insurance policies should factor in liability for

818: 3787: 3178: 3168: 1520:, which are disproportionately expensive to handle. The term "excess" signifies the "deductible" or "retention". 263: 1400:

removal (a wreck may serve to block a harbour, for example). In the 19th century, shipowners banded together in

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occurs when the property has been destroyed, or so damaged as to cease to be a thing of the kind insured. A

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damage to the ship, be it, voluntary grounding, knowingly working the engines that will result in damages.

2046: 1843:(there are minor differences in the two terms) and renders the insurance voidable by the insurer.:§33(3): 1327:

principles. The growth of the London insurance market led to the standardization of policies and judicial

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operated during the term of a charterparty. Law 238 stipulated that a captain, manager, or charterer that

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These two terms are used to differentiate the degree of proof that a vessel or cargo has been lost. An

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John, A. H. "The London Assurance Company and the Marine Insurance Market of the Eighteenth Century,"

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The oldest hedging instruments to mitigate risk in medieval times were sea/marine (Mutuum) loans,

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These are both obsolete forms of early reinsurance. Both are technically unlawful, as not having

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Bank of Nova Scotia v. Hellenic Mutual War Risks Association (Bermuda) Ltd. ("The Good Luck")

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Australia has adopted an amended version of this Act, being the Marine Insurance Act 1909.

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We, the Underwriters, agree to bind ourselves each for his own part and not one for another

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contract, and bill of exchanges. Separate marine insurance contracts were developed near

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A peculiarity of marine insurance, and insurance law generally, is the use of the terms

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for an entire loan in the event that the agent, factor, or charterer was the victim of

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only).:§39(5): no warranty that a vessel shall be seaworthy during the policy period (

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Cargo insurance is underwritten on the Institute Cargo Clauses, with coverage on an

3955: 3910: 3837: 3614: 3538: 3378: 3352: 3244: 3062: 3044: 2853: 2683: 2387: 2290: 2239: 2144: 1861: 1401: 1292: 1167: 979: 964: 758: 565: 423: 408: 290: 274: 2707: 3967: 3930: 3906: 3707: 3702: 3682: 3641: 3636: 3583: 3578: 3442: 3422: 3299: 3264: 2642: 2253: 1974: 1946: 1483: 1343:. Marine insurance traditionally formed the majority of business underwritten at 1216: 1208: 1200: 1192: 1130: 1095: 1024: 983: 910: 724: 693: 638: 633: 593: 386: 2691: 2002: 1746:. A ship captured in war is referred to as a prize, and the captors entitled to 3873: 3722: 3405: 3269: 3163: 3109: 2818: 2687: 2244: 1825: 1724: 1312: 1146: 1142: 1091: 1043: 987: 968: 622: 598: 558: 553: 472: 381: 348: 4004: 3676: 3597: 3545: 3484: 3322: 3188: 2614:"Così nel 1853 nacque a Camogli la prima assicurazione marittima / LA STORIA" 1831: 1675: 1506: 1304: 1178: 1171: 1106: 1079: 1016: 972: 929: 719: 531: 497: 462: 457: 353: 338: 300: 269: 217: 3925: 3737: 3732: 3692: 3653: 2431: 2334: 2191: 1582: 1517: 1513: 1448: 1259: 1099: 1032: 871: 763: 448: 331: 326: 1868:

describes the physical destruction of a vessel or cargo.):§79: deals with

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This covers the risk of damage to the hull while it is under construction.

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lawyers, bankers, surveyors, loss adjusters, general average adjusters,

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filed by agents, factors, and charterers without receipts were without

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during the term of a charterparty. Laws 236 and 237 stipulated that a

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Lowndes and Rudolf: Law of General Average and the York-Antwerp Rules

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in the mid-eighteenth century, began the merging of law merchant and

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was liable within one year of construction for the replacement of an

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In December 1901 and January 1902, at the direction of archaeologist

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Smithq, D.A. (1989). "Marine Insurance - Constructive Total Loss".

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100. Anyone borrowing money shall ... a subsequent claim therefor.

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Roover, Florence Edler de. "Early Examples of Marine Insurance,"

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The Science of Conjecture: Evidence and Probability Before Pascal

2517:"The Civil Law, Volume I, The Opinions of Julius Paulus, Book II" 2436: 2339: 2196: 1075: 1071: 1051: 1047: 918: 577: 543: 521: 502: 1415: 1014:. Law 103 stipulated that an agent, factor, or charterer was by 225: 3218: 2647:. Baltimore: Johns Hopkins University Press. pp. 273–278. 2042: 2030: 1667: 1663: 1273: 1196: 956: 914: 670: 418: 2948:

Lowndes and Rudolf: General Average and the York-Antwerp Rules

1872:, i.e., the rights of the insurer to stand in the shoes of an 148:

deal primarily with the United Kingdom and do not represent a

3878: 2078: 1901: 1643: 1572: 1253: 1063: 1028: 921: 903: 321: 316: 2996: 2469:"Lex Rhodia - The Ancient Ancestor of Maritime Law - 800 BC" 1650:, frozen meat, and particular commodities such as bulk oil, 1443:

The term "constructive total loss", or CTL, was used by the

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Excess, deductible, retention, co-insurance, and franchise

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New Series, Vol. 25, No. 98 (May 1958), pp. 126–141

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The Documentary History of Insurance, 1000 B.C.–1875 A.D.

2104:"Mesopotamian Legal Traditions and the Laws of Hammurabi" 1679: 1492:

is the term applied to partial loss be it hull or cargo.

1237:. The law of general average constitutes the fundamental 1137:

to the shipowner. Law 240 stipulated that the owner of a

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Insurance covering the loss of ships and other transport

2525:. Translated by Scott, S.P. Central Trust Company. 1932 2435:. Translated by Harper, Robert Francis (2nd ed.). 2407:

235. If a shipbuilder builds ... was destroyed with it.

2338:. Translated by Harper, Robert Francis (2nd ed.). 2195:. Translated by Harper, Robert Francis (2nd ed.). 2123: 2121: 2950:. British Shipping Law Library: Sweet & Maxwell. 2945: 2549: 2547: 2412: 2364: 2315: 2535:

TITLE VII. ON THE LEX RHODIA. It is provided by the

2118: 1750:. Again, this risk is covered by standard policies. 1730:

At sea, a ship in distress will typically agree to "

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further developed marine insurance law. In 1906 the

2910:Donaldson, Ellis, Wilson (Editor), Cooke (Editor), 2714: 2456:§235. If a boatman build ... and whatever was lost. 2174: 2172: 1571:

Insurance of pleasure craft is generally known as "

1199:in approximately 1000 to 800 BC as a member of the 1135:

only required to pay one-half the value of the ship

2544: 2095: 1565:various ports and destinations throughout the year 2267: 2216:§100. ...he shall write down ... god and go free. 1975:"INSURANCE MARINE Definition & Legal Meaning" 1947:"MARINE INSURANCE Definition & Legal Meaning" 1195:of marine insurance established on the island of 1098:was punishable by law. Law 235 stipulated that a 4002: 2169: 2003:"CARGO INSURANCE Definition & Legal Meaning" 1642:the most restricted. Valuable cargo is known as 1476:stands apart for marine insurance. In order for 1375:. In legal terms, liability under the policy is 2310:126. If anyone deprived of ... right so to do]. 1882: 1544:Various specialist policies exist, including: 3012: 2939:Vol. 5, No. 2 (Nov., 1945), pp. 172–200 2785: 1771:The examples and perspective in this section 1753: 1612:was famously underwritten on the doorstep of 1416:Actual total loss and constructive total loss 843: 146:The examples and perspective in this article 2970:: CS1 maint: multiple names: authors list ( 2843: 2825:. The Hartford Financial Services Group, Inc 2682:(online ed.). Oxford University Press. 2589:"Duhaime's Timetable of World Legal History" 1694: 1086:from the consignee. Law 105 stipulated that 1042:Code of Hammurabi Law 104 stipulated that a 2661: 2230: 2228: 2226: 2224: 2077:. Vol. 4: Textes élamites-sémitiques. 2061: 1388: 1257: 64:Learn how and when to remove these messages 3019: 3005: 2359:§126. If a man have ... he had made claim. 1789:, or create a new section, as appropriate. 1670:, fats and oils, hides and skins, metals, 1438: 850: 836: 2418: 2370: 2321: 2273: 2234: 2178: 2127: 1805:Learn how and when to remove this message 1046:(agents, factors, or charterers) issue a 202:Learn how and when to remove this message 184:Learn how and when to remove this message 121:Learn how and when to remove this message 2816: 2810: 2637: 2492: 2221: 2035:"Law Code of Hammurabi, king of Babylon" 1888:container damage and removal of debris. 84:This article includes a list of general 2723:"Chinese hull market overtakes Lloyd's" 2679:Oxford Dictionary of National Biography 2631: 2581: 2392:Records of the Past Exploration Society 2295:Records of the Past Exploration Society 2248:. Translated by King, Leonard William. 2149:Records of the Past Exploration Society 1606:delayed). The overdue insurance of the 1527: 1360:International Union of Marine Insurance 1230:) that led to the proliferation of the 951:. Code of Hammurabi Law 100 stipulated 824:London Maritime Arbitrators Association 14: 4003: 2794:U.S. Navy Ships vs. Kamikazes: 1944-45 2791: 2772: 2747: 2667: 2067: 2029: 1539: 779:International Convention on Load Lines 3000: 2846:Resources, Conservation and Recycling 2720: 2023: 1718: 1191:("Rhodian law") that articulates the 982:. Laws 101 and 102 stipulated that a 913:found a 2.25-metre (89 in) tall 2424:"Code of Hammurabi, King of Babylon" 2376:"Code of Hammurabi, King of Babylon" 2327:"Code of Hammurabi, King of Babylon" 2279:"Code of Hammurabi, King of Babylon" 2240:"Code of Hammurabi, King of Babylon" 2184:"Code of Hammurabi, King of Babylon" 2133:"Code of Hammurabi, King of Babylon" 2101: 1757: 132: 70: 29: 2823:The Hartford Ocean Marine Insurance 2752:(1 ed.). New York: Routledge. 2493:Goodkind, Nicole (March 31, 2024). 1690:, marine clean-up and conservation. 1462: 1094:. Law 126 stipulated that filing a 894:Banker (ancient) § Mesopotamia 814:International Maritime Organization 769:Ballast Water Management Convention 735:International Convention on Salvage 616:The captain goes down with the ship 24: 3058:Accidental death and dismemberment 2889: 2796:. Oxford: Osprey. pp. 68–70. 2074:Mémoires de la Délégation en Perse 1395:Protection and indemnity insurance 1185:in 235 AD was included about the 90:it lacks sufficient corresponding 25: 4027: 2979: 2721:Osler, David (6 September 2021). 2386:(3). Translated by Sommer, Otto. 2289:(3). Translated by Sommer, Otto. 2143:(3). Translated by Sommer, Otto. 45:This article has multiple issues. 3184:Directors and officers liability 2775:New Zealand Maritime Law Journal 1762: 1358:third at 8.6%, according to the 1158:(533), the second volume of the 1062:outlining contractual terms for 1039:of the theft to their creditor. 224: 137: 75: 34: 2872: 2858:10.1016/j.resconrec.2020.104950 2837: 2766: 2741: 2606: 2509: 2486: 2461: 1211:and emergence of the purported 994:was only required to repay the 924:in three pieces inscribed with 264:Ordinamenta et consuetudo maris 53:or discuss these issues on the 2946:Wilson, DJ, Donaldson (1997). 2914:. Sweet & Maxwell, 1990. ( 2899:. Sweet & Maxwell, 2004. ( 2668:Palmer, Sarah (October 2007). 1995: 1967: 1939: 1406:Protection and Indemnity Clubs 13: 1: 3026: 2081:: Ernest Leroux. p. 12. 1932: 1917:Legal definitions of wreckage 1220: 937: 819:Comité Maritime International 785:International Regulations for 741:United Nations Convention on 3951:Savings and loan association 2708:UK public library membership 1883:Claims basis and deductibles 1638:having the widest cover and 1559:Shipper's Interest Insurance 1160:codification of laws ordered 1131:saved a ship from total loss 866:offshore exposed property, ( 787:Preventing Collisions at Sea 7: 3384:Insurance-linked securities 2937:Journal of Economic History 2897:Birds' Modern Insurance Law 2441:University of Chicago Press 2344:University of Chicago Press 2201:University of Chicago Press 1895: 1785:, discuss the issue on the 1365: 1183:Crisis of the Third Century 806:International organizations 160:, discuss the issue on the 10: 4032: 3073:Total permanent disability 2817:Hartford, The (May 2016). 1816: 1754:Marine Insurance Act, 1906 1419: 1392: 891: 885: 881: 730:Maritime Labour Convention 3976: 3828: 3813:Health insurance coverage 3753: 3537: 3366: 3308: 3237: 3156: 3108: 3078:Business overhead expense 3043: 3034: 2727:Lloyd’s List Intelligence 1819:Marine Insurance Act 1906 1695:Warranties and conditions 1402:mutual underwriting clubs 1311:), and the growth of the 1193:general average principle 1031:during the term of their 707:International conventions 3214:Protection and indemnity 2882:2 WLR 1279 and at 1294-5 2819:"Ocean Marine Insurance" 2620:(in Italian). 2017-11-18 2593:Duhaime's Law Dictionary 2102:Roth, Martha T. (1995). 1688:marine plastic pollution 1389:Protection and indemnity 1181:at the beginning of the 752:International piracy law 743:the Law of the Sea 3671:Explanation of benefits 3143:Variable universal life 2108:Chicago-Kent Law Review 1922:Inland marine insurance 1439:Constructive total loss 1432:constructive total loss 945:First Babylonian Empire 774:Anti-fouling Convention 105:more precise citations. 18:Constructive total loss 3808:Health insurance costs 3209:Professional liability 2748:Gürses, Özlem (2015). 2688:10.1093/ref:odnb/16829 2250:New Haven, Connecticut 2008:Black's Law Dictionary 1980:Black's Law Dictionary 1952:Black's Law Dictionary 1912:Classification society 1258: 3664:Out-of-pocket expense 3525:Workers' compensation 3179:Collateral protection 3169:Business interruption 2792:Stille, Mark (2016). 1597:Increased Value (IV): 1155:Digesta seu Pandectae 1096:false claim of a loss 1035:upon provision of an 3887:Corpus Juris Civilis 2985:UK case relating to 2750:Marine Insurance Law 2618:themeditelegraph.com 2473:History of Insurance 2069:Scheil, Jean-Vincent 1907:History of insurance 1783:improve this section 1773:may not represent a 1528:Tonners and chinamen 1333:Marine Insurance Act 1280:Lloyd's Coffee House 1207:during the proposed 1168:Eastern Roman Empire 1056:contract of carriage 888:History of insurance 699:Vice admiralty court 445:Contract of carriage 248:Corpus Juris Civilis 166:create a new article 158:improve this article 3946:Rochdale Principles 3941:Mutual savings bank 3936:Mutual organization 3921:Cooperative banking 3838:Mesopotamian banker 3118:Longevity insurance 2380:Records of the Past 2283:Records of the Past 2137:Records of the Past 1927:Seaworthiness (law) 1591:Joint War Committee 1540:Specialist policies 1241:that underlies all 1203:, plausibly by the 998:of a loan to their 907:Jean-Vincent Scheil 868:container terminals 4016:Types of insurance 3698:Insurable interest 3199:Payment protection 3100:Payment protection 2049:on 5 December 2020 1719:Salvage and prizes 1603:Overdue insurance: 1549:Newbuilding risks: 1534:insurable interest 1490:Particular average 1445:United States Navy 1321:Lord Chief Justice 1297:Society of Lloyd's 1002:in the event of a 876:shipping insurance 308:Maritime transport 3998: 3997: 3843:Code of Hammurabi 3818:Vehicle insurance 3713:Replacement value 3605:Actual cash value 3569:Adverse selection 3559:Actuarial science 3533: 3532: 3465:Kidnap and ransom 3438:Extended warranty 3085:Income protection 2987:legal definitions 2803:978-1-4728-1273-5 2759:978-1-317-92924-6 2706:(Subscription or 2566:. 1915. pp. 1866:actual total loss 1815: 1814: 1807: 1732:Lloyd's Open Form 1684:plastic pollution 1620:Cargo insurance: 1447:during and after 1428:actual total loss 1356:Lloyd's of London 1285:Lloyd's of London 1166:(527–565) of the 1141:that destroyed a 1088:claims for losses 980:contractual terms 943:–1750 BC) of the 900:Jacques de Morgan 878:is used instead. 860: 859: 798:Athens Convention 764:MARPOL Convention 715:Hague-Visby Rules 604:Freight forwarder 549:Proof of delivery 404:Maritime security 241:Code of Hammurabi 212: 211: 204: 194: 193: 186: 168:, as appropriate. 131: 130: 123: 68: 16:(Redirected from 4023: 4011:Marine insurance 3956:Social insurance 3911:Friendly society 3803:Health insurance 3631:Short rate table 3379:Catastrophe bond 3280:Lenders mortgage 3041: 3040: 3021: 3014: 3007: 2998: 2997: 2991:The No. 1 Dae Bu 2975: 2969: 2961: 2883: 2876: 2870: 2869: 2841: 2835: 2834: 2832: 2830: 2814: 2808: 2807: 2789: 2783: 2782: 2770: 2764: 2763: 2745: 2739: 2738: 2736: 2734: 2718: 2712: 2711: 2703: 2701: 2699: 2690:. Archived from 2670:"Lloyd, Edward ( 2665: 2659: 2658: 2635: 2629: 2628: 2626: 2625: 2610: 2604: 2603: 2601: 2599: 2585: 2579: 2578: 2576: 2574: 2564:Prudential Press 2551: 2542: 2541: 2532: 2530: 2522:Constitution.org 2513: 2507: 2506: 2504: 2502: 2490: 2484: 2483: 2481: 2479: 2465: 2459: 2458: 2453: 2451: 2428: 2416: 2410: 2409: 2404: 2402: 2388:Washington, D.C. 2368: 2362: 2361: 2356: 2354: 2331: 2319: 2313: 2312: 2307: 2305: 2291:Washington, D.C. 2271: 2265: 2264: 2262: 2260: 2232: 2219: 2218: 2213: 2211: 2188: 2176: 2167: 2166: 2161: 2159: 2145:Washington, D.C. 2125: 2116: 2115: 2099: 2093: 2092: 2065: 2059: 2058: 2056: 2054: 2027: 2021: 2020: 2018: 2016: 1999: 1993: 1992: 1990: 1988: 1971: 1965: 1964: 1962: 1960: 1943: 1810: 1803: 1799: 1796: 1790: 1766: 1765: 1758: 1569:Yacht Insurance: 1500:average adjuster 1463:General averages 1263: 1229: 1225: 1222: 942: 939: 863:Marine insurance 852: 845: 838: 759:SOLAS Convention 746: 611:Captain (Master) 409:Letter of marque 366:Marine insurance 275:Hanseatic League 228: 214: 213: 207: 200: 189: 182: 178: 175: 169: 141: 140: 133: 126: 119: 115: 112: 106: 101:this article by 92:inline citations 79: 78: 71: 60: 38: 37: 30: 21: 4031: 4030: 4026: 4025: 4024: 4022: 4021: 4020: 4001: 4000: 3999: 3994: 3972: 3968:Insurance cycle 3931:Fraternal order 3824: 3755: 3749: 3708:Proximate cause 3703:Insurance fraud 3683:General average 3642:Claims adjuster 3584:Risk management 3579:Risk assessment 3543: 3540: 3529: 3495:Prize indemnity 3362: 3310: 3304: 3233: 3194:Over-redemption 3152: 3104: 3095:National health 3036: 3030: 3025: 2982: 2963: 2962: 2958: 2892: 2890:Further reading 2887: 2886: 2877: 2873: 2842: 2838: 2828: 2826: 2815: 2811: 2804: 2790: 2786: 2771: 2767: 2760: 2746: 2742: 2732: 2730: 2719: 2715: 2705: 2697: 2695: 2694:on 15 July 2011 2666: 2662: 2655: 2639:Franklin, James 2636: 2632: 2623: 2621: 2612: 2611: 2607: 2597: 2595: 2587: 2586: 2582: 2572: 2570: 2553: 2552: 2545: 2528: 2526: 2515: 2514: 2510: 2500: 2498: 2491: 2487: 2477: 2475: 2467: 2466: 2462: 2449: 2447: 2426: 2417: 2413: 2400: 2398: 2369: 2365: 2352: 2350: 2329: 2320: 2316: 2303: 2301: 2272: 2268: 2258: 2256: 2254:Yale Law School 2233: 2222: 2209: 2207: 2186: 2177: 2170: 2157: 2155: 2126: 2119: 2100: 2096: 2089: 2066: 2062: 2052: 2050: 2028: 2024: 2014: 2012: 2001: 2000: 1996: 1986: 1984: 1973: 1972: 1968: 1958: 1956: 1945: 1944: 1940: 1935: 1898: 1885: 1829:(as opposed to 1826:uberrimae fides 1821: 1811: 1800: 1794: 1791: 1780: 1767: 1763: 1756: 1721: 1697: 1542: 1530: 1509: 1484:General average 1478:general average 1474:General average 1465: 1441: 1424: 1418: 1397: 1391: 1368: 1227: 1223: 1217:Greek Dark Ages 1209:Dorian invasion 1201:Doric Hexapolis 1174:written by the 947:in the city of 940: 896: 890: 884: 856: 789: 786: 748: 744: 742: 725:Rotterdam Rules 694:Admiralty court 634:Freight company 625: 387:General average 368: 339:Merchant marine 245: 208: 197: 196: 195: 190: 179: 173: 170: 155: 142: 138: 127: 116: 110: 107: 97:Please help to 96: 80: 76: 39: 35: 28: 23: 22: 15: 12: 11: 5: 4029: 4019: 4018: 4013: 3996: 3995: 3993: 3992: 3989:List of topics 3985: 3977: 3974: 3973: 3971: 3970: 3965: 3964: 3963: 3958: 3953: 3948: 3943: 3938: 3933: 3928: 3923: 3918: 3904: 3899: 3898: 3897: 3883: 3882: 3881: 3876: 3874:Burial society 3864: 3863: 3862: 3856:§235–238; §240 3848:§100–105; §126 3840: 3834: 3832: 3826: 3825: 3823: 3822: 3821: 3820: 3815: 3810: 3805: 3800: 3798:Climate change 3790: 3788:United Kingdom 3785: 3780: 3775: 3770: 3765: 3759: 3757: 3751: 3750: 3748: 3747: 3746: 3745: 3735: 3733:Underinsurance 3730: 3725: 3723:Self-insurance 3720: 3715: 3710: 3705: 3700: 3695: 3690: 3685: 3680: 3673: 3668: 3667: 3666: 3661: 3656: 3646: 3645: 3644: 3634: 3633: 3632: 3629: 3617: 3612: 3607: 3602: 3601: 3600: 3595: 3586: 3581: 3576: 3571: 3566: 3556: 3550: 3548: 3535: 3534: 3531: 3530: 3528: 3527: 3522: 3517: 3512: 3507: 3502: 3497: 3492: 3490:Political risk 3487: 3482: 3477: 3472: 3470:Legal expenses 3467: 3462: 3457: 3456: 3455: 3445: 3440: 3435: 3430: 3425: 3420: 3419: 3418: 3413: 3403: 3398: 3393: 3388: 3387: 3386: 3381: 3370: 3368: 3364: 3363: 3361: 3360: 3355: 3350: 3345: 3340: 3335: 3330: 3325: 3320: 3314: 3312: 3306: 3305: 3303: 3302: 3297: 3292: 3287: 3282: 3277: 3272: 3267: 3262: 3257: 3252: 3250:Builder's risk 3247: 3241: 3239: 3235: 3234: 3232: 3231: 3226: 3221: 3216: 3211: 3206: 3201: 3196: 3191: 3186: 3181: 3176: 3174:Business owner 3171: 3166: 3160: 3158: 3154: 3153: 3151: 3150: 3145: 3140: 3138:Universal life 3135: 3130: 3125: 3120: 3114: 3112: 3106: 3105: 3103: 3102: 3097: 3092: 3090:Long-term care 3087: 3082: 3081: 3080: 3075: 3065: 3060: 3055: 3049: 3047: 3038: 3032: 3031: 3024: 3023: 3016: 3009: 3001: 2995: 2994: 2981: 2980:External links 2978: 2977: 2976: 2956: 2943: 2933: 2923: 2908: 2891: 2888: 2885: 2884: 2871: 2836: 2809: 2802: 2784: 2765: 2758: 2740: 2713: 2660: 2653: 2630: 2605: 2580: 2543: 2508: 2485: 2460: 2411: 2363: 2314: 2266: 2245:Avalon Project 2220: 2168: 2117: 2094: 2087: 2060: 2022: 2011:(2nd ed.) 1994: 1983:(2nd ed.) 1966: 1955:(2nd ed.) 1937: 1936: 1934: 1931: 1930: 1929: 1924: 1919: 1914: 1909: 1904: 1897: 1894: 1884: 1881: 1837:non-disclosure 1817:Main article: 1813: 1812: 1777:of the subject 1775:worldwide view 1770: 1768: 1761: 1755: 1752: 1720: 1717: 1696: 1693: 1692: 1691: 1617: 1600: 1594: 1576: 1566: 1562: 1552: 1541: 1538: 1529: 1526: 1516:and to remove 1508: 1505: 1464: 1461: 1440: 1437: 1420:Main article: 1417: 1414: 1393:Main article: 1390: 1387: 1367: 1364: 1317:Lord Mansfield 1313:British Empire 1289:Royal Exchange 1266:a coffee house 1260:Lex mercatoria 1143:passenger ship 1076:bill of parcel 1074:and receive a 992:ship charterer 984:shipping agent 886:Main article: 883: 880: 858: 857: 855: 854: 847: 840: 832: 829: 828: 827: 826: 821: 816: 808: 807: 803: 802: 801: 800: 795: 793:SAR Convention 790: 783: 781: 776: 771: 766: 761: 756: 755: 754: 739: 737: 732: 727: 722: 717: 709: 708: 704: 703: 702: 701: 696: 688: 687: 683: 682: 681: 680: 675: 674: 673: 663: 658: 653: 648: 643: 642: 641: 636: 631: 620: 619: 618: 608: 607: 606: 601: 588: 587: 583: 582: 581: 580: 575: 574: 573: 563: 562: 561: 551: 546: 541: 536: 535: 534: 524: 519: 518: 517: 510: 500: 495: 490: 485: 480: 475: 473:Bill of lading 470: 465: 460: 452: 451: 441: 440: 439: 438: 437: 436: 434:Wartime prizes 431: 426: 421: 416: 411: 401: 400: 399: 394: 389: 384: 379: 374: 363: 362: 361: 356: 351: 349:Passenger ship 346: 336: 335: 334: 329: 324: 319: 305: 304: 303: 298: 285: 284: 280: 279: 278: 277: 272: 267: 260: 259: 258: 243: 235: 234: 230: 229: 221: 220: 210: 209: 192: 191: 152:of the subject 150:worldwide view 145: 143: 136: 129: 128: 83: 81: 74: 69: 43: 42: 40: 33: 26: 9: 6: 4: 3: 2: 4028: 4017: 4014: 4012: 4009: 4008: 4006: 3991: 3990: 3986: 3984: 3983: 3979: 3978: 3975: 3969: 3966: 3962: 3959: 3957: 3954: 3952: 3949: 3947: 3944: 3942: 3939: 3937: 3934: 3932: 3929: 3927: 3924: 3922: 3919: 3917: 3914: 3913: 3912: 3908: 3905: 3903: 3900: 3896: 3895: 3891: 3890: 3889: 3888: 3884: 3880: 3877: 3875: 3872: 3871: 3870: 3869: 3865: 3861: 3857: 3853: 3849: 3846: 3845: 3844: 3841: 3839: 3836: 3835: 3833: 3831: 3827: 3819: 3816: 3814: 3811: 3809: 3806: 3804: 3801: 3799: 3796: 3795: 3794: 3793:United States 3791: 3789: 3786: 3784: 3781: 3779: 3776: 3774: 3771: 3769: 3766: 3764: 3761: 3760: 3758: 3752: 3744: 3741: 3740: 3739: 3736: 3734: 3731: 3729: 3726: 3724: 3721: 3719: 3716: 3714: 3711: 3709: 3706: 3704: 3701: 3699: 3696: 3694: 3691: 3689: 3686: 3684: 3681: 3679: 3678: 3677:Force majeure 3674: 3672: 3669: 3665: 3662: 3660: 3657: 3655: 3652: 3651: 3650: 3647: 3643: 3640: 3639: 3638: 3635: 3630: 3628: 3627: 3623: 3622: 3621: 3618: 3616: 3613: 3611: 3608: 3606: 3603: 3599: 3598:Value of life 3596: 3594: 3590: 3587: 3585: 3582: 3580: 3577: 3575: 3572: 3570: 3567: 3565: 3562: 3561: 3560: 3557: 3555: 3552: 3551: 3549: 3547: 3542: 3536: 3526: 3523: 3521: 3518: 3516: 3513: 3511: 3508: 3506: 3503: 3501: 3498: 3496: 3493: 3491: 3488: 3486: 3483: 3481: 3478: 3476: 3473: 3471: 3468: 3466: 3463: 3461: 3460:Interest rate 3458: 3454: 3451: 3450: 3449: 3446: 3444: 3441: 3439: 3436: 3434: 3431: 3429: 3426: 3424: 3421: 3417: 3414: 3412: 3409: 3408: 3407: 3404: 3402: 3399: 3397: 3394: 3392: 3389: 3385: 3382: 3380: 3377: 3376: 3375: 3372: 3371: 3369: 3365: 3359: 3356: 3354: 3351: 3349: 3346: 3344: 3341: 3339: 3336: 3334: 3331: 3329: 3328:Inland marine 3326: 3324: 3323:GAP insurance 3321: 3319: 3316: 3315: 3313: 3311:Communication 3307: 3301: 3298: 3296: 3293: 3291: 3288: 3286: 3283: 3281: 3278: 3276: 3273: 3271: 3268: 3266: 3263: 3261: 3258: 3256: 3253: 3251: 3248: 3246: 3243: 3242: 3240: 3236: 3230: 3227: 3225: 3222: 3220: 3217: 3215: 3212: 3210: 3207: 3205: 3202: 3200: 3197: 3195: 3192: 3190: 3187: 3185: 3182: 3180: 3177: 3175: 3172: 3170: 3167: 3165: 3162: 3161: 3159: 3155: 3149: 3146: 3144: 3141: 3139: 3136: 3134: 3133:Unitised fund 3131: 3129: 3126: 3124: 3123:Mortgage life 3121: 3119: 3116: 3115: 3113: 3111: 3107: 3101: 3098: 3096: 3093: 3091: 3088: 3086: 3083: 3079: 3076: 3074: 3071: 3070: 3069: 3066: 3064: 3061: 3059: 3056: 3054: 3051: 3050: 3048: 3046: 3042: 3039: 3033: 3029: 3022: 3017: 3015: 3010: 3008: 3003: 3002: 2999: 2992: 2988: 2984: 2983: 2973: 2967: 2959: 2957:0-421-56450-4 2953: 2949: 2944: 2942: 2938: 2934: 2932: 2928: 2924: 2921: 2920:0-420-46930-3 2917: 2913: 2909: 2906: 2905:0-421-87800-2 2902: 2898: 2894: 2893: 2881: 2875: 2867: 2863: 2859: 2855: 2851: 2847: 2840: 2824: 2820: 2813: 2805: 2799: 2795: 2788: 2780: 2776: 2769: 2761: 2755: 2751: 2744: 2728: 2724: 2717: 2709: 2693: 2689: 2685: 2681: 2680: 2675: 2673: 2664: 2656: 2654:0-8018-6569-7 2650: 2646: 2645: 2640: 2634: 2619: 2615: 2609: 2594: 2590: 2584: 2569: 2565: 2561: 2558: 2557: 2550: 2548: 2540: 2538: 2524: 2523: 2518: 2512: 2496: 2489: 2474: 2470: 2464: 2457: 2446: 2442: 2438: 2434: 2433: 2425: 2421: 2415: 2408: 2397: 2393: 2389: 2385: 2381: 2377: 2373: 2367: 2360: 2349: 2345: 2341: 2337: 2336: 2328: 2324: 2318: 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