London has a strong marine insurance and reinsurance market. The English law on marine insurance developed by the market and by the judiciary have influenced the legal principles of marine insurance globally. This module introduces marine insurance practice and marine cover, and considers the main legal issues arising from claims and the further developments of English law through cases.
We will focus on specific types of risks and losses which a ship owner or a cargo owner will usually seek to cover in the marine insurance market, most notably partial or total loss of property and collision liability insurance under a hull and machinery policy; expenses and liability insurance from a P & I Club and also the range of cover which cargo interests may obtain. The key standard form contracts used in the London market are analysed and evaluated.
This module will also look into some legal principles relating to insurance claims and liability in detail, notably causation and third party issues arising insurance claims including direct claims against insurers and insurers’ subrogated claims against wrongful third parties.