Marine insurance law
AT THE END OF THIS SEMESTER,
YOU WILL BE ABLE TO
- The role of marine insurance in international trade.
- How a contract of marine insurance is made and the rights and duties of the parties to the contract .
- The various types of marine insurance policies.
- The relationship between general average and the contract of marine insurance.
Curriculum includes
Unit 1
The nature of the marine insurance contract
- Basics of marine insurance, different types of marine insurance contract, content of the insurance contract, insurable interest, proposal and acceptance
Unit 2
Capacity to contract, good faith duties of the parties and insurable interests
- Principle and declaration as per utmost good faith, definition and explanation of insurable interest, doctrine of caveat emptor
Unit 3
THE INDIAN MARINE INSURANCE ACT 1963 warranties
- Explanation of principles of Indian Marine insurance, various components of the act, Express, Implied warranties
Unit 4
The Institute Cargo Clauses
- Attachment of institute cargo clauses to marine insurance, coverage of the institute clause, Clause A,B and C
Unit 5
Types of policies and insured perils
- Hull insurance, Machinery insurance, Liability, Freight Insurance etc, definition of maritime perils, perils consequent on or incidental to the navigation of the sea
Unit 6
Coverage for General Average and Salvage
- Definition and explanation of general average, components of general average, how an act falls under the category of general average, salvage convention, act of salvage
Unit 7
P&I
- Basics of P&I club, role and responsibility of the club, how assistance is taken, legal aspects club