The module will provide students with an understanding of the law relating to the insurance of vessels, hull and machinery and cargo on board ships and the formation, principles and enforcement of insurance contracts in the maritime industry. It provides an overview of the basic principles of a marine insurance contract, identifies the parties to such contract and its various forms and types, discusses the way that it is concluded and the role of brokers and analyses related fundamental concepts, such as indemnity, premium, insurable interest, utmost good faith and assignment of policy.
It also explores and analyses the way a marine insurance contract operates and discusses topics related to the classification of the contractual terms, the doctrine of proximate cause, the insured and excluded perils and the duty to sue and labour.
Finally, it considers issues of indemnity, explains the nature of losses, distinguishes between total and partial loss, as well as particular and general average loss and particular charges and discusses subrogation and contribution.