The Principle of Indemnity in Marine Insurance Contracts: A Comparative Approach (Hamburg Studies on Maritime Affairs)

This book discusses legal issues related to the principle of indemnity in marine insurance contracts as well as disputes that may arise in a representative sample of common and continental law jurisdictions. It offers a comparative examination of Australian, English, Canadian, French, Greek, Norwegian and U.S. law. It examines the scope for a legal reform and the potential of achieving a better, more flexible, and modern indemnification regime. Contents......Page 8 Dedication......Page 5 Abbreviations......Page 15 1.1.1. Early historical background......Page 18 1.1.2. The Lombards......Page 19 1.1.4. The founder of Lloyd's and the rise of the Lloyd's coffee house......Page 20 1.1.5. The first marine insurance companies......Page 21 1.1.6. The evolution of Lloyd's and other forms of marine insurance companies......Page 22 1.1.7. The growth and evolution of the system and law of marine Insurance......Page 23 1.1.8. The policy reasons which generated the enactment of the Marine Insurance Act 1906......Page 25 1.2. The history and legislative framework of marine insurance in Greece......Page 26 1.3. The history and legislative framework of marine insurance in Norway......Page 28 1.4. The history and legislative framework of marine insurance in France......Page 30 1.5.1. Introductory remarks......Page 32 1.5.2. The situation prior to and after the "Wilburn Boat Co v Fireman's Fund Insurance Co case......Page 33 1.6. The history and legislative framework of marine insurance in Canada......Page 37 1.7. The history and legislative framework of marine insurance in Australia......Page 38 1.8. General conclusive remarks and comparative discussion......Page 39 2.1.1. Basic features of the marine insurance contracts in England......Page 43 2.1.2. Basic features of the marine insurance contracts in Greece......Page 59 2.1.3. Basic features of the marine insurance contracts in Norway......Page 63 2.1.4. Basic features of the marine insurance contracts in France......Page 66 2.1.5. Basic features of the marine insurance contracts in the USA......Page 68 2.1.6. Basic features of the marine insurance contracts in Canada......Page 70 2.1.7. Basic features of the marine insurance contracts in Australia......Page 73 2.2.1. The coverage offered under marine insurance contracts in England......Page 81 2.2.2. The coverage offered under marine insurance contracts in Greece......Page 86 2.2.3. The coverage offered under marine insurance contracts in Norway......Page 89 2.2.4. The coverage offered under marine insurance contracts in France......Page 90 2.2.5. The coverage offered under marine insurance contracts in the USA......Page 91 2.2.6. The coverage offered under marine insurance contracts in Canada......Page 92 2.2.7. The coverage offered under marine insurance contracts in Australia......Page 93 2.3. General conclusive remarks and comparative discussion......Page 96 3.1.1. Indemnity and losses......Page 104 3.2. Types of losses in marine insurance contracts under the Greek law regime......Page 128 3.2.1. Total loss and abandonment under the Greek law regime......Page 129 3.3.1. The cover offered under the Norwegian marine insurance contracts......Page 131 3.3.2. Types of losses under the Norwegian marine insurance law......Page 133 3.4.2. French marine insurance contracts and abandonment......Page 134 3.5. Types of losses in marine insurance contracts under the US law regime......Page 136 3.6. Types of losses in marine insurance contracts under the Canadian law regime......Page 137 3.7. Types of losses in marine insurance contracts under the Australian law regime......Page 138 3.8. General conclusive remarks and comparative discussion......Page 139 4.1.1. Valuation and the measure of indemnity in England......Page 141 4.1.2. Valuation and the measure of indemnity in Greece......Page 150 4.1.3. Valuation and the measure of indemnity in Norway......Page 153 4.1.4. Valuation and the measure of indemnity in France......Page 154 4.1.5. Valuation and the measure of indemnity in the USA......Page 155 4.1.7. Valuation and the measure of indemnity in Australia......Page 156 4.2.1. Total losses and the measure of indemnity in England......Page 157 4.2.2. Total losses and the measure of indemnity in Greece......Page 163 4.2.3. Total losses and the measure of indemnity in Norway......Page 164 4.2.4. Total losses and the measure of indemnity in France......Page 168 4.2.5. Total losses and the measure of indemnity in the USA......Page 169 4.3.1. Partial losses and the measure of indemnity in England......Page 171 4.3.2. General average losses and the measure of indemnity in Norway......Page 175 4.3.3. Successive losses and the measure of indemnity in England......Page 177 4.3.4. "Sue & labour" and the measure of indemnity in England......Page 178 4.3.5. "Sue & labour" and the measure of indemnity in Norway......Page 180 4.4.1. Over-insurance, under-insurance and the re-opening of valuation in England......Page 181 4.4.3. Over-insurance and the re-opening of valuation in Norway......Page 186 4.5.1. Floating, open-cover policies and the measure of indemnity in England......Page 188 4.5.3. Floating, open-cover policies and the measure of indemnity in France......Page 206 4.5.5. Floating, open-cover policies and the measure of indemnity in Canada......Page 207 4.6. Critical discussion on valuation and the measure of indemnity......Page 208 4.7. Salvage and the measure of indemnity......Page 211 4.8. Consequential, future profit loss and the measure of indemnity......Page 213 4.9. Mortgagee's interest insurance and the measure of indemnity......Page 218 4.10.1. Double insurance and the measure of indemnity in England......Page 221 4.10.2. Double insurance and the measure of indemnity in Norway......Page 225 4.10.3. Double insurance and the measure of indemnity in Canada......Page 226 4.11. General conclusive remarks and comparative discussion......Page 227 5.1.1. The doctrine of subrogation: definition and perspectives......Page 229 5.1.2. The rights in respect of which subrogation arises and their extent; the persons upon which subrogation rights may be effected......Page 230 5.1.3. Recovery in the case of under-insurance or partial insurance......Page 241 5.2. The rights of the insurer on payment in marine insurance contracts in Greece......Page 244 5.3. The rights of the insurer on payment in marine insurance contracts in Norway......Page 245 5.5. The rights of the insurer on payment in marine insurance contracts in the USA......Page 248 5.7. The rights of the insurer on payment in marine insurance contracts in Australia......Page 251 5.8. General conclusive remarks and comparative discussion......Page 255 6.1. General critique......Page 259 6.2.1. General remarks on the idea of unification and/or harmonisation......Page 266 6.2.2. The arguments for and against a law reform by means of new codification......Page 267 6.3. Alternatives to legislative reform......Page 273 6.4.1. The discussion on possible reform of the sections on insurable interest......Page 275 6.4.2. The discussion on possible reform of the sections relating to the measure of indemnity......Page 277 6.5. General conclusions and future prospects......Page 278 Bibliography......Page 282 Table of Cases......Page 288 Table of Statutes......Page 301 I......Page 304 P......Page 305 W......Page 306 About the Author......Page 307 Marine Insurance is considered one of the oldest of the many forms of commercial protection. It has flourished through the establishment of the institution of the ''coffee-houses'', wherein ''underwriting" was being conducted and from where the evolution and dominance of the Lloyd's has stemmed as the world's most famous insurance market. Marine insurance contracts are special in that they have special characteristics and also be­ cause they are contracts of indemnity. This book examines the principle of indemnity within marine in­ surance contracts. The legal problems related to the principle, in theory and in practice, are discussed and evaluated through the citation and criti­ cal analysis of the relevant case law in England as well in some of the most representative common law and continental law jurisdictions, together with an analysis comprising thoughts and proposals on possible extensions, fur­ ther research options, and a possible fiiture law reform. The book comprises of six (6) chapters: chapter one (1) discusses the history of marine insurance in England and the policy reasoning behind the enactment of the various English statutes as well as the history, legal framework and the way marine insurance is regulated in the other jurisdic­ tions. Chapter two (2) discusses the concept and importance of insurable interest in relation to indemnity marine insurance contracts and the cove­ rage offered under such contracts both in England and in the other legal systems With the global expansion of the maritime sector, marine insurance is on the forefront. Notwithstanding this growth, a vast number of legal disputes continues to emerge, with indemnity being, inter alia, amidst their focal points. This book discusses legal issues correlated to the principle of indemnity which is entailed in such contracts