ABSTRACT
Much of modern marine insurance owes its current appearance to a gradual introduction of new features over the years, and to case law that has addressed specific issues such as the introduction of steamships, the First and Second World Wars, the container revolution and Somali piracy. The law continues to develop, which makes marine insurance a challenging and stimulating field to study and work in. This chapter deals in turn with the law surrounding marine insurance and with three main forms of marine insurance: hull and machinery insurance, cargo insurance and P&I insurance. The London Market is one of the largest insurance and reinsurance markets insuring and reinsuring risks not only in England but in several continents. Moreover, there are a number of Protection and Indemnity Clubs whose headquarters are in London and who insure shipowners’ liabilities to third parties such as oil pollution, loss of or damage to cargo, and liability to passengers and members of crew. In the following paragraphs we will analyse the insurance procedure in London and the law applicable to marine insurance contracts which are governed by English law.
