ABSTRACT
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. In London an insurance may be placed either in the company market or at Lloyd's. Lloyd's is not an insurance company but it is a market where brokers may place risks by negotiating the risk with several different underwriters. In the London Market, insurance contracts used to be formed by scratching a one-page document, a slip, containing very little information about the terms of the contract. In the majority of cases, an insurance broker acts for the person seeking insurance and not for the insurer. The broker's duties apply at the placement of the risk as well as during the currency of the policy and in making the claim against the insurer.
