ABSTRACT
Most legal principles and rules relating to marine insurance are to be found in the Marine Insurance Act (MIA) 1906. The object of this Act was to codify the common law rules relating to marine insurance. The rules of the common law and the law merchant continue to apply to marine insurance, so far as they are consistent with the provisions of the Act. The marine insurance markets are places where ships, cargoes and other marine risks are insured. The common features of all marine insurance markets are that they are global and insurance is normally written on a co-insurance basis mainly due to the high value of vessels or cargoes involved. The London marine insurance market is one of the largest markets in the world. Case law is another significant source of marine insurance law. Case law subsequent to the Act is relevant as it might provide clarification of various provisions of the MIA 1906.
