ABSTRACT
This introduction presents an overview of key concepts discussed in the subsequent chapters of this book. The book explains the principles that govern the relationship between the parties to a contract of marine insurance are found in the common law and in the Marine Insurance Act (MIA) 1906. It includes the International Hull Clauses 2003 in the analysis of the marine insurance losses and marine perils. Such additional contribution was provided by individual underwriters at Edward Lloyd's and mutual associations: protection and indemnity clubs. Under English law, a marine policy may be assigned in three different forms: under section 50 of the MIA 1906, section 136 of the Law of Property Act 1925 and in equity. A marine policy may be either valued or unvalued. A marine policy may be either valued or unvalued. An unvalued policy may be called an open policy. However, the term open policy may also be used to describe a floating policy.
