Marine Insurance Law
Module code: LW7172
Module co-ordinator: Dr Ben Adodo
Marine insurance law occupies a central place in international commerce. The module deals with indemnity insurance policies designed to provide the insured with cover against losses arising from specified perils of the sea. A marine insurance contract usually takes the shape of a policy. Under it, the insurer promises to indemnify the insured in a stated manner and to a defined extent in the event of occurrence of the covered risk during within a stipulated period of time. The promisee-insured pays an agreed premium in exchange for the promise. Where the losses insured against do not materialise during the life of the policy, the premium received is non-refundable to the insurer and no obligation crystalizes on the part of the insurer to indemnify. But serious legal issues frequently arise between the parties upon the eventuality of certain losses, with the insurer denying liability to make good the promised financial protection, and the insured claiming to be entitled to payment of the sums named in the policy. A sound knowledge of the statutory provisions and case law principles offering proper solution to the insurer-insured disputes of the indicated kind requires adequate familiarity with various aspects of marine insurance law, including the nature and mechanics of marine insurance contracts, the doctrine of insurable interest in the subject-matter of the insurance, utmost good faith, disclosure and representation, warranties, ways of determining the scope of perils covered by the insurance policy, the criteria for claiming indemnity, subrogation and contribution. The module aims to equip the students with an understanding of the mentioned facets of marine insurance.