TopThis course offers an excellent introduction whether you wish to specialise in maritime and insurance law or merely to widen your understanding of a key component of commercial law.
Insurance law is a dynamic and exciting aspect of commercial law that all young aspiring law practitioners would benefit from developing an understanding of to underpin their wider legal studies. London traditionally is the most important insurance market that developed insurance practice and law. Today Lloyd's of London and the London Company Market insure risks placed all over the World. Lloyd's has established itself as the leading marketplace for specialist insurance and reinsurance serving the Asia Pacific region. Lloyd's in Singapore is a market place and home to more than 200 expert underwriters representing 22 syndicates. One of the specialised types of insurance that is available through a Lloyd's underwriter is marine insurance.
English law historically influenced the establishment of marine insurance principles to a great extent. Many of the fundamental principles of insurance were historically established by the marine insurance cases and they apply both in marine and non-marine insurance.
On the other hand, some of the topics of marine insurance law are specific to this type of contract. Such topics include the definition of constructive total loss, principles applicable in calculation of partial loss and the sue and labour expenses.
This course will introduce the role of the London market (both company market and Lloyds) and Lloyd's in Singapore in insuring specialised types of risks - including marine. Moreover, the course will cover the fundamental principles that govern marine insurance law including the market specific procedure that is followed to conclude an insurance contract at Lloyd's, insurable interest, the role of insurance brokers in insurance contracts with a special focus on the rights and duties of insurance brokers at the pre- and post-contractual stages of insurance, duty of fair presentation of the risk, duty of utmost good faith, interpretation of insurance contract terms and significance of marine insurance warranties. When we analyse brokers we will also touch upon payment of the premium- in marine insurance, brokers play an unusual and important role in this regard. This course will also examine the significance of the burden of proof of what caused the loss and, in conjunction with that, the importance of defining the insured perils in marine insurance. Furthermore, the definitions and circumstances of actual and constructive total loss, aggregation of losses and the measure of indemnity in partial loss (particular average) will be examined. Finally, the course will explain the principles that govern sue and labour (particular charges) - cost of mitigating the insured loss and insurers' subrogation right.
Studying marine insurance law will improve your understanding of how insurance contracts are formed at the outset and are interpreted at the pos--contractual stage - this will include a working understanding of standard form policies. You will widen your comprehension of risk assessments in everyday business life. By doing so, you will be able to assess the terms of a marine insurance contract in a way enabling you to protect your interests at the contract making stage at the outset, or at the dispute stage by knowing your rights and responsibilities again to protect your interest in the best possible