History and background of marine insurance; what is marine insurance?; types of policies (valued, unvalued, voyage, time).
(2) Formation of the marine insurance contract
London Company Market; Lloyd’s; the Market Reform Contract (MRC); requirements for a binding contract; leading underwriter clauses.
(3) Contract of indemnity
Insurable interest; subject matter; assignment.
(4) The duty of utmost good faith
Nature; scope; non-disclosure; pre-contractual good faith; post-contractual good faith; reform.
Express warranties; implied warranties; held cover clauses; reform.
Perils of the seas; fire and explosion; violent theft; piracy etc; the inchmaree clause; proximate cause.
(7) P & I Insurance
Nature and history; Club Rules; calls; International Group of P & I Clubs; risks insured; defence cover.
(8) Excluded losses
Wilful misconduct; delay; ordinary wear and tear; fraud.
(9) Types of loss
Actual total loss; constructive total loss; partial loss (particular average).
(10) Savings acts
Sue and labour expenses; general average; salvage.
(11) Subrogation and return of premium
Rights against third parties; benefit diminishing loss.