Search

The article discusses the restatement of the law of marine insurance in Great Britain. Topics discussed include imposing duty of "utmost good faith," history related to making of the Insurance Act, review of the Insurance Act, comparative view of the British legal systems of marine insurance, several revolutionary provisions of the act such as warranties and actions against third parties, a report by the British Law Commission and the Scottish Law Commission; and role of insurance industry.

The article focuses on the British court case Leeds Shipping Ltd. v. Societe Francaise Bunge (The Eastern City), which dealt with charter warrants and warranty under British admiralty law. Topics include the enforcement of safe port warranties, a lack of good seamanship, and the avoidance principle.

The article discusses the law of warranty, the Korean marine insurance market, and marine insurance policies as of October 2012, focusing on an analysis of the British courts' interpretation of Great Britain's 1906 Marine Insurance Act. Statutory provisions in Korea and Great Britain which allow third parties to claim insurance proceeds against the liability insurers of alleged tortfeasors are also addressed.

The article presents financial regulatory developments in Great Britain. It mentions the publication of the Investment Trust Regulations 2011 wherein once approved by Parliament, the process of the modernization of the investment trust company (ITC) tax regime will have been completed. The Financial Services Authority (FSA) also requires insurers, banks and other firms to provide at least one month's notice of an issue of shares or other capital instruments that will count as regulatory capital as originally proposed. The decision of the Court of Appeals that extended warranties are regulated insurance products is also tackled.

The article discusses several cases in Great Britain which were decided in 2009 and determined issues ranging from the concept of dangerous cargo to warranty disputes, arbitration appeals and jurisdictional disputes. Some of these disputes included the definition of "dangerous" under common law and the Hagues Rules, the question of safe berth warranty implied into a charterparty and the issue of time charterparty. It cites the issue of inherent vice for marine insurance policy purposes and the issue of late raised defense in the arbitration.