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mes were sea marine mutuum loans commenda contract and bill of exchanges citation needed separate marine insurance contracts were developed near genoa in camogli 18 in 1853 and other italian cities in the fourteenth century and spread to northern europe premiums varied with intuitive estimates of the variable risk from seasons and pirates 19 modern marine insurance law originated in the lex mercatoria law merchant in 1601 a specialized chamber of assurance separate from the other courts was established in england by the end of the seventeenth century london s growing importance as a centre for trade was increasing demand for marine insurance in the late 1680s edward lloyd opened a coffee house on tower street in london it soon became a popular haunt for ship owners merchants and ships captains and thereby a reliable source of the latest shipping news 20 lloyd s coffee house was the first marine insurance market it became the meeting place for parties in the shipping industry wishing to insure cargoes and ships and those willing to underwrite such ventures these informal beginnings led to the establishment of the insurance market lloyd s of london and several related shipping and insurance businesses the participating members of the insurance arrangement eventually formed a committee and moved to the royal exchange on cornhill as the society of lloyd s the establishment of insurance companies a developing infrastructure of specialists such as shipbrokers admiralty lawyers bankers surveyors loss adjusters general average adjusters et al and the growth of the british empire gave english law a prominence in this area which it largely maintains and forms the basis of almost all modern practice lord mansfield lord chief justice in the mid eighteenth century began the merging of law merchant and common law principles the growth of the london insurance market led to the standardization of policies and judicial precedent further developed marine insurance law in 1906 the marine insurance act codified the previous common law it is both an extremely thorough and concise piece of work although the title of the act refers to marine insurance the general principles have been applied to all non life insurance in the 19th century lloyd s and the institute of london underwriters a grouping of london company insurers developed between them standardized clauses for the use of marine insurance and these have been maintained since these are known as the institute clauses because the institute covered the cost of their publication out of marine insurance grew non marine insurance and reinsurance marine insurance traditionally formed the majority of business underwritten at lloyd s nowadays marine insurance is often grouped with aviation and transit cargo risks and in this form is known by the acronym mat it is common for marine insurance agencies to compete with the offerings provided by local insurers these specialist agencies often fill market gaps by providing cover for hard to place or obscure marine insurance risks that would otherwise be difficult or impossible to find insurance cover for these agencies can become quite large and eventually become market makers they operate best when their day to day management is independent of the insurers who provide them with the capital to underwrite risks on their behalf as of 2024 the nordic region represented by cefor received the largest share of marine hull insurance premiums with 12 9 of the world market followed by china at 11 6 and lloyd s of london third at 8 7 according to the international union of marine insurance 21 practice edit the marine insurance act includes as a schedule a standard policy known as the sg form which parties were at liberty to use if they wished because each term in the policy had been tested through at least two centuries of judicial precedent the policy was extremely thorough however it was also expressed in rather archaic terms in 1991 the london market produced a new standard policy wording known as the mar 91 form using the institute clauses the mar form is simply a general statement of insurance the institute clauses are used to set out the detail of the insurance cover in practice the policy document usually consists of the mar form used as a cover with the clauses stapled to the inside typically each clause will be stamped with the stamp overlapping both onto the inside cover and to other clauses this practice is used to avoid the substitution or removal of clauses because marine insurance is typically underwritten on a subscription basis the mar form begins we the underwriters agree to bind ourselves each for his own part and not one for another in legal terms liability under the policy is several and not joint i e the underwriters are all liable together but only for their share or proportion of the risk if one underwriter should default the remainder are not liable to pick his share of the claim typically marine insurance is split between the vessels and the cargo insurance of the vessels is generally known as hull and machinery h m a more restricted form of cover is total loss only tlo generally used as a reinsurance which only covers the total loss of the vessel and not any partial loss cover may be on either a voyage or time basis the voyage basis covers transit between the ports set out in the policy the time basis covers a period typically one year and is more common protection and indemnity edit main article protection and indemnity insurance a marine policy typically covered only three quarter of the insured s liabilities towards third parties institute time clauses hulls 1 10 83 the typical liabilities arise in respect of collision with another ship known as running down collision with a fixed object is an allision and wreck removal a wreck may serve to block a harbour for example in the 19th century shipowners banded together in mutual underwriting clubs known as protection and indemnity clubs p i to insure the remaining one quarter liability amongst themselves these clubs are still in existence today and have become the model for other specialized and noncommercial marine and non marine mutuals for example in relation to oil pollution and nuclear risks clubs work on the basis of agreeing to accept a shipowner as a member and levying an initial call premium with the fund accumulated reinsurance will be purchased however if the loss experience is unfavourable one or more supplementary calls may be made clubs also typically try to build up reserves but this puts them at odds with their mutual status because liability regimes vary throughout the world insurers are usually careful to limit or exclude american jones act liability actual total loss and constructive total loss edit main article total loss these two terms are used to differentiate the degree of proof that a vessel or cargo has been lost an actual total loss occurs when the property has been destroyed or so damaged as to cease to be a thing of the kind insured a constructive total loss is a situation in which the cost of repairs plus the cost of salvage equal or exceed the value 22 23 the use of these terms is contingent on there being property remaining to assess damages which is not always possible in losses to ships at sea or in total theft situations in this respect marine insurance differs from non marine insurance with which the insured is required to prove the loss traditionally in law marine insurance was seen as an insurance of the adventure with insurers having a stake and an interest in the vessel and or the cargo rather than simply an interest in the financial consequences of the subject matter s survival constructive total loss edit the term constructive total loss or ctl was used by the united states navy during and after world war ii to describe naval vessels that were damaged to such an extent that they were beyond economical repair this was most often applied to small type ships destroyer patrol boats landing ships mine warfare vessels etc in 1945 the last year of the war many of which were damaged by kamikazes postwar the term was also used for ships damaged in typhoons by this time enough ships were available for the war that some could be disposed of if severely damaged 24 general averages edit average in marine insurance terms is an equitable apportionment among all the interested parties of such an expense or loss general average stands apart for marine insurance in order for general average to be properly declared 1 there must be an event which is beyond the shipowner s control which imperils the entire adventure 2 there must be a voluntary sacrifice 3 there must be something saved the voluntary sacrifice might be the jettison of certain cargo the use of tugs or salvors or damage to the ship be it voluntary grounding knowingly working the engines that will result in damages general average requires all parties concerned in the maritime venture hull cargo freight bunkers to contribute to make good the voluntary sacrifice they share the expense in proportion to the value at risk in the adventure particular average is the term applied to partial loss be it hull or cargo average is the situation in which the insured has under insured i e insured an item for less than it is worth average will apply to reduce the claim amount payable an average adjuster is a marine claims specialist responsible for adjusting and providing the general average statement an average adjuster in north america is a member of the association of average adjusters to ensure the fairness of the adjustment a general average adjuster is appointed by the shipowner and paid by the insurer excess deductible retention co insurance and franchise edit an excess is the amount payable by the insured and is usually expressed as the first amount falling due up to a ceiling in the event of a loss an excess may or may not be applied it may be expressed in either monetary or percentage terms an excess is typically used to discourage moral hazard and to remove small claims which are disproportionately expensive to handle the term excess signifies the deductible or retention a co insurance which typically governs non proportional treaty reinsurance is an excess expressed as a proportion of a claim in percentage terms and applied to the entirety of a claim co insurance is a penalty imposed on the insured by the insurance carrier for under reporting declaring insuring the value of tangible property or business income the penalty is based on a percentage stated within the policy and the amount under reported as an example a vessel actually valued at 1 000 000 has an 80 co insurance clause but is insured for only 750 000 since its insured value is less than 80 of its actual value when it suffers a loss the insurance payout will be subject to the under reporting penalty the insured will receive 750000 1000000th 75 of the claim made less the deductible tonners and chinamen edit these are both obsolete forms of early reinsurance both are technically unlawful as not having insurable interest and so were unenforceable in law policies were typically marked p p i policy is proof of interest their use continued into the 1970s before they were banned by lloyd s the main market by which time they had become nothing more than crude bets a tonner was simply a policy setting out the global gross tonnage loss for a year if that loss was reached or exceeded the policy paid out a chinaman applied the same principle but in reverse thus if the limit was not reached the policy paid out specialist policies edit various specialist policies exist including newbuilding risks this covers the risk of damage to the hull while it is under construction open cargo or shipper s interest insurance this policy may be purchased by a carrier freight broker or shipper as coverage for the shipper s goods in the event of loss or damage this type of insurance 25 will pay for the true value of the shipment rather than only the legal amount that the carrier is liable for annual cover is issued for twelve month period subject to at inception of a minimum deposit premium often used by regular shippers of goods such as importers and exporters including freight forwarding agents where a policy is issued to cover a number of consignments being shipped to and from various ports and destinations throughout the year yacht insurance insurance of pleasure craft is generally known as yacht insurance and includes liability coverage smaller vessels such as yachts and fishing vessels are typically underwritten on a binding authority or line slip basis war risks general hull insurance does not cover the risks of a vessel sailing into a war zone a typical example is the risk to a tanker sailing in the persian gulf during the gulf war the war risks areas are established by the london based joint war committee increased value iv increased value cover protects the shipowner against any difference between the insured value of the vessel and the market value of the vessel overdue insurance this is a form of insurance now largely obsolete due to advances in communications it was an early form of reinsurance and was bought by an insurer when a ship was late at arriving at her destination port and there was a risk that she might have been lost but equally might simply have been delayed the overdue insurance of the titanic was famously underwritten on the doorstep of lloyd s cargo insurance cargo insurance is underwritten on the institute cargo clauses with coverage on an a b or c basis a having the widest cover and c the most restricted valuable cargo is known as specie institute clauses also exist for the insurance of specific types of cargo such as frozen food frozen meat and particular commodities such as bulk oil coal and jute often these insurance conditions are developed for a specific group as is the case with the institute federation of oils seeds and fats associations fofsa trades clauses which have been agreed with the federation of oils seeds and fats associations and institute commodity trades clauses which are used for the insurance of shipments of cocoa coffee cotton fats and oils hides and skins metals oil seeds refined sugar and tea and have been agreed with the federation of commodity associations there has also been discussion about insurance policies to address plastic pollution as a result of plastic cargo losses at sea for example marine insurance policies should factor in liability for marine plastic pollution marine clean up and conservation 26 warranties and conditions edit a peculiarity of marine insurance and insurance law generally is the use of the terms condition and warranty in english law a condition typically describes a part of the contract that is fundamental to the performance of that contract and if breached the non breaching party is entitled not only to claim damages but to terminate the contract on the basis that it has been repudia...