Introduction

Insurance connected with the risks of transportation of goods, is one of the

oldest and most important forms of insurance.
The value of goods shipped by the business firms each year cost billions of
rupees.
These goods are exposed to damage or loss from numerous perils associated
with transportation. These goods can be protected by marine insurance
contracts.
It is an important element of the general insurance industry. it essentially
provides cover for the losses suffered due to marine perils. in India, the
marine insurance is regulated by:
Nature and scope

The nature and scope of marine insurance is determined by reference

to section 6 of the definition of marine adventure and marine
perils .
It is contract of indemnity but the extent of indemnity is determined
by the contract .
It relates to losses incidental to a marine adventure or to the building ,
repairing or launching of a ship .

 A marine adventure is any situation where the insured property is

exposed to maritime perils .
Maritime perils are perils consequent on or incidental to navigation .

HISTORY OF MARINE INSURANCE

Marine insurance as we know it today, can be described as mother of all insurances
it is believed to have originated in England owing to the frequent movement of
ships over high seas for commerce and trade. In India, marine insurance has been
in vogue for several centuries.
Prior to the development of marine insurance, the people across the world had a
system of pooling their contributions so that if any one of them suffers loss during
voyage. He would be compensated from the pool.
Today marine insurance has assumed a vast dimension due to ever expanding trade
across the globe. It involves large shipping companies that require protection not
only for their costly fleet against the perils of the sea, but also to the cargo being
carried in each of these ships.
The value of each ship and the cargo carried therein, may be costing millions of
rupees to the owners.
Historically marine insurance were of two types:

a) Bottomary loan :-

Which was a transaction protecting an owner from financial loss if his ship was
destroyed. Premiums were calculated on the basis of intuition instead

of

mathematical estimates.
b) Respondentia loans:-

were comparable to bottomary loans. The difference

being a merchant would take a loan using cargo as collateral. The money lender
for a premium in addition to the regular interest charged, agreed to forgive
the loan if the cargo was lost.
The Indian Marine Insurance Act came into operation on August 1, 1963
and is a comprehensive

document

containing

all regulations of marine

insurance business in India.

Prior to this Act, the insurance business was conducted on the basis of
the principles of General Contract Act and English Marine Insurance Law.
Marine insurance includes two types of insurance i.e. Cargo insurance and hull
insurance.
The cargo insurance includes the goods in transit from the place insured to
the sea and from sea to the exporter.
The hull insurance is concerned with body, the machinery and technical knowhow, stores tools etc. of the ship.
Marine Insurance covers the loss or damage of ships, cargo, terminals and any
transport or property by which cargo is transferred, acquired or held between
the points of origin and final destination.
Marine Insurance has been made mandatory in export-import business.
Worlds biggest Passenger-ship MS Freedom of the Seas 4300 passenger
Capacity Inside

 Worlds biggest Passenger-ship

Marine Insurance Market

 Lloyds, a corporate established in London, is the biggest center for marine

insurance in the world
Lloyds was a coffee house frequented by the tradesmen, ship- owners and
others
The coffee house became the meeting ground for:
brokers, insurers and ship owners for negotiating their business.

TITANIC CRASH

Marine Insurance Offered by GIC in India

There is evidence that the marine insurance was present in some form or the other
in India since a very long time.

In earlier days travelers by sea were particularly afraid of losing their vessels and
merchandise because of piracy on the open seas.
Subject Matter of Marine Insurance
the insurance in the current scenario, however is, much more then, what was
envisaged earlier
it is now required to protect the interest of:
the owner of the ship
owner of the cargo
The person interested in freight for liabilities and in respect of Fines imposed
for various reasons.

in case the ship carrying the cargo sinks:

the ship will be lost along with:

the cargo
the income that the cargo would have generated would also be lost
it may also damage third party property
Third party injuries or death.

Classification of Marine Insurance

based on the facts stated earlier, marine insurance can be classified into four
broader categories i.e.:

hull insurance
cargo insurance
freight insurance and
liability insurance

Cargo Insurance
Cargo refers to:
the goods and commodities carried during transit by:rail, road, sea or air from
one place to another.
the cargo transported by sea is subject to manifold risks such as:
loss or damage at the port and
Loss or damage during the voyage.

WORLDS BIGGEST CARGO LINERS

Marine cargo insurance provides the insurance cover in respect of:

Loss of or damage to cargo during transit by:
Rail, road, sea or air.
Thus marine cargo insurance covers the following:

export and import shipments by ocean

transshipments
shipment by inland vessels
consignments sent by rail, road, air &
Articles sent by post.
marine cargo insurance covers the shipper of the goods, if the good are
damaged or lost during transit

the cargo policy covers the risks associated with the transshipment of goods
the policy could be issued to cover a single shipment or
if regular shipments are made:
An open policy can be issued which insures the goods/ cargo automatically
whenever a shipment is made.

Definition of Marine Insurance

Marine insurance is a contract under which the insurer undertakes to indemnify

the insured:
in the manner and to the extent thereby agreed
Against marine losses, incidental to marine adventures.

It may be defined as a form of insurance covering loss or damage to:

Vessels or to cargo during transportation.
Types of Marine Insurance
There are four types / classes of marine insurance:
a) Hull Insurance:
Covers physical damage to the ship or vessel. In addition it contains a collision
liability clause that covers the owner's liability if the ship collides with another
vessel or damages its cargo.

b) Cargo Insurance:
Covers the shipper of goods if the goods are damaged or lost. The policy can be
written to cover a single shipment. If regular shipments are made, an open cargo
policy can be used that insures the goods automatically when a shipment is made.
The open cargo policy has no expiration date and remains in force till it is
cancelled.
c) Protection and Indemnity (P&I) insurance:

Is usually written as a separate contract that provides comprehensive liability

insurance for property damage or bodily injury to third parties. P&I insurance
protects the ship owner for damage caused by ship to piers, docks and harbor
installations, damage to ship's cargo, illness or injury to the passenger or crew and
fines and penalties.
d) Freight Insurance:
Indemnifies the ship owner from the loss of earnings if the goods are damaged or
lost and are not delivered.

Insurable Property
Insurable property means any ship, goods or other movables exposed to
maritime perils.
Insurable property must be stated in the policy with reasonable certainty.
Marine Adventure
There is a marine adventure, when1. Any insurable property is exposed to marine perils.
2. The earning of freight, passage money, commission, profit or other pecuniary
benefit or security for any advances, loans or disbursements is endangered by the
exposure of insurable property to maritime perils.
3. The owner of or other person interested in or responsible for insurable property
by reason of maritime perils may insure any liability to the third party.

 Voyage
Voyage is the journey that the vessel undertakes.
The ship could carry on the voyage in the specified route which is mentioned in
the policy.
Change of voyage is permitted only in a few specified circumstances.

Maritime perils / perils of the sea

Maritime Perils are also called 'Perils of the Sea.'
It means the perils consequent on or incidental to the navigation through the
sea for example- fire, war perils, rovers, thieves, captures, seizures, jettisons,
barratry and other perils.
The term 'Perils of the Sea' refers only to fortuitous accidents or casualties of
the seas and does not include the ordinary action of winds and waves.

Types of Risks / perils covered by marin insurance policy

1) Sinking, stranding and grounding of ship/vessel/boat or craft.

2) Collision or contact of vessels, ships, boats with internal and external
objects.
3) Discharge of cargo at a port of distress.

4) Average general sacrifice.

5) Volcanic eruption or lightning or fire or explosion.
6) Loss of goods or packages containing goods or articles, dropping of packets
or package during loading or unloading while on board or off the broad.
7) Loss caused by delay, wrongful delivery, malicious damage.
8) War, sea pirates, other perils like cyclones, typhoons, spirals.
9) Strikes, riots, lockout, civil commotions & terrorism.
10) Theft, pilferage, breakage & leakage.
11) Loss caused by heating due to the closure of ventilators to prevent the entry of
sea waters.
12) Loss caused by rats i.e. a hole made in the bottom of the ship, through which
sea water enters the ship and damages the cargo.

Marine insurance apart from indemnifying the assured against the maritime
perils also includes liability of the third party incurred by the owner of the ship
or other person interested in the property assured on happening of the maritime
event.
Thus marine insurance includes:

1)Insurance of vessels (hull) of any description. (Hull insurance is

concerned with body, the machinery & technical knowhow, stores tools etc. It also
includes ships, mechanized boats etc and consignments transported by rail and
road.)
2)Insurance of cargo in vessels ( Cargo insurance includes goods in transit
from the place of insured to the sea and from the sea to the exporter.
3) Freight paid or received by the assured
4) Insurance of third party liability
5) Insurance of transactions which are incidental to the marine adventure or
marine transport or transport of cargo from go down to the vessel.
6) Insurance

also

includes

all

perils

and

risks incidental to money,

documents, securities & other valuable goods in the ship.

Marine Policy
The

document

containing

the

contract

of insurance is known as the

'Marine Policy' or 'Sea Policy'.

The clauses are framed in relation to risk covered, risk excluded and other terms
and conditions of the insurance.

Contents of marine policy

1.

Name of the insured.

2.

Policy Number

3.

Sum Assured

4. The subject matter insured and the perils covered

5.

Place where claims were payable

6.

Streamer (or) other conveyance.

7.

Stamp duty (as per the provisions of the Indian Stamp Act 1879)

8. Voyage or Journey
9.

Number or date of bill of lading or Registered Port or Air freight receipt. (as

the case may be)

10. Place of issue of policy and date.
11. Signature of authorized person signing on behalf of the insurers.

Essential elements or principal of marine Insurance

1. Fundamentals of general contract
2. Insurable interest
3. Utmost Good Faith
4. Indemnity
5. Subrogation

6. Contribution
7. Warranties
8. Cause proximal
9. Assignment & Nomination of a policy
Features of a general contract
A marine policy must fulfill all the essentials of a valid contract namely
1. Offer and Acceptance
2. Consideration
3. Capacity
4. Legal Purpose
Insurable Interest
According to Marine Insurance Act 1963, 'every person has an insurable interest
who is interested in a marine adventure'.

The

following

persons

have

insurable interest in Marine Insurance.

1. Owner of the Ship
2. Owner of the Cargo
3.

Creditor who has advanced money on a ship or cargo to the extent of his

interest in such ship or cargo

4. Mortgager
5. Mortgagee

6. Master and crew - for wages

7. Bottomry bond hold
8. Person who pays advance freight is recoverable on loss
9. Shipper and their Agents
10. Persons contingent interest such as the buyer, though the goods may be at
seller's risk and though he may have right to reject the goods, but has paid.
11. Trustee
12. Bailee
13. Insurer- he can reinsure
14. Assignee of bill of ladin
Utmost Good faith
The insured must disclose all those relevant facts to the insurer which are likely
to affect his willingness to undertake the risk.
If either party does not disclose full facts, the other party can avoid the contract
at any time.
Contract of indemnity
Under this contract, the underwriter agrees to indemnify the insured against
losses by sea risk to the extent of the amount insured.
The insured can recover only the actual loss suffered and nothing more.
principal of subrogation
According to this principle after meeting the loss agreed, the insurer steps into
the shoes of the insured and becomes entitled to all rights and remedies
available to the insured against the insured property or third persons.

 Principal of contribution / Double Insurance

The doctrine of contribution applies to marine insurance.
If the subject has been insured with more than one insurer, each insurer has to
pay only the ratable proportion of loss subject to the maximum loss.
The principle supports the concept that the insured cannot recover amounts
on the same property for the same peril from more than one insurer.

Thus, according to Section 34, the pre requisites of double insurance/contribution

are:
a) There must be two or more policies.
b) The policies must relate to the same adventure and interest or any part thereof.
c) The sums insured must exceed the indemnity allowed by this Act

Warranties
According to Marine Insurance Act, a warranty means a stipulation or term, the
breach of which entitles the insurers to avoid the policy altogether and this is so
even though the breach arises through circumstances beyond the control of the
warrantor.
Warranties can be expressed (written) or implied.

 Express Warranties
The expressly stated written warranties and may be like
1. The ship is safe on a particular day
2. The ship & goods are neutral and continue to be so
3. The ship will proceed to its destination without any deviation
4. The ship will sail on or before a certain date
Implied warranties
There are certain warranties which are implied in every contract of marine
insurance unless excluded expressly. These are:
1. Warranty of sea worthiness
2. Warranty of non-deviation from path
3. Warranty as to the legality of the voyage
4. Proper documentation related to the ship

Warranty of Sea Worthiness

The ship must be sound as regards her hull.
The gear must be sufficient and must be fully equipped, officered and manned
Ship must not be overloaded

 If the voyage is to be performed in stages, the ship must be sea worthy at the
commencement of each stage.
Sea worthiness also includes cargo worthiness i.e. must be fit to carry the cargo

Proper Documentation of the Ship

Whenever there is an express warranty that the ship shall be neutral (especially
in the case of war time adventure) there is an implied warranty that the ship
carries all the papers necessary to prove the neutrality.
Proximate clause
According to the Marine Insurance Act, the insurer is liable for any loss
proximately caused by a peril insured against.
Insurer is not liable for any loss which is not proximately caused by a peril
insured against.
Assignment of policy
A marine insurance policy is assignable unless it contains terms expressly
prohibiting assignment.
It may be assigned either before or after loss.
A marine policy may be assigned by endorsement thereon or in any
other customary manner.

Re-insurance
According to Marine Insurance Act, the insurer under a contract of marine
insurance has an insurable interest in his risk and may reinsure the subject

matter fully or partly as per his requirement. This is called Reinsurance or

Insurance of Insurance.
In reinsurance, unless the policy provides otherwise, the original assured has
no right or interest in respect of such reinsurance.

Calculation of rates of premium

Calculation of rates of premium depends on:
1.

Description of goods : Full description of the goods to be insured must be

given.
The nature of commodity is very important for rating and underwriting.
Different types of commodities are subject to different types of risk.

Ex: Commodities like cement sugar, etc. are easily damaged by sea water; cotton
or some chemicals may easily catch fire; liquids can get leaked and crockery and
glassware are susceptible to breakage.
2. Method and Manner of Packaging :

The possibility of loss or damage

depends very much on the type of packing.

Generally goods are required to be packed in commodity

friendly

bags, bundles, crates, drums, barrels, loose packing, carton etc.

bales,

3.

Voyage and Mode of Transit : The name of the place from where, transit will
commence and the name of the place where it will terminate has to be stated.

Mode of conveyance to be used in transporting goods by rail, lorry or by air etc.

should be given.
The name of the vessel is to be given in case if overseas travel.

Postal receipt number and date thereof is required in case of goods sent by
registered post.
If the voyage is to involve trans-shipment, it must be clearly stated.

4.

Cover Required : The risk against which cover requires should be fully

described.
5.

Name of the vessel : The correct name of the vessel is necessary,

to

know the details of the age, tonnage classification (tanker, bulk carrier,
container ships, fishing fleet, war vessels) ownership etc.

Shipments through old vessels or smaller vessels will lead to charge of a

higher rate of premium.

Shipments made by first class vessels attract normal rates of premiums

and the vessels are approved by authorities like the Indian Registrar of Shipping.
If the vessel used for the voyage is tramp vessel i.e. a vessel which does not
follow a fixed schedule and carries cargoes whenever available. The vessels
have to be approved by GIC and if not approved, then will attract a very high
premium.

 While there is no tariff rate on premium and insurers can charge any rate
depending upon the nature of goods , the distance, the mode of transshipment, type of package, the voyage
experience.

route

and

the

past

claims

Extended covers like SRCC ( Strikes, Riots and Civil

Commotion) and war risks are governed by special regulations and the
premium collected is credited to the Central Government.
Shipping vessels are listed according to their age and draught weight.
Full details of every shipping vessel built anywhere in the world is available
in 'Lloyds Register' (issued by Lloyds of London). Minimum standards are
fixed. Any vessel falling short of these standards will attract loading
premium.
Premiums can be paid on monthly, quarterly, half yearly or yearly basis.

 Types of marine insurance policy

1. Bottomry Bond
It is a bond representing loan raised by the master of the ship so as to meet
certain urgent expenses like repairing a ship or for security of ship or cargo.
It is repayable after a certain agreed number of days after the arrival of the
ship as specified in the bond.
If the vessel is lost before the arrival at destination, the lender losses his
money.
2. Respondentia Bond :
Like Bottomry Bond, Respondentia Bond also represents a monetary loan
borrowed by the master of a ship to meet certain urgent expenses.
The loan is raised on the security of CARGO ON LY .
The loan is to be repaid within a certain period after the arrival of the cargo at
the destination as specified in the Respondentia Bond.
If the cargo is lost on its way, the lender losses his money.
Marine policies are known by different names according to their manner of
execution and the nature of risks covered.

 Following are the various kinds of marine insurance policies as contained in

the Marine Insurance Act, 1963.
1. Time Policy :
This policy is designed to give cover for some specified period of time say for
example noon of 1st January 2009 to noon of 1st January 2012
Time policies are usual in case of hull insurance.
2. Voyage & Time Policy or Mixed Policy :
It is a combination of voyage and time policy.
It is a policy which covers the risk during a particular voyage for a specified
period. Example A ship may be insured for voyages between Chennai to
London for a period of one year.
3.Valued Policy :
This policy specifies agreed value of the subject matter insured, which is not
necessarily the actual value. This agreed value is also known as insured value.
Once agreed these values cannot be changed and remains binding on the
parties.

3. Unvalued Policy/ Open Policy :

4. In case of unvalued policy, the value of the subject matter insured is not
specified at the time of effecting insurance.
It is taken for a specified amount and the insurable value is ascertained at the
time of loss.
The insurer is liable to pay only up to actual loss incurred to the policy amount.

5. Floating Policy :

A floating policy describes the insurance in general terms,

leaving the name of the ship or ships to be defined by subsequent declarations.

The declaration may be made by endorsement on the policy or in another
customary manner.
Declaration must be made in the order of shipment unless the policy provides
otherwise.
It must comprise all the consignments within the terms of the policy and the
values must be stated honestly.
Errors and omissions however, may be rectified even after the loss has
occurred, if made in good faith.
When the total amount declared exhausts for which the policy has been issued,
it is said to be 'run off' or 'fully declared'.
The assured may then arrange for a new policy to be issued to succeed the one
about to lapse, otherwise the cover terminates when the policy is fully
declared.
6. Wagering Policy/ PPI Policy :
This policy is issued without there being any insurable interest or policy bearing
evidence that the insured is willing to dispense with any proof of interest
If policy contains such words as 'Policy Proof of Interest' (PPI) or 'Interest or
No Interest' it is a Wagering or Honor Policy.

 Under Section 4 of the Marine Insurance Act, such policies are void in Law but
such policies continue to be common.
7. Construction or Builder Risk Policy :
This is designed to cover risks incidental to the building of a vessel, usually giving
cover from the time of laying the keel until the completion of trials and handing
over to the owners.
In the case of very large vessel, the period may extend over several years.
8. Blanket/ Open Cover Policy :
In order to arrange their marine insurance in advance and to be assured to be
covered at all times, and also to avoid the effects of possible rapidly fluctuating
rates, it is practice of regular importers and exporters to avail 'Blanket Insurance'.

An open cover policy is an agreement between the assured and his underwriter
under which the former agrees to declare and the latter to accept, all shipments
coming within the scope of the open general cover during some stipulated
period of time.
9. Duty Policy :
In case of CIF contracts, the exporter would have arranged for insurance only up
to CIF value. Customs duty payable if any is the responsibility of the importer and
they can separately obtain custom duty policy on 'standalone basis'.

10. Increased Value Policy :

If goods imported are damaged in transit and such goods can be procured locally
at prices higher than the CIF+ Customs duty, the increase value policy covers such
difference in values.
11. Marine Delays :
Any loss or damage to the equipment during transit which leads to the delay in
completion of the project , commencement of production and thereby loss in profit
is covered under this policy and is also known as 'Consequential loss due
to marine delays' or simply 'Delay Start Up'.

12. Marine Cum Erection Policy :

In standard marine cargo policy, the cover ceases after the goods are delivered at
the site of erection. If any damage attributable to transit risk was found at the time
of erection, then marine policy and erection policy bear 50% each of the cost of
damage.
13. Port Risk Policy :
This is to cover a ship or cargo during a period in port
against the risks peculiar to a port as distinguished from voyage risks.
Marine Losses
According to Marine Insurance Act, unless the policy provides otherwise,

a. The insurer is liable for any loss proximately caused by a peril insured against
b. The insurer is not liable for any loss attributable to the willful misconduct of
the assured but unless the policy otherwise provides, he is liable for any loss

proximately caused by a peril insured against even though the loss would not have
happened but for the misconduct or negligence of the Master or Crew of the Ship.
c. Unless the policy otherwise provides, the insurer is not liable for ordinary wear
and tear, ordinary leakage and breakage, inherent vice or nature of subject matter
insured or for any loss proximately caused by rat or vermin or any injury to
machinery not caused by maritime perils.

Types of marine losses

It is said that actual total loss has arisen :

1. When the subject matter insured is destroyed or is so damaged that it ceases to

be a thing or a kind insured.
2. When the assured is irretrievably deprived of the subject matter.
3. When the ship concerned in the adventure is missing, and after the lapse of a
reasonable time period, still no news of it is received.
In the case of Actual Total Loss, the insurer has to pay either the insured amount
or the actual loss whichever is less but the cause of the loss must be one of the
perils insured against.
Constructive total loss is said to have occurred :
1. When the assured is deprived of the possession of ship or goods by a peril
insured against and it is unlikely that he can recover the ship or goods as the
case may be or the cost of recovering the ship or goods, as the case may be,
would exceed their value when recovered
2. In the case of damage of goods, where cost of repairing the damage and
forwarding the goods to their destination would exceed their value.
3. In case of damage of the ship, where it is so damaged by the peril insured
against that the cost of repairing the damage would exceed the value of the
ship.
Effect of Constructive Total Loss : When there is a constructive total loss, the
assured may either treat the loss as a particular loss or abandon the subject
matter insured to the insurer and treat the loss as if it were an Actual Total Loss.
Notice of Abandonment :

 It is a notice by the assured to the insurer that he abandons all interests in the
subject matter of insurer unconditionally to the insurer. As per the Section
62, the rules regarding abandonment are:
1. A notice of abandonment should be given by the insured to the insurer. If he
fails to do so, the loss can only be treated as a Partial Loss.
2. The insurer may waive the Notice Of Abandonment.
3.The notice of abandonment must be unconditional and can be done by
expression, writing or both.
4. Notice of Abandonment must be given written within a reasonable time after
the receipt of reliable information of the loss. However in case of doubt,
assured is entitled to a reasonable time to make inquiry and then to notify.
5. When the notice of abandonment is properly given, the rights of the assured
are not prejudiced by the fact that the insurer refuses to accept the
abandonment.
6. The acceptance of abandonment may be either express or implied from the
conduct of the insurer. The mere silence of the insurer after the notice does not
amount to an acceptance.
7. Once the notice of abandonment is accepted, the abandonment is irrevocable.
The acceptance of the notice conclusively admits liability for the loss.

Partial Loss :
Any loss other than total loss is Partial Loss and may be classified into:
a) Particular Average Loss

b) General Average Loss

a)Particular Average Loss :

When the subject matter is partially lost or damaged by a peril insured against,
it is called Particular Average Loss.
A Particular Average Loss must fulfill the following conditions:
1. Only a particular subject matter is lost or damaged.
2. The loss should be accidental.
3. It should be caused by peril insured against.
4. The damage should not have suffered for a general benefit.

a) General Average Loss :

Examples of General Average Loss are:
a) Loss caused to cargo due to fire.
b) Money paid to pirates for the purpose of saving the ship and cargo.
c) Expenses incurred due to outside help taken in making the vessel reach its
destination.
The liability of General Average extends to the owner of the ship, the cargo and
the freight

Claim Documents

 Claim under the marine policy have to be supported by certain documents,

which vary according to the type of circumstances of the claim and mode of
carriage.
Typical documents required for Particular Average claim are:
a)
b)
c)
d)
e)
f)
g)

Original Policy: Certificate of insurance.

Bill of lading: Evidence that the goods were actually shipped
Invoice: Evidence for term of sale.
Survey Report: Show the cause and extent of the loss.
Debit Note: Claim bill
Copy of Protest: Protest on arrival at destination before public notary.
Letter of Subrogation: Legal documents which transfer the right of claimant
against third party to the insurer.

8.1 Limitation of the study

Most of the data is collected from secondary source due to lack of

time.
The data is not 100% accurate
There is possibility of bias
Non availability of required data to analyze the performance.
The short span of the time provided also one of limitations.

8.2 Conclusion
Today marine insurance has assumed a vast dimension due to ever
expanding trade across the globe.
Marine Insurance has been made mandatory in export-import business.
A marine policy fulfills all the essentials of a valid contract namely Offer
and Acceptance, Consideration, Capacity, Legal Purpose.
Every person has a insurable interest who is interested in marine
adventure.
A marine policy may be assigned by endorsement thereon or in
any other customary manner.
The risk against which cover requires should be fully described

 8.3 Bibliography

Birds, J. Birds' Modern Insurance Law. Sweet & Maxwell, 2004.

Donaldson, Ellis, Wilson (Editor), Cooke (Editor), Lowndes and Rudolf:

Law of General Average and the York-Antwerp Rules. Sweet & Maxwell, 1990.

John, A. H. "The London Assurance Company and the Marine Insurance

Market of the Eighteenth Century," Economical New Series, Vol. 25, No. 98
(May 1958), pp. 126141 in JSTOR

Rover, Florence Edler de. "Early Examples of Marine Insurance," Journal of

Economic History Vol. 5, No. 2 (Nov., 1945), pp. 172200 in JSTOR

Wilson, DJ, Donaldson (1997). Lowndes and Rudolf: General Average and
the York-Antwerp Rules. British Shipping Law Library: Sweet & Maxwell.