Marine Insurance

Paper Summary:

This paper explains that the question of whether or not the presence of "utmost good faith" in marine insurance is equitable to either the insurer or the insured is a question of global debate, because, although it is codified in very old law, the advent of containerized freight has brought the issue to the forefront in several nations. The author points out that the investigation done by an Australian expert provides a clearer picture of these problems of the nation's position concerning the Marine Insurance Act and strongly suggests that the entire Marine Insurance Act be removed from the realm of the English Common Law and placed under the control of the United Nations. The paper relates that the inevitable question of precisely who does suffer the most--the insured through their ignorance, negligence or outright fraud or the insurers and the re-insures for failing to use protective technology and instead simply make the premiums higher to cover their actuarial losses; however, the real cost is borne by the citizenry of the world as another hidden tax.

Table of Contents
Thesis Statement
The History and Background of the Law
The World Wide Effects upon Nations
The World View and Conclusions

From the Paper:

"In his discourse concerning the Law of Marine Insurance - Utmost Good Faith at least in the sphere of Australian trade is having far too many losses therefore placing an unfair burden upon the insurers where perhaps the insured are quite possibly at fault. Again there are copious court cases cited in this section. It is this section of the law too that the Chancellor relates the United Nations efforts at curbing and enforcing the Utmost rules, but they have fallen miserably short of their goal."

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