BTX3100 Lecture Notes - Lecture 9: Marine Insurance Act 1906, Marine Insurance, Insurable Interest
11 Oct 2018
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What laws govern marine insurance: no international treaties or conventions governed by domestic law, where to find governing law, standard/model terms in the contract, e. g. institute of london underwriters institute cargo clauses a. The boat was damaged by fire and sharp claimed under his insurance. Insured(cid:1685)s obligation of good faith s 23: the parties to the insurance are governed by an overriding duty to act on the basis of utmost good faith 23. The news reached lloyds office and was posted on the casualty board/sent in a report to the assured on the morning of 25 sep 1918. However, the assured failed to read the casualty report and organised insurance for the destroyed goods that afternoon. They ought to have known of the loss of the insured goods. Assured also claimed to be producing four vessels, like the dora, per year. Insurer was entitled to avoid the contract no insurance payout.
