Legal framework of marine Insurance laws: A critique on UK marine insurance axt 1906 to Pakistan marine insurance act 2018

Abstract

Marine insurance is a significant aspect of the maritime industry that plays a vital role in reducing the financial risks of shipowners, cargo owners, and other maritime stakeholders. This thesis aims to analyze the basic concepts of marine insurance laws, their origins, and fundamental principles, including different types of marine insurance, such as hull and machinery, cargo, and protection and indemnity insurance. It also provides an overview of international laws on marine insurance, particularly UK's Marine Insurance Act of 1906 (MIA 1906), the modifications made in laws after 1906, and their impacts on the marine insurance industry. The thesis then delves into recent developments in the UK's marine insurance laws, particularly the Marine Insurance Act of 2015 (MIA 2015), and its significance in ensuring global uniformity of maritime laws. A comparison is made between the MIA 1906 and MIA 2015 regarding fair representation, material circumstances, warranties, fraudulent claims, and good faith. The significance of international uniformity in insurance laws and the role of the UK are also analyzed. The shortcomings of the 1906 Marine Insurance Act regarding uniformity and how the 2015 Marine Insurance Act serves better in promoting international uniformity are discussed. Furthermore, the thesis provides a comparative analysis of marine insurance laws in Pakistan with a focus on the Marine Insurance Act of 2018 (MIA 2018) and its differences with UK's MIA 2015. The general principles of marine insurance in Pakistan, including good faith, principle of indemnity, subrogation principle, privity of contract, and insurable interest, are also analyzed. Overall, the thesis provides a comprehensive analysis of marine insurance laws in the UK and Pakistan, highlighting the similarities and differences between the MIA 1906, MIA 2015, and MIA 2018. The study concludes that uniformity in marine insurance laws is crucial in promoting the growth and development of the maritime industry and reducing financial risks for stakeholders.