Marine Insurance Act 1906
The UK statute that codified English marine insurance law: key sections, and what the Insurance Act 2015 cut from it.
The Marine Insurance Act 1906 is the UK statute that codified English marine insurance law. It received Royal Assent on 21 December 1906 and came into force on 1 January 1907. Because the Institute Cargo, Hull and War clauses choose English law and practice, it governs a large share of the world’s marine policies whatever the nationality of the parties.
The full article will cover the section map: insurable interest (ss.4 to 15), insurable value (s.16), the valued and unvalued policy (ss.27 and 28), floating policies (s.29), double insurance (s.32), assignment (s.50), total and partial loss (ss.56 to 63), the measure of indemnity (ss.67 to 78), subrogation (s.79) and underinsurance (s.81). It will also set out what the Insurance Act 2015 omitted or amended for contracts from 12 August 2016, including ss.17 to 20 and s.34. The cargo insured value article covers how this topic affects the sum insured on a cargo policy.