Marine Insurance Warranties
Warranties under MIA 1906 s.33 and their reform by the Insurance Act 2015: basis clauses, suspension of cover, and risk-specific terms.
A marine insurance warranty is a promise by the assured that a thing will or will not be done, or that a state of facts exists. Under the Marine Insurance Act 1906 a breach discharged the insurer; for English-law contracts from 12 August 2016 the Insurance Act 2015 s.10 abolished that rule, and cover is instead suspended while the warranty is in breach.
The full article will cover s.9 on basis of the contract clauses, s.11 on terms not defining the risk as a whole, held covered clauses, contracting out under ss.16 and 17, and common hull and cargo warranties. The cargo insured value article covers how this topic affects the sum insured on a cargo policy.