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Marine Insurance: Law and Practice

CHAPTER 6 THE CONTRACT I FORMATION OF CONTRACT Placing the risk 6.1 As it is a contract, the formation of a contract of marine insurance is prima facie governed by the general rules as to formation of contracts. The traditional practice is as follows. 1 It is becoming modernised as a result of the Market Reform Contract (“MRC”), 2 which should be used inter alia for all marine open cargo covers and declarations attaching thereto on the Lloyd’s market.

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