Marine Insurance: Law and Practice
I FORMATION OF CONTRACT
Placing the risk
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.