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Marine Insurance: Law and Practice




12.1 It is in the interests of both insurers (who wish to confine their exposure) and assureds (who will have to pay higher premiums for wide-ranging cover) to restrict the scope of marine insurance contracts. But both parties are aware that the policy may not apply to all the circumstances which may arise during a marine adventure; and the assured wants to provide as far as possible that his insurance cover is uninterrupted. There are various ways in which this may be done. One possibility is to provide within an insurance contract for automatic renewal of its cover. This is appropriate where the parties wish to continue their existing relationship on similar terms, for example where they are members of a mutual insurance association. In other cases, the most obvious method might appear to be to negotiate fresh cover to begin immediately the original cover ceases. But this may not always be feasible in practice, especially if it is to apply to perils which have caused the original cover to terminate. A further possibility is to agree an effective variation of the terms of the existing contract. However, this is not helpful in practice, if the assured wants cover in place before the eventuality arises against which he wishes to protect himself.

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