i-law

Marine Insurance Law


Page 1

Chapter 1

Introduction to marine insurance

Özlem Gürses

Development of marine insurance in the London market


Page 2

The insuring of ships is as old as the laws of Oléron and Rhodes whose inhabitants were the great traders of the world.1 The term insurance (formerly called assurance) is of Italian origin, and derives from ‘polizza', as promise or undertaking.2 As mentioned in The Sadlers Company v Badcock,3 insurance was related to aversio periculi which indicated the intention of all insurances being to avert any damages or loss the insured might sustain. In the English jurisdiction the earliest forms of policies were marine, life, and fire,4 among which marine insurance was the first to emerge.5

The rest of this document is only available to i-law.com online subscribers.

If you are already a subscriber, click Log In button.

Copyright © 2024 Maritime Insights & Intelligence Limited. Maritime Insights & Intelligence Limited is registered in England and Wales with company number 13831625 and address 5th Floor, 10 St Bride Street, London, EC4A 4AD, United Kingdom. Lloyd's List Intelligence is a trading name of Maritime Insights & Intelligence Limited.

Lloyd's is the registered trademark of the Society Incorporated by the Lloyd's Act 1871 by the name of Lloyd's.