Marine Insurance Research Articles

Maritime Law: An Annotated Bibliography of Essential Publications

The terms “admiralty” and “maritime law” are virtually synonymous and are frequently used interchangeably. They refer to that body of law which relates to marine commerce and navigation, to ships and shipping, to seamen, to the transportation of persons and the carriage of property by sea, and to marine affairs in general. Admiralty or maritime law therefore does not comprise a single category of legal theory such as contracts or torts but rather incorporates a variety of traditional legal subjects including contracts and torts, procedure, and jurisdiction as well as several unique areas such as general average. Since maritime law does not focus on a single field of legal theory, it is useful to divide the subject into separate topics. Among these are: (l)Marine Insurance and General Average; (2) Carriage of Goods and Cargo Damage; (3) Charter Parties and Bills of Lading; (4) Personal Injury and Death; (5) Collision and Rules of the Road; (6) Salvage and Towage; and, (7) Maritime Liens and Ship Mortgages. These classifications should not, however, be regarded as rigid since there often is overlap between topics. Additionally, there are general treatises on the subject, case reporters, dictionaries, directories, and journals which include articles exclusively on maritime law.

The General Common Law and Section 34 of the Judiciary Act of 1789: The Example of Marine Insurance

The General Common Law and Section 34 of the Judiciary Act of 1789: The Example of Marine Insurance

Marine Insurance and General Average in the United States, an Average Adjuster's Viewpoint

This third edition, like the previous editions, addresses a difficult subject in language understandable to both laymen and professionals. The book deals with the principles of marine insurance applicable to both ship and cargo interests, from the start of negotiations with insurers to the signing of the policy. Thereafter, it takes the reader through the various losses that are recoverable. Such volatile subjects as mortgagee's interest insurance and punitive damages are also dealt with.

Daguerrean memory

Abstract The life and works of Louis Jacques Daguerre (1789–1851) have fascinated photo-historians throughout the years. For many, the daguerreotype was still the most exquisite of all photographic processes. Not only did Daguerre effect an incredible technological and social miracle with his invention — the ‘mirror with a memory’ — but he has left us with an insatiable curiosity about the man himself. The following account, curious in itself, may add additional insights into the manner and workings of that most venerated photographic pioneer:1 MY RECOLLECTIONS OF DAGUERRE, by Gus. Henriod — I first met M. L. J. M. Daguerre in the early part of the year 1840, in my native city, Le Havre, France. M. Daguerre, at that time only an obscure little Frenchman, came to my father's home and asked to be taken in as a boarder. My father was a marine insurance writer and had a large house in the Rue d'Orleans so that M. Daguerre was easily accommodated. Although I was at that time only a boy, some impressions of that early acquaintance with the man destined to give photography to the world still linger in my memory.

Law-medicine notes. Malpractice claims: new data and new trends.

SINCE the malpractice-insurance crisis of 1975, it has generally been reported that medical malpractice claims have quieted down somewhat. Data to support this impression have been lacking, however. Continued high monetary inflation in the United States in these years has generally resulted in rising insurance rates, despite any alleged reductions in numbers of claims and payments to plaintiffs.It has also been difficult to find evidence of changes in the type of claims being made against physicians during the middle years of the 1970's. Now, we have a nationwide survey of claims filed against St. Paul Fire and Marine Insurance . . .

Mathematical models for marine insurance

Abstract 1. Introduction 1.1. The mathematical models discussed in this paper represent an attempt to capture some of the essential elements in marine insurance, as I have come to see the problems after a few meetings with people responsible for the insurance management in shipping companies. 2 I am indebted to Bjorn Fusche and Leif Tronstad for helpful discussions. The models have in themselves no special marine flavour, and they may be applicable to insurance problems in other fields where conditions are similar.

Rate-Making in Marine Cargo Insurance: Some Issues

Traditionally, rate-making in marine cargo insurance business is intuitive, based on individual knowledge, wisdom, and general feel of the underwriter. The presence of many factors contributing to legal, moral, and physical hazards attached to the risk is an important feature of marine insurance. Individualists as they are, underwriters resist the effort to pool their understanding and experience of the business. This paper discusses the credibility approach to rate-making, claim and claim payment, and factors influencing claim experience, besides building a few mathematical models.

The marine insurance industry in Canada: (TSP) Research Branch (Canadian Transport Commission, Ottawa, Canada 20-78-06, April 1978, xviit 226. Free

The marine insurance industry in Canada: (TSP) Research Branch (Canadian Transport Commission, Ottawa, Canada 20-78-06, April 1978, xviit 226. Free

Barry v. St. Paul Fire & Marine Insurance Co.: A Re-Interpretation of the Boycott Exception to the McCarran Act

Barry v. St. Paul Fire & Marine Insurance Co.: A Re-Interpretation of the Boycott Exception to the McCarran Act

Marine Insurance and Indo-Portuguese Trade History: An Aid to Maritime Historiography

Marine Insurance and Indo-Portuguese Trade History: An Aid to Maritime Historiography

Navigation and the Schools: I.

On 29 October 1969, taking the chair at a Duke of Edinburgh Lecture, the great educator Lord Butler commented, ‘…in my view, it would do a great deal of good if navigation could be considered an educational subject’. Indeed, we know that by 1700 the discipline was being taught in ordinary schools in this country, and it is perhaps worth repeating Isaac Newton's remarks on the Christ's Hospital syllabus: ‘he that is able to argue nimbly and judiciously about figure, force and motion is never at rest until he gets over every rub’.The inclusion of navigation in the curricula of schools during the 17th century was for financial rather than for educative reasons. In those days, the master of a ship was responsible for its navigation and invariably had a stake in the marine enterprise. Thus he might make a small fortune in a single voyage. By 1800, the introduction of the limited liability shipping company and the growth of marine insurance were beginning to relegate the captain to the status of a hired servant paid the minimum wage. Navigation rapidly disappeared from ordinary schools and was taught only in the specialized nautical establishments. Nevertheless, it is worth noting that today, the mariner, the submariner, the pilot and the astronaut have restored to the subject its original lustre and the yachting explosion has given the discipline a wide appeal.

Insurance and the Bicentennial

On the occasion of the celebration of the United States Bicentennial, this paper goes back to both the private insurance business and the Nation's stormy beginnings. It reviews the obstacles encountered and overcome by each and shows how, marching hand-in-hand for two hundred years, insurance and this nation have both reached their present level of success, wealth and strength-the highest in the world. Insurance, like the nation it has served for two hundred years, has grown from a struggling infancy to world leadership. Today, insurance proudly takes its place among the celebrants of this country's two-hundredth birthday. By the mid-eighteenth century, England's North American Colonies had reached a population of nearly two and a half million people. Their export of agricultural goods and the import of finished products had grown to where a substantial volume of marine insurance was required. The need for ocean marine coverage, however, was filled mainly by British insurers, who conducted their business with the Colonies through correspondence. Some of the insurance offices in the Colonies may have acted as agents for British insurers, but no firm evidence has been uncovered to support this assumption; however, Gillingham states: "Charles Willing and Sons were ordering marine insurance from London in 1754 . . .*'' It does not indicate whether Willing & Sons acted as agents, brokers, or direct buyers. This office, and other insurance offices which made their appearance in the first half of the eighteenth century, were not insurers. They were brokers for the few individual marine insurance underwriters able and willing to participate in covering marine risks. The first known recorded reference to marine insurance in the Colonies appeared in The American Weekly Mercury in Philadelphia on May 25, 1721 as an advertisement by John Copson for his insurance office. Other insurance offices are described in Hardy and other works,2 and are found as advertisements in colonial newspapers. Humbert 0. Nelli, D.B.A., is Historian, Department of Insurance, School of Business Administration, Georgia State University. 1 Gillingham, Harrold, Marine Insurance in Philadelphia, 1721-1800, Philadelphia, 1933, p. 31. 2 Hardy, Edward R., Early Insurance Offices in Massachusetts from 1724 to 1801, Boston, Frank Wood, Printer, 1901.

Insured's Duty of Disclosure in Canadian and English Law

In law, insurance contracts are said to be subject to the doctrine of uberrima fides, i.e., they are contracts of utmost good faith obliging both the insurer and the insured to conform to high standard of conduct, especially regarding disclosure of material facts affecting the appreciation of the risk to be covered. In theory, this doctrine applies equally to the insurer and the insured, but in practice it has come to mean that the insured is under a heavy onus of dis closure when he applies for insurance coverage of any type, either personally or through an insurance agent. The modern doctrines of disclosure originated in the law of marine in surance in 16th century England. At that time, it was not unfair to expect very high standard of disclosure from the insured, because as the owner of the vessel or cargo to be insured, he was in better position than the underwriter to know the nature and extent of the risk to be covered. The underwriter was at comparative disadvantage with regard to the accurate assessment of the risk. The situation is vastly different today, since the insurance industry is wealthy, large and supremely organized. Its expertise in matters of risk assess ment and its corps of trained personnel give it an undoubted advantage over the lay consumer of insurance services. Most risks of an ordinary consumer type are highly standardized, such as automobile coverage, package home owner's coverage, and life insurance coverage. Despite these tremendous changes in the insurance marketplace, the insurer continues to enjoy preferred legal position in the area of disclosure of material facts. As will be seen, the classical doctrine was enunciated by Lord Mansfield in the 18th century and has not changed substantially since then. In the face of well entrenched common law doctrines, the insurance con sumer must rely upon legislative intervention for the fulfillment of his reasonable expectations. However, legislative regulation of standards of dis closure is p

The Operating Potential of London Marine Insurance in the 1570's: Some evidence from ‘A Booke of Orders of Assurances within the Royall Exchange’

The Operating Potential of London Marine Insurance in the 1570's: Some evidence from ‘A Booke of Orders of Assurances within the Royall Exchange’

Insurance and Indemnity Problems in Offshore Drilling Operations

This paper examines marine insurance and indemnity as it relates to offshore drilling. It looks at obvious natural risks which are difficult to insure against, and then discusses Hull insurance, which is the insurance on the "hull and machinery" of seagoing vessel; Protection and Indemnity insurance, which is the "public liability" coverage for shipowners; Tower's Liability insurance which is commonly overlooked by small operators, but which is essential to protect against loss of the drilling barge when it is under tow; and Excess Liability or "Umbrella" insurance which is additional insurance monies, or secondary insurance coverage, for public liability. In discussing indemnity provisions, the author suggests that present indemnity clauses are not entirely satisfactory and that better approach may be an agreed proportioning of the risk in the individual contracts. Workmen's Compensation has jurisdictional problem in Canadian waters; both as between the federal and provincial governments and as between the United States and Canada. Added employer's liability coverage is the recommendation.

General Principles of Insurance Law. Second edition. By E. R. Hardy Ivamy of the Middle Temple, Barrister-at-Law, Professor of Law in the University of London. [London: Butterworths. 1970. lxxix, 565, and (Index) 30 pp. £5.75 net.] - Marine Insurance. By E. R. Hardy Ivamy. [London: Butterworths. 1969. liv, 569 and (Index) 17 pp. £7.75net.

General Principles of Insurance Law. Second edition. By E. R. Hardy Ivamy of the Middle Temple, Barrister-at-Law, Professor of Law in the University of London. [London: Butterworths. 1970. lxxix, 565, and (Index) 30 pp. £5.75 net.] - Marine Insurance. By E. R. Hardy Ivamy. [London: Butterworths. 1969. liv, 569 and (Index) 17 pp. £7.75net.] - Volume 30 Issue 1

A Symposium on Marine Insurance

The intent of this symposium was to present to the various representatives of the marine profession which comprise the membership of The Society a brief introduction to the marine insurance field. The symposium was conducted by a group of authorities. Unfortunately, the brokerage aspect was not documented, nor a formal paper presented. The adjuster's, surveyor's, and lawyer's papers are presented herewith. The broker was represented by the late Martin L. Matthews of C. A. Sporl and Company of New Orleans. Mr. Matthews described the activities of the broker in bringing together the various parties who would be involved in the coverage of insurance on a piece of marine equipment; more specifically, that equipment covered by a hull policy. Mr. Matthews fashioned a group of characters of whom he, "Bennie the Broker," was writing a policy for "Owen the Owner," and, as a claim or loss might arise, he introduced "Al the Adjuster," "Sam the Surveyor" and "Looie the Lawyer." With this Dramatis Personae, Mr. Matthews established the contractural relationship that Bennie the Broker would make for Owen the Owner after Owen described the risk that he wanted covered and the extent of that coverage. Mr. Matthews reviewed the fine print in marine insurance policies, and the routine of an insurance broker in contacting the insurance market and, as is often the case, spreading the risk over numerous underwriters. After all details of coverage have been agreed upon, and the risk has been underwritten, the parties go about their merry way until that fortuitous loss or claim arises. Bennie the Broker, whistling nervously, refers the loss to Al the Adjuster, who calls Sam the Surveyor. If satisfactory adjustment cannot be made on that level, Al calls Looie the Lawyer, who has been eagerly waiting in the wings. Their stories are presented in the following formal papers. ARTHUR D. DARDEN Chairman, Papers Committee Gulf Section

The Historical Development of Standard Policies

Standard insurance policies have historically played an important role in the operation of the insurance business. With the possibility of Federal regulation of the business, the development of new products and new marketing methods, standard policies may become more important in the future. This paper fills a partial void in the literature and brings together in one place the historical development of standard policies including the reasons for their development. Two reasons were found to be common to the development of all statutory standard forms. The first was the lack of uniformity and its resultant effects. The second was the antithesis of the first and a result of it, being a desire to adopt policies to fit changed conditions by simplifying, clarifying, and modernizing forms to provide the insuring public with better protection. Standard insurance policies have historically taken one of the following forms: first, a statutorily prescribed policy; second, a policy with statutorily prescribed provisions; or third, a policy with standard provisions which are not prescribed by statute and whose use is not compulsory. The New York standard fire insurance policies are the best known, but there are or have been other standard policies which were developed by the industry either voluntarily or at the behest of judicial and legislative authorities. Certain developments taking place at the present time-especially the possibility of federal regulation, present and future product innovations, and new marketing methods utilizing the capacity of electronic computers-may result in a new interest in standard policies. This article consolidates the several histories of standard policies while setting forth the facts This paper was submitted in February, 1968. Thomas L. Wenck, Ph.D., C.L.U., C.P.C.U., is Associate Professor at Michigan State University. Formerly a research associate in the Wisconsin Insurance Department, Dr. Wenck taught at the University of Wisconsin. surrounding their development. In the process, the reasons for their development become evident and should be useful in any future considerations of standard insurance policies. The account which follows is compartmentalized in the same manner in which standard policies developed over the course of time in the various lines of insurance. Ocean Marine Insurance The Florentine statute of 1523 created a special administrative agency for the regulation of the insurance business, and provided for the appointment of commissioners by the city magistrates. These commissioners had extensive authority over insurance matters including, among other things, the power to disapprove clauses . . which were not in the standard form of policy-'the general and universal policy at present in use--. While there was regulation of insurance prior to this date, 1523 marks the earliest I Edwin W. Patterson, The Insurance Commissioner in the United States, (Cambridge: Harvard University Press, 1927), p. 515.

わが国近代企業定着期における経営的諸問題

All of the papers published in this number were read at the third annual conference of the Business History Society of Japan which was held at Waseda University on the 20th of November, 1967.In the opening address, Kazuo Yamaguchi emphasized the extent of the competition the western-style enterprises in Japan had to fight with foreigners before they were firmly established by the beginning of the 20th century, and he pointed out the six conditions required for their effective competition in the world market.The second speaker, Kanji Ishii, of the University of Tokyo, explained that there were two types of silk-reeling mills, the mills which produced the common grade of raw silk and the mills which specialized in fine raw silk, both being exported for the American market.He also emphasized that the patterns of behavior of the two mills, the Katakura of the former type and the Gunze of the latter, were quite different in financing, purchasing, and labor recruitment. The commentator, Naosuke Takamura of Yokohama National University, raised the question whether these two types were not related to the two different stages of development of the Japanese silk-reeling industry.Yoichiro Inoue of Hiroshima University followed the technological development of the Nagasaki Shipyard of the Mitsubishi Co. and concluded that the prosperity of the Nagasaki Shipyard was based on its technical superiority over the competitive yards. Shigeaki Yasuoka of Doshisha University commented that the technical aspect should have been discussed in closer relation with other management factors.Tsunehiko Yui, of Meiji University, reported on the Tokyo Marine Insurance Co. formed by Eiichi Shibuzawa and subscribed by some aristocrats, mostly former daimyos. He emphasized the role of Kenkichi Kagami, who led the company successfully through a number of difficulties, devising an effective method of calculation and skillfully exploring the world market.Toshimitsu Imuta of Osaka Municipal University suggested that the success of Tokyo Marine Insurance should also be considered in relation to the development of industrial enterprises, to the cooperation among the competitive insurance companies and finally to the generous government subsidies. The final reporter, Yoshio Togai of Senshu University, traced in detail various challenges the Mitsui Trading Co. had to respond to in its formative years.Keiichiro Nakagawa of Tokyo University asked for further clarification of the competitive situation between the general and specialized merchants on the one hand and between the shipping, insurance and/or foreign exchange functions of those general merchants and the same kind of subsidiary businesses operated by independent firms on the other.

Some Notes on the Soviet Foreign Insurance System

Soviet Union has a State Foreign Insurance system which operates in the international market. system consists of an insurance company in Moscow and several wholly owned subsidiaries in western Europe. It has ties with the other East European state insurers. Information is not readily available on this Soviet business but the following article gives a general outline of the system, which will be of interest to American exporters and marine insurers in the light of expanding possibilities of eastwest trade. On December 6, 1965 Journal of Commerce carried an article entitled State Insurance Organization Is Becoming Active in World Markets. This article caused some stir in the insurance industry. It stated that the Soviet insuring organization had a share in covering American risks placed in the foreign market. This resulted from the fact that foreign insurers, on occasion, reinsure portions of their business with the Russians and, in return, these companies accept retrocessions and reinsurance of Russian risks which may then be passed along to American insurers. American companies usually do not know that in some reinsurance portfolios they have such business. These risks are mostly marine risks. writer concluded that involvement with American insurance risks is almost unavoidable. There seems to be no doubt that our Paul J. Best, Ph.D., is Instructor in the Department of Student Services at Brooklyn College of the City University of New York. Dr. Best's dissertation at New York University was titled The Origins and Development of Insurance in Imperial and Soviet Russia. Before going to Brooklyn College, Dr. Best worked in the Bureau of Research and Statistics of the New York State Insurance Department. This article was submitted in November, 1965. trade with the Soviet Union will slowly expand, especially in view of recent remarks the President made expressing the wish for a further breakdown of the barriers between the United States and the U.S.S.R. There is no doubt that insurance will play a major role in facilitating this international trade. Since it is virtually certain that American insurance people will be coming into closer contact with their Soviet counterparts in the near future, it may be worthwhile to look into the international insurance system of the U.S.S.R. Soviet Insurance Systems Soviet Union operates two insurance systems. first, the internal domestic operation, Gosstrakh, has been reported upon previously in this Journal and will not be discussed in detail here.' other insurance system-Inostrannoe Gosudarstvennoe Strakhovanie (Foreign State Insurance), or as it is commonly abbreviated, Ingosstrakh-is the international insurer of the U.S.S.R. Today, Ingosstrakh has a state monopoly on all '-Paul P. Rogers, The Structure of Soviet Journal of Risk and Insurance, vol xxxii, No. 2 (June, 1965), p. 237-254.