Research on insurable interest in English and Chinese law of marine insurance

Abstract

Being one of the oldest forms of commercial protection, marine insurance has flourished in Britain since seventeenth century through the Lloyd’s market.  With great influence on many nations including China, the law of marine insurance was simultaneously developed in the Courts with special characteristics including the doctrine of insurable interest.  Controversy and complexity over this doctrine have long been discussed in courts and among academic scholars, especially the nature of insurable interest, i.e., what kind of relationship between the assured and the subject matter insured constituted a valid insurable interest has been discussed by the learned lawyers within 200 years time.

This thesis examines the doctrine of insurable interest within marine insurance contracts.  The legal problems related to the doctrine, in theory and in practice, are discussed and evaluated through the citation and critical analysis of the relevant case law in the United Kingdom.  The relevant codes and cases in Chinese law are compared to find the defects, together with an analysis comprising thoughts and proposals on possible extensions, further research options, and a possible future law reform.

This thesis comprises of two parts, twelve chapters: Part I is on insurable interest in English law of marine insurance.  Chapter I discusses the requirement of insurable interest and the history.  Chapter II is the meaning of insurable interest.  Chapter III discusses the general consideration of insurable interest.  Chapter IV discusses insurable interest in ship insurance.  Chapter V discusses insurable interest in cargo insurance.  Insurable interest in freight and future earning insurance is discussed in Chapter VI.  Chapter VII discusses insurable interest in marine liability insurance.  In Chapter VIII, insurable interest in co-insurance is discussed.  Insurable interest in marine reinsurance is discussed in Chapter IX.  Insurable interest in Chinese law of marine insurance is discussed in Part II.  The general description like the history, definition, the parties who have the insurable interest, when it must be attached and the consequence of lack of insurable interest is discussed in Chapter X.  The illustration of specific interests is discussed in Chapter XI.  In the final Chapter, the conclusion is summarised and the future of insurable interest in Chinese law is discussed.

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