The Marine Insurance Act: Chronologically Challenged Legislation?

Abstract

All references in this paper to the Marine Insurance Act are to the Australian version of that legislation, enacted in 1909. Luxford considers the fact that neither the Australian or New Zealand marine insurance legislation have been amended since their introduction, and asks whether it is time for the legislation to be overhauled.

Luxford states that while he believes there is no case for abandoning the Marine Insurance Act 1909 and starting over, there are certain areas in which there is a clear case for amendment. These include the provisions about: utmost good faith; material disclosure and representation; breaches of warranty and condition in the context of causation; insurable interest and assignment; transport and transit risks in marine insurance; open cargo covers; policies, slips and evidence of contract; and pleasure craft.

Luxford also suggests amending the Act so that despite the commonality of multimodal transport there is only one liability regime or legal regime for one contract, and amending it to specifically cover transit risks, open covers, and aviation risks. Other topics touched upon in the paper include remedies for insurers, formalities of policies, insurer warranties and exclusions, agents and brokers, the measure of indemnity, and breaches of policy conditions.