Published 2000-08-05
Keywords
- marine insurance,
- Institute Clauses,
- 1982 Institute Cargo Clauses (A),
- Institute of London Underwriters,
- UNCTAD
- all risks cover,
- exclusion clause,
- cargo loss or damage,
- UNCTAD Model Clauses on Marine Hull and Cargo Insurance,
- Marine Insurance Act 1906 (UK),
- warranties,
- contract of indemnity,
- transit clause,
- warehouse to warehouse clause,
- insurable interest,
- duration clause,
- Incoterms ...More
Abstract
McKelvie briefly covers the history of the Institute Clauses and alternative marine insurance policies. Some of the issues with these Clauses, as foreshadowed by McKelvie, include the problem of developing new clauses for the facilitation of world trade given modern competitive insurance market structures. Further, increasing dissatisfaction with various Commonwealth Marine Insurance Acts threatens common ground, especially since the UK Act is under less of a spotlight than other Acts in that vein.
McKelvie concludes by saying that there is still a need for a common set of cargo clauses that are interpreted in a homogenous way, as well as a need for certainty, especially in regards to letters of credit. Moreover, while the Institute Cargo Clauses deserve some constructive criticism, they have served well thus far.