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Perils of the Seas and Inherent Vice in Marine Insurance Law
Perils of the Seas and Inherent Vice in Marine Insurance Law
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The Supreme Court ruling in Global Process System Inc. v Syarikat Takaful Malaysia Berhad (The Cendor MOPU) created a shock wave in the London marine insurance market, changing the boundaries of doctrine with respect to the meaning of 'perils of the sea and 'inherent vice. This book reviews the origin of these clauses, examines how the law has been developed in recent cases, and evaluates whether the decision is consistent with the Marine Insurance Act 1906 and the standard Institute Cargo Clauses.
Format: Paperback / softback
Length: 198 pages
Publication date: 09 January 2023
Publisher: Taylor & Francis Ltd
The landmark ruling by the Supreme Court in Global Process System Inc. v. Syarikat Takaful Malaysia Berhad (The Cendor MOPU) sent ripples through the London marine insurance market, as it significantly altered the boundaries of doctrine concerning the interpretation of 'perils of the sea' and 'inherent vice.' These pivotal phrases hold immense significance in the insurance realm, impacting both assureds and insurers and their respective interests across all classes of marine insurance policies.
In order to delve into the origins of these clauses, this book takes a historical journey, tracing back through early cases to understand their genesis and the factors that led to their evolution. It examines how the law has been developed in recent cases and explores whether the Supreme Court case The Cendor MOPU has overruled previous cases regarding the clauses 'inherent vice' and 'perils of the sea.'
Given the profound impact of The Cendor MOPU decision on the Marine Insurance Act 1906 and the widely adopted standard Institute Cargo Clauses, this book evaluates whether the decision aligns with these legal frameworks and discusses its consequences on recent cases and the broader insurance market.
The ruling in The Cendor MOPU has undoubtedly sparked significant discussions and legal developments within the marine insurance industry. As insurers and assureds navigate this evolving landscape, it remains crucial to stay informed and adapt to the changing contours of this critical sector.
Weight: 453g
Dimension: 234 x 156 (mm)
ISBN-13: 9780367609689
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