MARINE INSURANCE Introduction of the subject: Importance of Marine insurance in commerce; Marine insurance plays a very important role

in the field of overseas commerce and internal trade of a country. It is closely linked with Banking and Shipping. Banks generally finance the goods which are transported by ships or by other means of transport in the case of internal trade and Marine Insurance protects such goods against loss or damage. Without such protection the entire trade structure is bound to suffer. Marine Insurance can be divided broadly into two groups o Cargo Insurance o Hull Insurance As stated earlier, Marine Insurance is closely linked up with the trade of a country internal as well as international. A sale contract which is an essential feature in the trade involves a seller and a buyer, apart from the other parties like the carrier, the bank, and the clearing agent. Whether the insurance of the goods in transits is to be the responsibility of the seller or the buyer depends on the type of the sale contract in any transaction. There are different types of sales contracts the most important of which, as affecting the Marine Insurance are F.O.B. ( Free on Board) In this case, the seller is responsible for loss of or damage to the goods until they are placed on board the steamer for on carriage. Thereafter the buyer becomes responsible and he has, therefore, the option to insure where he likes. C.I.F. (Cost, Insurance and Freight) In this case the seller assumes responsibility for the insurance and the insurance charges are indicated in the invoice along with the other charges. C & F (Cost and Freight) In this case, normally the buyers responsibility attaches from the time the goods are placed on board the vessel and he has therefore to take care of the insurance. F.O.R. (Free on Rail) This is same as F.O.B. but it concerns mainly the internal trade transactions. Marine Cargo Policy: This policy covers goods, freight and other interests against loss or damage to goods whilst being transported by rail, road, sea and/or air.

Highlights This policy covers goods, freight and other interests against loss or damage to goods whilst being transported by rail, road, sea and/or air. Different policies are available depending on the type of coverage required ranging from an ALL RISK cover to a restricted FIRE RISK ONLY cover. This policy is freely assignable and is basically an agreed value policy.

Scope Transportation of goods can be broadly classified into three categories: i. Inland Transport ii. Import iii. Export The types of policies issued to cover these transits are: For Inland Transit a. Specific Policy - For covering a specific single transit b. Open Policy -For covering transit of regular consignments over the same route. The policy can be taken for an amount equivalent to three months despatches and premium paid in advance. As each consignment is despatched, a declaration giving details of the despatch including GR/RR No. is to be sent to the insurer and the sum insured gets reduced by the amount of the declared despatch. The sum insured can be increased any number of times during the policy period of one year; but care should be taken to ensure that adequate sum insured is available to cover the consignment to be despatched. c. Special Declaration Policy - For covering inland transit of goods wherein the value of goods transported during one year exceeds Rs.2 crores.Although the premium for the estimated annual turnover [i.e. the estimated value of goods likely to be transported during the year] has to be paid in advance, attractive discounts in premium are available. d. Multi-transit Policy - For covering multiple transits of the same consignment including intermediate storage and processing. For e.g. covering goods from raw material supplier's warehouse to final distributors godown of final product. For Import/Export a. Specific Policy - For covering a specific import/export consignment. b. Open cover - This policy which is issued for a policy period of one year indicates the rates, terms and conditions agreed upon by the insured and insurer to cover the consignments to be imported or exported. A declaration is to be made to the insurance company as and when a consignment is to be sent along with the premium at the agreed rate. The insurance co. will then issue a certificate covering the declared consignment. c. Custom duty cover - This policy covers loss of custom duty paid in case goods

arrive in damaged condition. This policy can be taken even if the overseas transit has been covered by an insurance company abroad, but it has to be taken before the goods arrive in India.

Add on covers Inland transit policies can be extended to cover the following perils on payment of additional premium : i. SRCC - Strike, riot and civil commotion (including terrorist act) ii. FOB - Where the inland transit is required to be extended to cover the goods till they are loaded on board the vessel, this extension can be taken. Export /Import policies can be extended to cover War and /or SRCC perils on payment of an additional premium. Who can take the policy The contract of sale would determine who buys the policy. The most common contracts are: FOB (Free on Board) C & F (Cost & Freight) CIF (Cost, Insurance & Freight) In FOB AND C&F contracts, the buyer is responsible for insurance. Whereas in CIF contracts the seller is responsible for insurance from his own premises to that of the purchaser. How to select the sum insured The sum insured or value of the policy would depend upon the type of contract. Usually, in addition to the contract value 10/15% is added to take care of incidental cost.

How to claim The following steps should be taken by the insured in event of a loss or damage to goods insured :

i. Take immediate steps to minimise loss. ii. Inform nearest office of the insurance company or claim settling agent mentioned on the policy. iii. In case of damage to goods whilst on ship or port, arrange for joint ship survey or port survey. iv. Lodge monetary claim with carrier within stipulated time period. v. Submit duly assigned insurance policy/certificate along with the original invoice and other documents required to substantiate the claim such as : a. Bill of Lading / AWB/GR b. Packing list c. Copies of correspondence exchanged with carriers. d. Copy of notice served on carriers along with acknowledgment/receipt. e. Shortage/Damage Certificate issued by carriers. vi. Survey fees are to be paid to the surveyor appointed by the insurance company. These fees will be reimbursed along with the claim if the claim is otherwise admissible. vii. Survey report submitted by Surveyor. Key Documents required for settlement of Marine Cargo Insurance Claim. A. Claim form containing the following information. a. Date, time, cause and circumstance of the loss. b. Details of damaged property. c. Amount of loss claimed. d. Sound value of the goods at the time of Loss. e. Other insurance, if any. B. Letter lodging monetary claim with carrier within stipulated time period. C. Payment details of premium amount paid D. Insurance policy/certificate along with the original invoice. E. Bill of Lading / AWB/R R/L R. F. Stores Receipt Note

G. Packing list. H. Copies of correspondence exchanged with carriers. I. Copy of notice served on carriers along with acknowledgment/receipt. J. Shortage/Damage Certificate issued by carriers. K. Survey Report is very important where claim amount is over Rs.20,000/- as per provisions of the Insurance Act.1938. L. Discharge voucher. M. Letter of Undertaking where applicable. N.B. Waiver of requirement of any claim documents can be made on the merit of each claim case by the claim sanctioning authority with the approval of the Head of the Department.

Marine Hull Policy

What is covered? -going vessels

- construction of vessel

Breaches of warranties / voyage cover - at -Risks insurance for voyages

SCOPE OF INSURANCE COVER : All risks relating to Vessels, Floating Dry Docks, Jetties and Shipowners' Interests including Hull & Machinery (H&M), Freight, Disbursements, Increased Value, Premium Reducing, Excess Liabilities, Protection and Indemnity (P&I) Liabilities, Charterers' Liabilities, Charterers' Freight, Charterers' Hire and/or Disbursments, General Average Disbursments, Ship Repairers' Liabilities, Shipbuilding Risks, Shipbreaking Risks and other allied interests of whatsoever nature required to be insured in India.

Perils / Risks (A) The policy covers perils of the seas, rivers, lakes or other navigable waters loss/damage to the property insured caused by :

land conveyance )

ilar objects, or objects falling there from, land conveyance, dock or harbour equipment or installation.

Exclusions The policy does not cover loss/ damage due to : /destruction of the vessel by wrongful act of any person

Weapons. fault of the vessel owner /operators /charterers

CLAIM INTIMATION AND STEPS TO BE TAKEN BY OWNERS: In the event of casualty likely to give rise to a claim - Immediate notice to policy issuing office. - Giving brief details as to name of vessel, place of occurrence, date & time of casualty, circumstances leading to incident. - Seek appointment of surveyor to inspect and assess loss. - In case of theft please notify police. - In case of fire assistance of fire brigade to extinguish fire. - Appointment of adjuster in case of Oceangoing Vessels where necessary. - All steps to minimise loss as prudent uninsured. DOCUMENTS ESSENTIAL :

Key Documents required for settlement of Marine Hull Insurance Claim. A. Claim form containing the following information. a. Date, time, cause and circumstance of the loss. b. Details of damaged/loss vessel. c. Amount of loss claimed. d. Other insurance, if any. B. Certified copy of note of protest by master. C. Payment details of premium amount paid. D. Insured's report on occurrence.

E. Survey Report is very important where claim amount is over Rs.20,000/- as per provisions of the Insurance Act.1938. F. Original Repair Bill, cash memo, Invoices. G. Weather Report by Meteorological Dept if available. H. Affidavits filed by rescue vessels. I. Certificate of survey for inland vessels. J. Registry certificate. K. Notarized statements of master of the vessel. L. Log Book extracts (Engine & Deck ) M. Crew list with details of competency certificates. N. Copy of Claim bill with supporting documents. O. V.R.C. cancellation certificate P. Death certificate of crew for P.A. claim Q. Post mortem report of crew for P.A. claim R. Disability Certificate from Doctor of crew for P.A. claim S. Legal heir Certificate of crew for P.A. claim T. Letter of Undertaking where applicable. N.B. Waiver of requirement of any claim documents can be made on the merit of each claim case by the claim sanctioning authority with the approval of the Head of the Department.

Wikipedia marine insurance

Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination. Cargo insurance discussed here is a sub-branch of marine insurance, though Marine also includes Onshore and Offshore exposed property (container terminals, ports, oil platforms, pipelines); Hull; Marine Casualty; and Marine Liability.

When goods are transported by mail or courier, shipping insurance is used instead.

History[edit]
Maritime insurance was the earliest well-developed kind of insurance, with origins in the Greek and Roman maritime loan. Separate marine insurance contracts were developed in Genoa and other Italian cities in the fourteenth century and spread to northern Europe. Premiums varied with intuitive estimates of [1] the variable risk from seasons and pirates. Modern marine insurance law originated in the Lex mercatoria (law merchant). In 1601, a specialized chamber of assurance separate from the other Courts was established in England. By the end of the seventeenth century, London's growing importance as a centre for trade was increasing demand for marine insurance. In the late 1680s, Edward Lloyd opened a coffee house on Tower Street in London. It soon became a popular haunt for ship owners, merchants, and ships' captains, and thereby a reliable [2] source of the latest shipping news.

It became the meeting place for parties in the shipping industry wishing to insure cargoes and ships, and those willing to underwrite such ventures. These informal beginnings led to the establishment of the insurance market Lloyd's of London and several related shipping and insurance businesses. The participating members of the insurance arrangement eventually formed a committee and moved to the Royal Exchange on Cornhillas the Society of Lloyd's. The establishment of insurance companies, a developing infrastructure of specialists (such as shipbrokers, admiralty lawyers, bankers, surveyors, loss adjusters, general average adjusters, et al), and the growth of the British Empire gave English law a prominence in this area which it largely maintains and forms the basis of almost all modern practice. Lord Mansfield, Lord Chief Justice in the mideighteenth century, began the merging of law merchant andcommon law principles. The growth of the London insurance market led to the standardization of policies and judicial precedent further developed marine insurance law. In 1906 the Marine Insurance Act codified the previous common law; it is both an extremely thorough and concise piece of work. Although the title of the Act refers to marine insurance, the general principles have been applied to all non-life insurance. In the 19th century, Lloyd's and the Institute of London Underwriters (a grouping of London company insurers) developed between them standardized clauses for the use of marine insurance, and these have been maintained since. These are known as the Institute Clauses because the Institute covered the cost of their publication. Out of marine insurance, grew non-marine insurance and reinsurance. Marine insurance traditionally formed the majority of business underwritten at Lloyd's. Nowadays, Marine insurance is often grouped with Aviation and Transit (cargo) risks, and in this form is known by the acronym 'MAT'.

Practice[edit]
The Marine Insurance Act includes, as a schedule, a standard policy (known as the "SG form"), which parties were at liberty to use if they wished. Because each term in the policy had been tested through at

least two centuries of judicial precedent, the policy was extremely thorough. However, it was also expressed in rather archaic terms. In 1991, the London market produced a new standard policy wording known as the MAR 91 form and using the Institute Clauses. The MAR form is simply a general statement of insurance; the Institute Clauses are used to set out the detail of the insurance cover. In practice, the policy document usually consists of the MAR form used as a cover, with the Clauses stapled to the inside. Typically each clause will be stamped, with the stamp overlapping both onto the inside cover and to other clauses; this practice is used to avoid the substitution or removal of clauses. because marine insurance is typically underwritten on a subscription basis, the MAR form begins: We, the Underwriters, agree to bind ourselves each for his own part and not one for another [...]. In legal terms, liability under the policy is several and not joint, i.e., the underwriters are all liable together, but only for their share or proportion of the risk. If one underwriter should default, the remainder are not liable to pick his share of the claim. Typically, marine insurance is split between the vessels and the cargo. Insurance of the vessels is generally known as "Hull and Machinery" (H&M). A more restricted form of cover is "Total Loss Only" (TLO), generally used as a reinsurance, which only covers the total loss of the vessel and not any partial loss. Cover may be on either a "voyage" or "time" basis. The "voyage" basis covers transit between the ports set out in the policy; the "time" basis covers a period of time, typically one year, and is more common.

Protection and indemnity[edit]

Main article: Protection and indemnity insurance A marine policy typically covered only three-quarter of the insured's liabilities towards third parties. The typical liabilities arise in respect of collision with another ship, known as "running down" (collision with a fixed object is an "harbour"), and wreck removal (a wreck may serve to block a harbour, for example). In the 19th century, shipowners banded together in mutual underwriting clubs known as Protection and Indemnity Clubs (P&I), to insure the remaining one-quarter liability amongst themselves. These Clubs are still in existence today and have become the model for other specialized and noncommercial marine and non-marine mutuals, for example in relation to oil pollution and nuclear risks. Clubs work on the basis of agreeing to accept a shipowner as a member and levying an initial "call" (premium). With the fund accumulated, reinsurance will be purchased; however, if the loss experience is unfavourable one or more "supplementary calls" may be made. Clubs also typically try to build up reserves, but this puts them at odds with their mutual status. Because liability regimes vary throughout the world, insurers are usually careful to limit or exclude American Jones Act liability.

Actual total loss and constructive total loss[edit]

These two terms are used to differentiate the degree of proof where a vessel or cargo has been lost. An actual total loss occurs where the damages or cost of repair clearly equal or exceed the value of the property. A constructive total loss is a situation where the cost of repairs plus the cost of salvage equal or exceed the value.

The use of these terms is contingent on there being property remaining to assess damages, which is not always possible in losses to ships at sea or in total theft situations. In this respect, marine insurance differs from non-marine insurance, where the insured is required to prove his loss. Traditionally, in law, marine insurance was seen as an insurance of "the adventure", with insurers having a stake and an interest in the vessel and/or the cargo rather than simply an interest in the financial consequences of the subject-matter's survival. Main article: Total loss

Average[edit]
The term "Average" has one meaning: Average in Marine Insurance Terms is "an equitable apportionment among all the interested parties of such an expense or loss." 1. General Average stands apart for Marine Insurance. In order for General Average to be properly declared, 1) there must be an event which is beyond the shipowners control, which imperils the entire adventure; 2) there must be a voluntary sacrifice, 3) there must be something saved. The voluntary sacrifice might be the jettison of certain cargo, the use of tugs, or salvors, or damage to the ship, be it, voluntary grounding, knowingly working the engines that will result in damages. "General Average" requires all parties concerned in the maritime venture (Hull/Cargo/Freight/Bunkers) to contribute to make good the voluntary sacrifice. They share the expense in proportion to the 'value at risk" in the adventure. "Particular Average" is the term applied to partial loss be it hull or cargo. 1. Co-insurance is the situation where an insured has under-insured, i.e., insured an item for less than it is worth, average will apply to reduce the amount payable. An average adjuster is a marine claims specialist responsible for adjusting and providing the general average statement. An Average Adjuster in North America is a 'member of the association of Average Adjusters' http://www.usaverageadjusters.org To insure the fairness of the adjustment an General Average adjuster is appointed by the shipowner and paid by the insurer.

Excess, deductible, retention, co-insurance, and franchise[edit]

An excess is the amount payable by the insured and is usually expressed as the first amount falling due, up to a ceiling, in the event of a loss. An excess may or may not be applied. It may be expressed in either monetary or percentage terms. An excess is typically used to discourage moral hazard and to remove small claims, which are disproportionately expensive to handle. In marine The term "excess" signifies the "deductible" or "retention". A co-insurance, which typically governs non-proportional treaty reinsurance, is an excess expressed as a proportion of a claim in percentage terms and applied to the entirety of a claim.

Coinsurance is a penalty imposed on the insured by the insurance carrier for under reporting/declaring/insuring the value of tangible property or business income. The penalty is based on a percentage stated within the policy and the amount under reported. As an example: A vessel actually valued at $1,000,000 has an 80% coinsurance clause but is insured for only $750,000. Since its insured value is less than 80% of its actual value, when it suffers a loss, the insurance payout will be subject to the underreporting penalty. the insured will receive 750000/1000000th (75%) of the claim made less the deductible.

Tonners and chinamen[edit]

These are both obsolete forms of early reinsurance. Both are technically unlawful, as not having insurable interest, and so were unenforceable in law. Policies were typically marked P.P.I. (Policy is Proof of Interest). Their use continued into the 1970s before they were banned by Lloyd's, the main market, by which time, they had become nothing more than crude bets. A "tonner" was simply a "policy" setting out the global gross tonnage loss for a year. If that loss was reached or exceeded, the policy paid out. A "chinaman" applied the same principle but in reverse: thus, if the limit was not reached, the policy paid out.

Specialist policies[edit]
Various specialist policies exist, including: Newbuilding risks: This covers the risk of damage to the hull while it is under construction. Open Cargo or Shippers Interest Insurance: This policy may be purchased by a carrier, freight broker, or shipper, as coverage for the shippers goods. In the event of loss or damage, th is type of insurance will pay for the true value of the shipment, rather than only the legal amount that the carrier is liable for. Yacht Insurance: Insurance of pleasure craft is generally known as "yacht insurance" and includes liability coverage. Smaller vessels such as yachts and fishing vessels are typically underwritten on a "binding authority" or "lineslip" basis. War risks: General hull insurance does not cover the risks of a vessel sailing into a war zone. A typical example is the risk to a tanker sailing in the Persian Gulf during the Gulf War. The war risks areas are established by the London-based Joint War Committee, which has recently moved to include the Malacca Straits as a war risks area due to piracy. If an attack is classified as a "riot" then it would be covered by war-risk insurers. Increased Value (IV): Increased Value cover protects the shipowner against any difference between the insured value of the vessel and the market value of the vessel. Overdue insurance: This is a form of insurance now largely obsolete due to advances in communications. It was an early form of reinsurance and was bought by an insurer when a ship was late at arriving at her destination port and there was a risk that she might have been lost (but,

equally, might simply have been delayed). The overdue insurance of the Titanic was famously underwritten on the doorstep of Lloyd's. Cargo insurance: Cargo insurance is underwritten on the Institute Cargo Clauses, with coverage on an A, B, or C basis, A having the widest cover and C the most restricted. Valuable cargo is known as specie. Institute Clauses also exist for the insurance of specific types of cargo, such as frozen food, frozen meat, and particular commodities such as bulk oil, coal, and jute. Often these insurance conditions are developed for a specific group as is the case with the Institute Federation of Oils, Seeds and Fats Associations (FOFSA) Trades Clauses which have been agreed with the Federation of Oils, Seeds and Fats Associations and Institute Commodity Trades Clauses which are used for the insurance of shipments of cocoa, coffee, cotton, fats and oils, hides and skins, metals, oil seeds, refined sugar, and tea and have been agreed with the Federation of Commodity Associations.

Warranties and conditions[edit]

A peculiarity of marine insurance, and insurance law generally, is the use of the terms condition and warranty. In English law, a condition typically describes a part of the contract that is fundamental to the performance of that contract, and, if breached, the non-breaching party is entitled not only to claim damages but to terminate the contract on the basis that it has been repudiated by the party in breach. By contrast, a warranty is not fundamental to the performance of the contract and breach of a warranty, while giving rise to a claim for damages, does not entitle the non-breaching party to terminate the contract. The meaning of these terms is reversed in insurance law. Indeed, a warranty if not strictly complied with will automatically discharge the insurer from further liability under the contract of insurance. The assured has no defense to his breach, unless he can prove that the insurer,by his conduct has waived his right to invoke the breach, possibility provided in section 34(3) of the Marine Insurance Act 1906 (MIA). Furthermore in the absence of express warranties the MIA will imply them, notably a warranty to provide a seaworthy vessel at the commencement of the voyage in a voyage policy (section 39(1)) and [3] a warranty of legality of the insured voyage (section 41).

Salvage and prizes[edit]

The term "salvage" refers to the practice of rendering aid to a vessel in distress. Apart from the consideration that the sea is traditionally "a place of safety", with sailors honour-bound to render assistance as required, it is obviously in underwriters' interests to encourage assistance to vessels in danger of being wrecked. A policy will usually include a "sue and labour" clause which will cover the reasonable costs incurred by a shipowner in his avoiding a greater loss. At sea, a ship in distress will typically agree to "Lloyd's Open Form" with any potential salvor. The Lloyd's Open Form is the standard contract, although other forms exist. The Lloyd's Open Form is headed "No cure no pay"; the intention being that if the attempted salvage is unsuccessful, no award will be made. However, this principle has been weakened in recent years, and awards are now permitted in cases where, although the ship might have sunk, pollution has been avoided or mitigated. In other

circumstances the "salvor" may invoke the SCOPIC terms (most recent and commonly used rendition is SCOPIC 2000) in contrast to the LOF (Lloyd's Open Form) these terms mean that the salvor will be paid even if the salvage attempt is unsuccessful. The amount the salvor receives is limited to cover the costs of the salvage attempt and 15% above it. One of the main negative factors in invoking SCOPIC (on the salvors behalf) is if the salvage attempt is successful the amount at which the salvor can claim under article 13 of LOF is discounted. The Lloyd's Open Form, once agreed, allows salvage attempts to begin immediately. The extent of any award is determined later; although the standard wording refers to the Chairman of Lloyd's arbitrating any award, in practice the role of arbitrator is passed to specialist admiralty QCs. A ship captured in war is referred to as a prize, and the captors entitled to prize money. Again, this risk is covered by standard policies.

Marine Insurance Act, 1906[edit]

Main article: Marine Insurance Act 1906 The most important sections of this Act include: 4: a policy without insurable interest is void. 17: imposes a duty on the insured of uberrimae fides (as opposed to caveat emptor), i.e., that questions must be answered honestly and the risk not misrepresented. 18: the proposer of the insurer has a duty to disclose all material facts relevant to the acceptance and rating of the risk. Failure to do so is known as non-disclosure or concealment (there are minor differences in the two terms) and renders the insurance voidable by the insurer. 33(3): If [a warranty] be not [exactly] complied with, then, subject to any express provision in the policy, the insurer is discharged from liability as from the date of the breach of warranty, but without prejudice to any liability incurred by him before that date. 34(2): where a warranty has been broken, it is no defence to the insured that the breach has been remedied, and the warranty complied with, prior to the loss. 34(3): a breach of warranty may be waived (ignored) by the insurer. 39(1): implied warranty that the vessel must be seaworthy at the start of her voyage and for the purpose of it (voyage policy only). 39(5): no warranty that a vessel shall be seaworthy during the policy period (time policy). However if the assured knowingly allows an unseaworthy vessel to set sail the insurer is not liable for losses caused by unseasworthiness. 50: a policy may be assigned. Typically, a shipowner might assign the benefit of a policy to the shipmortgagor.

60-63: deals with the issues of a constructive total loss. The insured can, by notice, claim for a constructive total loss with the insurer becoming entitled to the ship or cargo if it should later turn up. (By contrast an actual total loss describes the physical destruction of a vessel or cargo.) 79: deals with subrogation, i.e., the rights of the insurer to stand in the shoes of an indemnified insured and recover salvage for his own benefit. Schedule 1 of the Act contains a list of definitions; schedule 2 contains the model policy wording.

See also[edit]
History of insurance Classification society Legal definitions of wreckage Inland marine insurance Seaworthiness (law)

References[edit]
1. Jump up^ J. Franklin, The Science of Conjecture: Evidence and Probability Before Pascal (Baltimore: Johns Hopkins University Press, 2001), 273-278. 2. Jump up^ Palmer, Sarah (October 2007). "Lloyd, Edward (c.1648 1713)". Oxford Dictionary of National Biography. Oxford University Press. doi:10.1093/r

ef:odnb/16829. Retrieved 16 February 2011. 3. Jump up^ see also: Bank of Nova Scotia v. Hellenic Mutual War Risks Association (Bermuda) Ltd. ("The Good Luck") [1991] 2 WLR 1279 and at 1294-5

External links[edit]
UK case relating to legal definitions (The No. 1 Dae Bu)

Bibliography[edit]
Birds, J. Birds' Modern Insurance Law. Sweet & Maxwell, 2004. (ISBN 0-421-87800-2) Donaldson, Ellis, Wilson (Editor), Cooke (Editor), Lowndes and Rudolf: Law of General Average and the YorkAntwerp Rules. Sweet & Maxwell, 1990. (ISBN 0-420-46930-3) John, A. H. "The London Assurance Company and the Marine Insurance Market of the Eighteenth Century," Economica New Series, Vol. 25,

No. 98 (May, 1958), pp. 126141 in JSTOR Roover, Florence Edler de. "Early Examples of Marine Insurance," Journal of Economic History Vol. 5, No. 2 (Nov., 1945), pp. 172200 in JSTOR Wilson, DJ, Donaldson (1997). Lowndes and Rudolf: General Average and the YorkAntwerp Rules. British Shipping Law Library:.