A Study On Marine Insurable Interest

This paper makes a deep and systemic study on marine insurable interest that has strong particularity with the purpose of urging the academe to think much of this problem and providing theoretic reference for practice and law.The author, basing on the basic theories of insurable interest, studies some important theoretic questions of marine insurable interest, including what may amount to a marine insurable interest and when and to whom it should be required and how it should be recognized, transferred, terminated and classified; inquires into the insurable interest of several representative types of marine insurance contracts, including contract of marine insurance for Hulls, for the Carriage of Goods by Sea, for Freights, for Interests of Ship's Mortgagees and for Liability; oppugns the provisions in insurance laws of our country on subject matter insured, double insurance and insurable interest.To sum up the above, the author puts forward some constructive suggestions with regard to the modification of Maritime Code of the PRC as follows: (l)add an article concerning marine insurable interest which should reflect the Principle of Economic Interest and clearly provide the insured must be interested in the subject matter insured at the time of the loss; (2) for that" Insured Value" means the value of insurable interest which the insured has on the subject matter insured, but not the value of the subject matter insured, Art.219 concerning insured value should be modified accordingly; (3) for that the same interest may attach itself to two or more subject matter insured, in another word, the insurable interests one insured has on different subject matter insured may be one, "same subject matter insured" is not necessary to constitute double insurance, just "same insurable interest" is the key to double insurance, thus, Art.225 concerning double insurance should be modified accordingly.