The Perfection Of Law Of Marine Insurance Contract

The provisions of marine insurance contract in China Maritime Code (CMC) are lex specialis of the provisions of property insurance contract in China Insurance Law (CIL) and China Contract Law (CCL). However, there are repeated and even contradictory provisions between them. This paper is a research on the harmonization of China marine insurance law contained in CMC with CIL and CCL and the perfection of the provisions of marine insurance contract in CMC.By reference to the UK Marine Insurance Act 1906 (MIA 1906), laws in some other countries and clauses of marine insurance contract which are widely used, the author holds that CMC should conform the trend of the international marine insurance legislation, establish the four basic principles of marine insurance law. On the basis of comparing the relative provisions of CMC with those of CIL and according to the basic theories of contract law, insurance law and marine insurance law, the author analyzes in this paper the definition of marine insurance contract, cancellation and transfer of marine insurance contract, then points out which provisions shall be modified and, if so, how they shall be modified.The author also holds that, to perfect the system of Chinese marine insurance legislation, the reasonable part of MIA 1906 should be absorbed, the applicable range of principal of utmost good faith, principle of indemnity, the definition of disclosure, warranty, insurable interest etc. shall be expressly provided for, while those provisions regarding definition of marine insurance contract, double insurance, cancellation and transfer of marine insurance contract, insured's duty of paying premium etc. shall be modified.