The Research On The Insurable Interest Of Marine Cargo Transportation

Insurable interest is a featured concept of insurance contract law. Generally the doctrine of insurable interest is viewed as one of the basic and unique principle of insurance contract law. In marine insurance, the insured must have an insurable interest in subject matter in case of incident, otherwise, the policy is void.According to English case law and MIA1906, insurable interest must be legal or equitable interest,which has been accepted by many countries. However, it set too strict limits on insurance and has in particular brought about serious harassment to insurance for good during transit from the seller's warehouse to the ship's rails under FOB or CFR. People tried to get rid of the plight. Ultimately, economic interest has been adopted. This paper,through the vertical development and horizontal comparison, discusses the necessity to revise or repeal the regulation about insurable interest in marine insurance law.Chapter One generalizes and introduces two mainstream theories of insurable interest i.e. the theory of legal insurable interest and the theory of economic insurable interest through the introduction of theories of insurable interest in Common Law System and Civil Law System.Chapter Two starts with different legislations on insurable interest from home and abroad, sums up two kinds of legislative modes of insurable interest, i.e. the legal insurable interest and the economic insurable interest, points out that the provisions of China's legislation refers to the traditional views in MIA1906, but because of its more general presentation, especially in this legislative mode, the insurer often refuses to pay for damage by technical defense on the ground of whether the insured has insurable interest causing damage to the interests of the insured, so it is a tendency in the world to establish principle of economic insurable interest interpreting insurance interests broadly and flexibly.In addition, combined with the new "Insurance Law" amendment, this chapter puts forward the views of the author and distinguishes some related concepts in order to lay down the foundation for later discussion.Chapter Three introduces transfer of insurable interest of international marine cargo. At first, it elaborates the necessity of establishment of the criterion set by the need for risk transfer, then combined with MIA1906, it discusses the impact of the transfer of insurable interest on insurance contracts, Finally, it puts forward views and proposals for revision by comparison of relevant provisions of MIA 1906 and Article 49 of Insurance Law in China.On the basis of Chapter Three, Chapter Four concentrates on issues related to the transfer of insurable interest in the trade terms of CIF, FOB, CFR, pointing out problems arising from the practice of strict legal insurable interest, limiting the insurance function.In conclusion, the scope of insurance benefits must be expanded.Chapter Five introduces the ownership of insurable interest in the stoppage in transit.Chapter Six discusses tendency of two kinds of insurable interest in the world. That is the establishment of the principle of insurable interest and the abolition of the principle of legal insurable interest. In the end, the conclusion makes generalization about the whole paper and the author puts forward suggestions for the establishment of principle of economic insurable interest and demonstrates the inherent unity in the establishment of principle of insurable interest and the abolition of the principle of economic insurable interest.