Study On The Problems Arising From Marine Assured's Claim And Its Settlement By Underwriter

As we know, during the period of the occurrence of the marine peril and the litigation, if there be, there lies a process of making a claim by the assured and accordingly the settlement of it by the underwriter, where commonly exists three procedures: a notice of loss and sue and labour, a testing of the accident, and a payment by the underwriter. In the practice, it is really very complicated. If it goes well, the settlement goes well however, if either party breach with the duties, it may harm the settlement, even litigation may arise, and it may damage the benefits of both the parties. The relative legislations lacks of definite regulations, which is the reason.This paper is on the legal problems arising from the process. It includes five chapters, of which the first one is the application of the principles of utmost good faith and good faith during the process. The chapter defines the rights and duties of both the assured and the underwriter, and emphasize on the application of the waiver and estoppel. The following three chapters are on the notice and sue and labour, inspection and submission of the materials for proof, and also the payment, where the author discuss the usual problem particularly in analysis with some related legal system of foreign countries. The last chapter is the conclusion of this paper, which brings out some suggestions for good of the process.