Research On The Warranties In Marine Insurance Of England And China

Warranty system of marine insurance law originates from the practice of British marine insurance in the 17th century.The Marine Insurance Act 1906(MIA) used to stipulate specific provisions for the Warranty system.Article 253 of Chinese Maritime Code introduced this system to Chinese law system for the first time.Warranty requires the contractors to fulfill the contract in a extremely strict way,and from the day it occurred, it has been advocating the Marine Insurance business.UK is a case law country,and the Warranty system is established gradually by a great number of judgements which as well have done many supplements.The MIA 1906 is a milestone of the marine insurance law,this act summarized the former cases, and abstracted principles and doctrines from them into the warranty system.According to Article 33 of the Act,Warranty "means a promissory warranty,that is to say,a warranty by which the assured undertakes that some particular thing shall or shall not be done,or that some condition shall be fulfilled,or whereby he affirms or negatives the existence of a particular state of facts".As we can see,in UK marine insurance law, Warranty is a promissory warranty,and it must be confirmed.It was not until recently that the Warranty system has been criticized world widely, the complaints are largely related to the excessive strictness of it.This dissertation reviewed the origin of the Warranty system under the UK law,and afterwards introduced the new comings of this system as now the MIA is being revised.Finally,I propose my immature suggestions,hoping that the Warranty system under Chinese Marine insurance could be optimized.