Origins of Formal Marine Insurance..

Origins of Formal Marine InsuranceThe modern origins of marine insurance law were in the law merchant, with the establishment in England in 1601 of a specialized chamber of assurance separate from the other Courts. Lord mans field lord peace justice in the mid-eighteenth century, began the merging of law merchant and common law principles. The establishment of Lyoid’s of London, competitor insurance companies, a developing infrastructure of specialists (such as ship broker, admiratly lawyers, and bankers), and the growth of the British empire gave English law a prominence in this area which it largely maintains and forms the basis of almost all modern practice. The growth of the London insurance market led to the standardization of policies and judicial precedent further developed marine insurance law. In 1906 the Marine Insurance Act was passed which codified the previous common law; it is both an extremely thorough and concise piece of work.