Origins of Formal Marine Insurance

Marine insurance was first developed form of insurance, from Greek and Roman maritime loans. Separate policies of marine insurance were developed in Genoa and other Italian cities in the fourteenth century and spread to northern Europe. Premiums varied with intuitive estimates of the risk variable seasons and pirates







The modern origins of marine insurance law in English law, were in commercial law, with the introduction in England in 1601 in a special chamber of assurance separate from other jurisdictions. Lord Mansfield, Lord Chief Justice in the middle of the eighteenth century, began the merging of commercial law and common law principles. The implementation of the Lloyd of London insurance companies in the competition, especially in infrastructure development (such as brokers, maritime law admiralty, and bankers), and the growth of the British Empire English law gave importance in this area is extensive and remains the basis of almost all modern practice. The growth of London insurance market led to the unification of policy and jurisprudence of the law of marine insurance. In 1906, the Marine Insurance Act was passed which codified the previous common law, is both a comprehensive and concise piece of work.

In the 19th century, Lloyd and the Institute of London Underwriters (a grouping of London company insurers) developed including standard clauses for use in marine insurance, and have remained ever since. They are known as the Institute Clauses because the Institute covered the cost of publication. In the general direction of the Insurance Law and the parties retain a considerable Institute clauses freedom of contract between them.