Summary |
In this Report it was brought to attention that during the last quarter of the 19th century and the beginning of the present century, when marine insurance practices and conditions were crystallising into recognisably modern forms, British merchant fleets dominated world tonnage. Consequently it was only natural, given also the United Kingdom’s ascendancy at the time in general commerce and finance, that the international market centre of marine insurance should become established in London. For this reason a distinctive feature of marine insurance is the profound impact the English market, as well as the policy forms, clauses and legislative provisions in force in the same market, have had on the conduct of marine insurance internationally, particularly involving developing countries. English conditions have continued to be widely used due to the predominance of the English market in terms of insurance coverage resulting from the high level of expertise in that market, and, above all else, established precedent. Generally speaking, insurance policies written subject to English conditions have been considered easier to reinsure or co-insure, and, more importantly, been more readily acceptable by foreign assureds.
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