Grading Basis: Graded
This seminar is a comprehensive review of the law of ocean marine insurance. While intended as a practical introduction to the topic, the course is also a thought-provoking examination of a broad range of concepts underlying property-casualty insurance which will be relevant to all students. Much of the law governing ocean marine insurance in the United States today was developed as common law centuries ago and an important focus of the course is the continued viability of these principles as applied to international maritime commerce in a modern world. Students will consider conflicts between traditional admiralty doctrines and contemporary state insurance law as well as jurisdictional and choice-of-law issues arising out of disputes involving ocean marine insurance. The course includes in-depth examination of concepts unique to ocean marine insurance, including the doctrine of ubberrimae fidei, the imposition of implied warranties and the concept of general average. Students will survey physical risks presented by various maritime industries and analyze the coverage provided under hull, cargo, protection & indemnity, pollution liability and other specialized policies to address those risks. The course will also explore regulatory aspects of ocean marine insurance and unique features of the organization and capitalization of ocean marine insurers.