The Marine Insurance Act is durable and enduring, remarkably so - it has remained in place, substantially unamended in over 100 years. It is a classic example of accuracy, brevity, clarity with just 94 sections, each beautifully expressed, and has provided the foundation for the success of London's hugely successful insurance market over these 100 years, whilst Britain's role in the maritime world has otherwise undergone enormous change.
There have of course been calls to amend the Act in the past. But are we now finally on the cusp of significant change to the Act and reform of insurance contract law? This white paper investigates.