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Effects of Insurance on Maritime Liability Law - A Legal and Economic Analysis (Hardcover, 2014)
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Effects of Insurance on Maritime Liability Law - A Legal and Economic Analysis (Hardcover, 2014)
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The book examines how the absence of insurance in the past led to
some special maritime liability law principles such as 'general
average' (i.e., losses or expenses shared by all the parties to a
maritime adventure) and the limitation of shipowners' liability. In
the absence of insurance, these principles served the function of
insurance mostly for shipowners. As commercial marine insurance is
now widely available, these principles have lost their
justification and may in fact interfere with the most important
goal of liability law i.e., deterrence from negligence. The work
thus recommends their abolition. It further argues that when
insurance is easily available and affordable to the both parties to
a liability claim, the main goal of liability law should be
deterrence as opposed to compensation. This is exactly the case
with the maritime cargo liability claims where both cargo owners
and shipowners are invariably insured. As a result, the sole focus
of cargo liability law should be and to a great extent, is
deterrence. On the other hand in the vessel-source oil pollution
liability setting, pollution victims are not usually insured.
Therefore oil pollution liability law has to cater both for
compensation and deterrence, the two traditional goals of liability
law. The final question the work addresses is whether the deterrent
effect of liability law is affected by the availability of
liability insurance. Contrary to the popular belief the work
attempts to prove that the presence of liability insurance is not
necessarily a hindrance but can be a complementary force towards
the realization of deterrent goal of liability law.
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