From the time of Elizabeth I in the second half of the sixteenth
century, London has dominated the marine insurance markets. This
led the English to develop a law of marine insurance as well: a
Chamber of Assurances was established in England in 1575, and the
law of marine insurance, rooted in custom, developed through the
cases decided by the courts.
In the United States, marine insurance underwriting began in the
eighteenth century, although British firms continued to dominate.
The American law of marine insurance took its cue from English law;
English legal precedents were cited routinely in American courts.
For fifty years after the English law was codified in the Marine
Insurance Act 1906 (MIA), it could truly be said that there was a
unified Anglo-American law of marine insurance, and that English
law was part of the "general maritime law" of the United
States.
The unity of the Anglo-American law, which was so beneficial to
the functioning of the international marine insurance industry, was
broken abruptly in 1955 by the decision of the United States
Supreme Court in Wilburn Boat v. Fireman's Fund Insurance Co., a
case that created controversies over the uniformity of the law,
which have yet to subside. The purpose of this work is to explore
the extent of the breakdown of the uniformity of the law and to
point to its cure.
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