Insurable Interest And The Determination In Marine Cargo Insurance

Because of insurance interest's important status in Insuarce Law and the complexity of marine cargo carriage, marine cargo insurance is more special than other insurance. Insuarce Law modified in 2003 lies some defects at the repects of the belonging object and the existing period, new Insuarce Law modified in 2009 overcomes these shortcomings and defines insurable interest as " the interest recognized by law holded by policyholders or insured person on insurance subjects " . But it is difficult for the academic circle and practicle circle to determine the interest recognized by law. In the paper,combination with marine insurance in case of FOB,CFR and CIF sales,through the analysis about the funtion,definition and theory opinion of insurable interest ,the author put forward some useful suggestions about Chinese marine insurance legislation .The paper is divided into three parts:The first part involves the overview of insurable interest. After the brief discussion about origination and function of insurable interest ,the author fouse on the analysis about definition and theory opinion of insurable interest.Through the analysis and comparsion about the similarities and differences of legal regulations and scholar opinions between the Continent Law and Common Law,the author summarized some opinions. In order to further understand marine cargo insurance and avoid the isolation between marine cargo carriage and insurable interest, the author attempt to classify the marine insurable interest according to classification of insurance subject in Maritime Law.The second part involves the determination of insurable interest in marine cargo carriage .In case of FOB and CFR sales,although buyer buys insurance,he has not insurable interest,because he does not burden the risk before the cargo passing the ship's rail at the loading port; the seller has not insurable interest too because he does not buy insurance. Basing on that , the author make some possible solutions on pretection their interests. In addition, the author study the insurable interest in breach of contract in case of FOB,CFR and CIF sales. The third part involves the legislative perfections on Chinese marine cargo insurance. Basing on the above disscussions,the author put forward the suggestions regarding modification of Chinese marine legislation,namely:the determination of single econmic interest principle should be incorporated; add a provision which could protect the interest of the buyer who has paid for the cargo in FOB and CFR sales.