Legal Research On Co-insurance Of Mortgagees

As a form of real right for security,mortgage of ship enables creditors to have the priority on the amount sold by the mortgaged ship when the debtor fails to pay the maturing debt.The mortgagee attaches great importance to his legal status in Co-insurance of Mortgagees and makes effort to take advantage of the hull insurance to better protect their legitimate rights and interests.For the soundness and safety of ship finance,the shipowner is always required to incorporate the mortgagee into hull insurance.That is how Co-insurance of Mortgagees develops.Co-insurance of Mortgagees is the hull insurance which is insured by the mortgagee,the shipowner and the like as the co-insured on the basis of different insurable interests.Essentially,Co-insurance of Mortgagees is a kind of hull insurance.As a relatively new insurance,Co-insurance of Mortgagees is lack of academic study in a systematic and thorough level and abundant practical experience for the moment.Thus,a comprehensive and profound research on Co-insurance of Mortgagees is very necessary.The dissertation is divided into four chapters to study the legal issues of Co-insurance of Mortgagees.Besides elaborating the basic problems of Co-insurance of Mortgagees,Chapter 1 introduces the current situations and the basic contents of Co-insurance of Mortgagees.In this chapter,the author illustrates its concept and nature and expressly analyzes the condition of Co-insurance of Mortgagees in China,England and Norway.Chapter 2 is consisted of two sections.Regarding the importance of the subject matter insured in a policy,the first section elaborates the subject of Co-insurance of Mortgagees.As insurance interest is the foundation of marine insurance,the author in the second section makes research on the insurable interest of Co-insurance of Mortgagees by studying the mortgagee and the shipowner’s different insurable interest on the ship insured.This section focuses on the scope of the mortgagee’s insurable interest and the mortgage registration’s influence on the insurable interest.Chapter 3 mainly discusses the arrangement of Co-insurance of Mortgagees.After analyzing the issues,such as the ways of being listed as the first beneficiary of hull insurance,the legal status and litigation status of the first beneficiary,this chapter expressly studies the insurance arrangement which incorporates the mortgagees into the hull insurance,especially the practice in China.Chapter 4 is divided into three sections to study the indemnity,defense in Co-insurance of Mortgagees and subrogation.The first section analyses its scope and the sequence when the insurer shall indemnify the shipowner or the mortgagee.The second section expounds the insurer’s defense against his liability to pay indemnity in Co-insurance of Mortgagees.Through demonstrating influences of Co-insurance of Mortgagees on subrogation and effectiveness of his waiving the subrogation right clause,the third section is in respect of subrogation in Co-insurance of Mortgagees.Based on the analysis of the legal issues above,the conclusion summarizes the suggestions on developing Co-insurance of Mortgagees in China.