Study On Marine Cargo Transportation Insurance Under Shipowner Bankruptcy

Facing with the severely depressing freight market environment,the loss and damages suffered by concerned parties caused by shipowners bankruptcy in most cases are far more serious than the bankruptcy itself,legal disputes attributed to shipowners bankruptcy and maritime cargo transport insurance are attracting more and more attention.This paper is divided into four chapters.The first chapter summarizes and generalizes the connotation of shipowners ’bankruptcy and its own international,professional and procedural conflicting characteristics.At the same time,it mainly discusses the influence of shipowners’ bankruptcy on the contract of carriage of goods by sea and the contract of marine cargo transport insurance.In the second chapter,through the distinction between the "risk change" system and the "insurance guarantee" system in the marine insurance field,the author discusses the notification obligation and the renewal clause system caused by the bankruptcy of shipowners.Chapter 3 focuses on the analysis and comparison of provisory clauses,such as the"Transport Delay Clause","Voyage Change Clause","Delivery Contract Termination Clause" and " Carrier economic dilemma " in Marine Cargo Insurance Clause(2009 Edition)of Chinese People’s Property Insurance Company and Institute Cargo Clause(2009 Edition)of Institute of London Underwriters,which initially figured out that the loss and damage of marine cargo transport attributed to shipoweners’bankruptcy or economic dilemma shall be covered by the cargo underwriters.Chapter 4 discusses that the insured under the insurance contract for the carriage of goods by sea shall perform the basic obligation of derogation and rescue when shipowners sink into bankruptcy,such as to exercise the legal modifying and terminating rights of contract before cargo loading;to arrange transshipment positively or make cargo released as soon as possible when the vessel is arrested;and actively protect the litigation time to minimize the loss and ensure that the underwriters can effectively exercise their subrogation right and avoid claim rejected in the future.Moreover,as cargo underwriters should actively assist the insured to rescue the cargo,and use their own information,resources and profession advantages to prevent any possible risks caused by shipowner bankruptcy to be happened.