This book provides a critical and comprehensive study of the law of marine insurance. The book explores the relationship and interaction between the Marine Insurance Act 1906, the common law and the terms of the Institute Clauses. It examines three main areas: the general principles of a contract of marine insurance; the standard insured perils, and the types of losses recoverable under a marine policy of insurance. The law of marine insurance is a subject which is constantly growing and in recent times a few surprises have been sprung upon the market by judges offering their interpretations of the law. Full coverage is given to recent developments in the law and to well established principles which have engendered controversies and inconsistencies. The focus is on areas which are complex, growing, and controversial. Though written specially for postgraduate students of law and maritime studies, the book will be useful to any person involved in marine insurance such as arbitrators, adjusters of claims, brokers, in-house lawyers, legal practitioners, marine claims officers, and P & I clubs.