Exam Question
How many types of warranties are there in Marine Insurance? Give an example of each type with reference to a hull and machinery policy of insurance.
Class 1 (Chief Engineer)
Engineering Management
📅 Feb 2021
Reference Answer
### Introduction to Marine Insurance Warranties
In the context of a marine insurance contract, a warranty is a fundamental condition or undertaking by the assured that a particular state of affairs shall exist, or that a specific act shall or shall not be done. A warranty must be strictly and literally complied with, whether it is material to the risk or not. A breach of warranty, unless waived by the insurer, discharges the insurer from all liability under the policy from the date of the breach, although it does not affect liability for losses incurred prior to the breach.
There are two primary types of warranties in marine insurance: **Express Warranties** and **Implied Warranties**.
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In the context of a marine insurance contract, a warranty is a fundamental condition or undertaking by the assured that a particular state of affairs shall exist, or that a specific act shall or shall not be done. A warranty must be strictly and literally complied with, whether it is material to the risk or not. A breach of warranty, unless waived by the insurer, discharges the insurer from all liability under the policy from the date of the breach, although it does not affect liability for losses incurred prior to the breach.
There are two primary types of warranties in marine insurance: **Express Warranties** and **Implied Warranties**.
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