Arnould’s Law of Marine Insurance and Average by Neilhart, Davidwalsh – 20th South Asian Edition 2025

Description

Since the 19th edition of Arnould, two events of major economic significance have occurred. One is the completion of the withdrawal of the United Kingdom from the European Union, which took effect on 31 January 2020. Despite the time that has now elapsed since that withdrawal, and the expiry of the transition period that followed it, much that affects the day-to-day business of the London insur-ance market remains to be negotiated, including the regulatory regime which will in future govern its operations in Europe. Momentous as that event may seem, it pales in economic significance alongside the emergence (at around the same time as the UK’s withdrawal from the European Union) of the SARS-cov-2 virus in China. and the subsequent worldwide Covid-19 pandemic. The latter has already generated a plethora of insurance and reinsurance disputes, and it would be unrealistic to expect that the marine market will be unaffected, albeit not so directly or so quickly affected as some others.

Of those two events. Brexit has had the most immediate impact on this edition of this work. While the structure of the work remains unchanged, it has been necessary significantly to re-write Chapters 4 and 5, dealing, respectively, with regulation and jurisdiction and applicable law. Significant uncertainties remain, however, and it must be anticipated that further revision will be required in the future as detailed arrangements are put in place and matters are clarified by judicial decisions.