The Marine Insurance Act 1906 (8 Edw. 7. c. 41) is a UK act of Parliament regulating marine insurance. The act applies both to "ship & cargo" marine insurance, and to P&I cover. The act was drafted by Sir Mackenzie Dalzell Chalmers, who had earlier drafted the Sale of Goods Act 1893. The act is a codifying act, that is to say, it attempts to collate existing common law and present it in a statutory (i.e. “codified”) form. In the event, the act did more than merely codify the law, and some new elements were introduced in 1906. The Marine Insurance Act 1906 has been highly influential, as it governs not merely English law, but it also dominates marine insurance worldwide through its wholesale adoption by other jurisdictions. Two modern statutes, the Consumer Insurance (Disclosure and Representations) Act 2012 (“CIDRA”) and the Insurance Act 2015 have made amendments to the law of insurance.

Overview

The most important sections of this Act include: Schedule 1 of the Act contains a list of definitions; schedule 2 contains the model policy wording.

Reform

Two new statutes, the Consumer Insurance (Disclosure and Representations) Act 2012 (“CIDRA”) and the Insurance Act 2015 have addressed insurance in general, and have amended the law in several ways. Part 5 of the Insurance Act 2015 addresses "Good faith" as follows: