Main recommendations
The scope of the MIA should be amended by removing from it provisions relating to the transportation of goods for non-commercial purposes, and inserting them in the ICA.
The coverage of the MIA should be extended to include adventures on inland waters.
The concept of marine insurance warranties should be abolished. In place of express warranties, the Commission proposes a regime under which the insurer has a number of structured remedies available to it should there be a breach of any express term of the contract by the insured.
The implied warranties of seaworthiness and legality should also be removed. However, the Act should specifically permit contracts of marine insurance to include express terms relating to the seaworthiness of a ship and in relation to the legality of the purpose of the insured voyage and the manner in which it is carried out.
The requirements of disclosure and prohibition of misrepresentation should be modified so that the insured is required only to disclose those circumstances which it knows to be material or which a reasonable person in its position would know to be material.
The requirement for an insurable interest should be abolished.
A range of other recommendations deal with matter including the regulation of agents and brokers, choice of law and jurisdiction, issues that go to the formalities of the contracts and policies of marine insurance, and the structure and language of the MIA.