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Marine Insurance Regimes And Their Impact On Shipping Competition

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Chapter Summary

This chapter discusses the extent to which the regulation of marine insurance in different European countries encourages or discourages the attainment of perfect competition in the marine insurance market. It describes the effect of the various insurance regimes on competition in shipping. The chapter outlines some basic features of the regulation as background to the legislative position in relation to marine insurance, and describes the theory of the perfect contract. A major issue raised in the context of this theory is the extent to which legislation is mandatory: this issue of mandatory legislation is discussed in relation to marine insurance. The chapter also discusses the marine insurance product in different countries in order to shed light on two other important issues, both in relation to the theory of the perfect contract and in relation to EU law: namely the question of transaction costs and the issue of cooperation among companies.

Keywords: EU law; insurance regimes; marine insurance market; shipping competition; theory of the perfect contract



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