Reforming marine insurance warranties in Australia - a call for modernisation

The Australian Marine Insurance Act 1909 (Cth) needs to be reformed in the face of evolving modern insurance practices, writes Jonathan Wyatt, partner at Kennedys and Nathan McLellan, vice president at Liberty Specialty Markets

The Australian Marine Insurance Act 1909 (Cth) (AMIA) has long been the cornerstone of marine insurance law in Australia. However, as the global maritime industry evolves, the AMIA's rigid framework for marine warranties has become increasingly out of step with modern insurance practices. When coupled with the judicial treatment of warranties, the resultant uncertainty adversely impacts those who transact marine insurance in Australia. It is time for reform.