Fundamental Principles in Saudi Arabia's Marine Insurance Law with Reference to the Law and Practice in Egypt and the UK: A Comparative Study

The Saudi Arabian Commercial Maritime Law (CML) of 2019 is the first comprehensive marine insurance legislation since the unification of Saudi Arabia. This thesis derives its importance from being the first thesis to subject the three principles, good faith, insurable interest and subrogation and under marine insurance spectrum by comparative academic research in looking at the new CML of 2019, Egyptian Maritime Trade Law of 1990, the UK Marine Insurance Acts of 1906 and 2015. Contributions made by the codified Saudi laws in comparison with the Egyptian and English law are discussed across the chapters, simultaneously with the arguments made by the Sharia law experts in reference to the elements of Gharar, Riba and Maysir and the influence on the interpretation and the desired approaches needed to further strengthen marine insurance law in Saudi framework. Disclosure of material facts related to insurable risks revolving around the principle of good faith is focused, with profound remedies provided for breach of the principle as guided by the existing legal framework. The comprehensive discussions focussing on issues surrounding the identification of implied and contractual warranties are also addressed. Furthermore, the study looks into the foundations for which the assured must have in order to warrant a valid marine insurance contract to compensation of loss, namely the principle of insurable interests ‘which may shift from one party to another considering the nature of marine risks’. Further, the principle of subrogation is also analysed, in relation to limitation issues arising in utilising the insurer’s right in substituting the assured when claiming recoveries and, grounds on which such right is built on. In a thorough examination and analysis of how the provisions of three legal frameworks were used to provide recommendations for the corrective measures for marine insurance law regarding these three principles, the work gives readers a better understanding of the insurance laws and regulations in Saudi Arabia.