Insuring smart vessels in a circular economy: an analysis from the perspective of potential change in property interest

Song, M. (2022) Insuring smart vessels in a circular economy: an analysis from the perspective of potential change in property interest. Lloyd’s Maritime and Commercial Law Quarterly, 2022. ISSN 0306-2945

Abstract/Summary

There is growing legal scholarship on automation and digitalisation in maritime liability regimes and the vessels’ compatibility with international conventions, producers’ product liability and the implications of cyber risks for marine insurance. This article aims to shift the focus to our relationship with the devices and legal interests in devices as seen through the lens of the circular economy. The article proceeds from the presumption that given the increasingly higher degree of automation and autonomy, shipowners may opt for a different and circular model to own and operate ships, because smart ships will demand that producers take on an increased role in operations and maintenance. In this model, shipowners will forego full property interest in and control of the ship and will choose instead to develop a long-term contractual relationship with producers. It is argued in the following that producers’ insurable interest in smart ships should be recognised in marine insurance law, and a complete code of insurance for both owners and producers must be considered instead of mainly focusing on liability insurance schemes (general and product).

Item Type	Article
URI	https://reading-clone.eprints-hosting.org/id/eprint/108293
Refereed	Yes
Divisions	Arts, Humanities and Social Science > School of Law
Publisher	Lloyd's List Intelligence
Download/View statistics	View download statistics for this item