Monday, April 29, 2024

Gary Meggitt on Marine insurance fraud and emerging technology (New book chapter)

"Marine insurance fraud and emerging technology"
Gary Meggitt
in Research Handbook on Marine Insurance Law, edited by Özlem Gürses (Edward Elgar Publishing, March 2024), Chapter 14, pp. 275 - 305
Published online: March 2024

Abstract: Marine insurance fraud is probably as old as marine insurance itself. Year after year, the courts hand out judgments- for or against insurers- following lengthy, complex and costly litigation. The losses to innocent shipping companies, cargo owners, agents, brokers, insurers and others, however, go on. Might technology succeed in defeating- or at least deterring- fraud where the ‘law’ has failed? This chapter looks at the use of emerging technology, including smart contracts and artificial intelligence (AI), by insurers and the marine transport industry to combat those who perpetrate marine insurance fraud. It considers how such technology may have resolved some of the more controversial fraud litigation of recent years and how the relationship between this technology and the law may develop in the future.

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