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Section 78(4) of the Marine Insurance Act 1906 (hereinafter referred to as the “MIA 1906”) imposes a duty on the assured “in all cases to take such measures as may be reasonable for the purpose of averting or minimising a loss”. In addition to this statutory duty, under the most widely used H&M (hull and machinery) forms as well as in accordance with the so-called P&I (protection and indem
