2 The Formation of the Reinsurance Contract

Author(s):  
Edelman Colin ◽  
Burns Andrew

This chapter discusses the formation of the reinsurance contract. A reinsurance contract is formed according to normal contractual principles. There needs to be an offer and an acceptance of that offer to form an agreement, with consideration for the bargain and an intention by the parties to create legal relations between them. The relationship between reinsurer and reinsured may be one of utmost good faith when concluding the contract, but the essential requirements for the formation of a contract are the same. The final offer and acceptance are the mechanisms for the formation of a reinsurance contract. A broker is normally (at least for most purposes) the agent of the reinsured for the purposes of the placement of the reinsurance. Ultimately, it is always important to look at the reality of the legal relationships and not rely on the superficial appearance of who is making an offer to whom. The chapter then looks at the Market Reform Contract (MRC) slip.

ANCIENT LAND ◽  
2021 ◽  
Vol 04 (02) ◽  
pp. 46-48
Author(s):  
Tahmina Shahin Alizada ◽  

The article describes the fundamental principles of marine insurance. It mainly examines the principle of "utmost good faith" which is the cornerstone of insurance law. The main aim of an article is to help the reader to gain basic knowledge and understanding of the legal principles of marine insurance. The fundamental principles governing marine insurance are very helpful in the assessment of loss and the claim in the maritime insurance industry. As in all contracts of insurance on the property, also marine insurance contract is based on the fundamental principles. Key words: marine insurance, Marine Insurance Act 1906, principles of marine insurance, utmost good faith, insurable interest


2021 ◽  
Vol 2 (1) ◽  
pp. 388-397
Author(s):  
Yeni Triana ◽  
Handana

The problem of limited knowledge of partners about agreements or contracts in general, and in particular regarding the principle of good faith in business activities faced by business actors and company management, which generally consists of millennial youth, which can be said to be still lacking in understanding the principle of commitment well, as a guideline in carrying out the actions of a company, especially companies with legal entities, such as Limited Liability Companies, where PT Sarana PanganMadani, has established many partnerships, which of course must keep the relationship harmonious, sometimes the relationship is already running, due to limited knowledge, experience, there was a clash that would definitely hinder good relations, both parties, for example, at the beginning of the negotiation there was an agreement, which gave birth to a partnership to distribute the nine staples, but in its implementation, there were obstacles, which caused Due to the difference in prices, even though at the beginning of the negotiation the price was already agreed to, but there was a change, which was due to an increase in market prices or production prices, so that the price that was agreed upon earlier, of course changed, this change is a problem of misunderstanding between the two parties, according to Partners. PT Sarana PanganMadani, the company raised prices unilaterally, while from the PT stated that due to changes in market prices, this is one example which is a significant obstacle, resulting in inconsistencies in the development of partner businesses which are good business groups providing distribution of nine staples daily activities, as well as providing business capital to develop agricultural land, as well as services, ranging from basic materials to packaging ready to be marketed. In this community service program, the priority issue agreed upon by the PKM FH Unilak proposer together with his partner, PT Sarana PanganMadani, to be resolved is to provide understanding through legal counseling about the principles of good faith in cooperating with the business community. Thus, after the program is implemented, it is hoped that partners will gain a correct understanding and have knowledge of agreements or contracts in general, and in particular the principles of good faith in this partnership. The method that will be used in this community service is to use lectures that will be directly at the PT Sarana PanganMadani office.


2020 ◽  
Vol 11 (01) ◽  
pp. 99-107
Author(s):  
Mingting Zhu
Keyword(s):  

2020 ◽  
pp. 157-204
Author(s):  
Geoffrey Morse ◽  
Thomas Braithwaite

This chapter concerns the relationship between partners and the interface between the contractual and fiduciary duties implicit in such a relationship, including the internal management of the firm. It examines the impact of equity on contractual agreements, including the doctrine of forfeiture. The nebulous overriding duty of good faith is followed by the statutory duties of honesty, no conflict/no profit and no competition. The implied terms in relation to management (including access to partnership information) and control, financial affairs (detailing capital, capital profits and income profits) and the limits on change of partners are followed by a detailed consideration of the validity and exercise of expulsion clauses. Finally, the chapter details the limited effects of both voluntary and involuntary assignments of a partner's share.


Author(s):  
Douglas Kammen

In 2006, a mere seven years after the overwhelming vote in opposition to Indonesia's final offer of 'broad autonomy' and only four years after the restoration of independence, communal violence erupted in Dili, the capital of East Timor. This violence was framed in terms of tensions between westerners, known as kaladi, and easterners, known as firaku. This essay seeks to answer two basic puzzles. First, what are the origins of these communal labels? Second, why did these terms resonate so profoundly within East Timorese society so soon after independence? Tracing the history of these terms, this essay argues that across more than three centuries these communal labels have emerged during crucial struggles to exert central authority. In doing so, this essay highlights the relationship between regional identities and the social ecology of food.


2018 ◽  
Vol 22 (2) ◽  
pp. 237-265
Author(s):  
Baris Soyer

Determining the scope of the fraudulent claims rule in insurance law has posed a significant challenge for the courts, particularly in the last two decades. In the shadow of the doctrine of utmost good faith, the law in this area has developed in an uncompromising fashion introducing draconian remedies against an assured who submits a fraudulent claim. The Supreme Court's most recent intervention has provided much needed guidance on the state of the law. This article, taking into account the fact that in other areas of law more proportionate remedies have gradually been introduced, discusses the boundaries of the fraudulent claims rule in insurance law as it applies in England and Wales and Scotland. Considering that the insurers might be tempted to introduce fraudulent claims clauses into their contracts to expand the common law definition of insurance fraud at the claims stage, this article also evaluates the wording of such clauses often used in practice and concludes that they lack the desired clarity.


Sign in / Sign up

Export Citation Format

Share Document