FUNDAMENTAL PRINCIPLES OF MARINE INSURANCE

ANCIENT LAND ◽  
2021 ◽  
Vol 04 (02) ◽  
pp. 46-48
Author(s):  
Tahmina Shahin Alizada ◽  
Keyword(s):  
Key Words ◽  
Insurance Industry ◽  
Good Faith ◽  
Insurance Contract ◽  
Basic Knowledge ◽  
Marine Insurance ◽  
Insurance Law ◽  
Legal Principles ◽  
Insurable Interest ◽  
Utmost Good Faith

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

27. Insurance

2017 ◽  
Author(s):  
MA Clarke ◽  
RJA Hooley ◽  
RJC Munday ◽  
LS Sealy ◽  
AM Tettenborn ◽  
...  
Keyword(s):  
Insurance Contract ◽  
Marine Insurance ◽  
Insurance Claims ◽  
Insurance Law ◽  
Insurable Interest ◽  
Insurance Contracts

This chapter deals with insurance and the principles of insurance law. Contracts of insurance may be subdivided into two categories: indemnity insurance and contingency insurance. Under a contract of insurance, the event insured against is interpreted to be uncertain, either in the sense that it may or may not occur, or that the time of the occurrence is uncertain. This chapter first explains how insurance works, with a particular focus on insurable interest, the statutes that govern insurance contracts, and the power of the Financial Conduct Authority to authorise persons wishing to conduct business as insurers. It then considers how an insurance contract is formed and goes on to describe the content and interpretation of the contract. It also discusses the liability and rights of the insurer before concluding with an analysis of marine insurance and insurance claims.

27. Insurance

2020 ◽  
pp. 997-1010
Author(s):  
D Fox ◽  
RJC Munday ◽  
B Soyer ◽  
AM Tettenborn ◽  
PG Turner
Keyword(s):  
Insurance Contract ◽  
Marine Insurance ◽  
Insurance Claims ◽  
Insurance Law ◽  
Insurable Interest ◽  
Insurance Contracts

This chapter deals with the principles of insurance law. First, the chapter explains how insurance works, with a particular focus on insurable interest, the statutes that govern insurance contracts, and the power of the Financial Conduct Authority to authorise persons wishing to conduct business as insurers. The chapter then considers how an insurance contract is formed and goes on to describe the content and interpretation of the contract. It also discusses the liability and rights of the insurer before concluding with an analysis of marine insurance and insurance claims.

scholarly journals Lies, Collateral Lies and Insurance Claims: The Changing Landscape in Insurance Law

2018 ◽  
Vol 22 (2) ◽  
pp. 237-265
Author(s):  
Baris Soyer
Keyword(s):  
Common Law ◽  
Good Faith ◽  
Insurance Fraud ◽  
England And Wales ◽  
Insurance Law ◽  
Significant Challenge ◽  
The Common ◽  
Utmost Good Faith ◽  
The Law ◽  
Definition Of

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.

scholarly journals ENGLISH INSURANCE LAW REFORMS: LESSONS FOR SOUTH AFRICA

Obiter ◽  
2021 ◽  
Vol 40 (1) ◽  
Author(s):  
Samantha Huneberg
Keyword(s):  
South Africa ◽  
United Kingdom ◽  
Detailed Analysis ◽  
South African ◽  
Good Faith ◽  
Marine Insurance ◽  
Insurance Law ◽  
The United Kingdom ◽  
Ultimate Question ◽  
Law Commission

Insurance law in the United Kingdom (UK) has recently undergone significant reforms. Until 2015, insurance law in the United Kingdom was still largely regulated by the Marine Insurance Act 1906. This meant that a statute created over a hundred years ago was still regulating insurance law. The need for the more recent reforms was evidently dire. The Law Commission undertook an investigation that highlighted the need for new insurance laws. The result was the enactment of the Insurance Act 2015. There are some significant changes in the new Act concerning fraudulent claims, breaches of good faith and the duty of disclosure. The new laws appear to be much more pro-policyholder than was the case in the previous regime. This article undertakes a detailed analysis of these reforms and also presents a comparison with South African laws. The ultimate question is whether South Africa can learn anything from the recent reforms to UK insurance law.

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