Insurance principles and concepts

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Insurance principles and concepts guidance:

Insurance contracts have always had an aura of mystery about them in the eyes of law students and lawyers. This is because they are contracts of the utmost good faith....

Practice Note

Aggregation—background Aggregation remains a major issue in the settlement of insurance and reinsurance claims leading to a number of disputes across the market. Claims...

Practice Note

The principle of subrogation Subrogation is the right of an insurer, once it has made payment to its insured for loss covered by an insurance policy, to ‘step into the...

Practice Note

What is subrogation? Subrogation is an equitable mechanism aimed at preventing unjust enrichment by permitting one party to ‘step into the shoes’ of another and to bring...

Practice Note

Joint insurance Joint insurance arises where two or more people insure separate insurable interests in the same property with the same insurer under a single insurance...

Practice Note

Overlapping insurance polices There are various reasons why an insured may end up with overlapping insurance cover, whether deliberately or otherwise. Examples include...

Practice Note

What is insurance law? Insurance law can be split into three parts: • insurance contract law which governs the contractual relationship between insureds and insurers •...

Practice Note

This Practice Note examines the nature of insurable interest, how it has been defined by the Marine Insurance Act and in common law and its relationship and impact on...

Practice Note

Introduction to the Insurance Act 2015 The Insurance Act 2015 (IA 2015) received Royal Assent on 12 February 2015 and, apart from Part 6 of the Act, came into force on 12...

Practice Note

1 Insurance 1.1 The Supplier must for the duration of this Agreement and for a period of [insert figure] years after termination or expiry of this Agreement, and at its...

Precedents

Introduction One of the purposes of a commercial contract is to allocate risk and liability through, for example, the provision of indemnities. In this context, one party...

Practice Note

An insurance premium is the sum paid for insurance or reinsurance cover and is the consideration paid by the (re)insured for the (re)insurer’s contractual obligation to...

Practice Note

Duty of 'fair presentation' Under the Insurance Act 2015, s 3 (IA 2015), the insured has a duty to make a 'fair presentation' of the risk to the insurer. The duty of fair...

Practice Note

What is the right of subrogation? In the context of insurance and reinsurance, the right of subrogation entitles an insurer or reinsurer, having indemnified the...

Practice Note

This Practice Note examines the nature of subrogation and its relationship and impact on construction insurance contracts and construction contracts generally. Legal...

Practice Note

Rights under insurance policies are a type of contractual right. Lenders can take security over insurance policies by an assignment by way of security. There are also...

Practice Note

This flowchart provides an overview of the application of the Third Parties (Rights Against Insurers) Act 2010 and the Third Parties (Rights Against Insurers) Act 1930....

Practice Note

Insurance plays an important role in trade and commodity finance transactions. While many of the risks inherent in financing trade can be mitigated or reduced through...

Practice Note

This Practice Note covers the legal framework and regulatory guidance to be considered in determining whether an arrangement constitutes a contract of insurance and the...

Practice Note