195 research outputs found
Marine insurance law
No full textThis book expertly introduces and clearly explains all topics covered in marine insurance law courses at undergraduate and postgraduate levels, offering students and those new to the area a comprehensive and accessible overview of this important topic in commercial law.Beginning by introducing the general principles of the subject, the structure and formation of insurance contracts, Marine Insurance Law then looks to individual considerations in detail, including: brokers, losses, risks and perils, sue and labour, reinsurance, and mutual insurance/P&I clubs.This title has been developed with the needs of courses specifically in mind, and its content has been tailored to include the most important and commonly taught topics in the field. Each chapter contains end of chapter further reading to support student research, ensuring this new textbook provides a reliable and accessible gateway into this important topic in maritime law
Policy defences and late payment: the position in Australia
No full textThe proper construction of section 54 of the Australian Insurance Contracts Act 1984 (Cth) came before the Court of Appeal of Western Australia in Maxwell v Highway Hauliers Pty Ltd [2013] WASCA 115. On appeal from the Supreme Court, the Court of Appeal approved Corboy J’s decision that the insurers (various Lloyd’s underwriters) are obliged to indemnify the assured the policy amount as well as the consequential losses that the assured suffered as a result of their wrongful denial of the clai
Reinsurance: allocation of losses
No full textThe interpretation of the “follow the settlements” clause in English law is well settled: the reinsurer is obliged to follow the reinsured’s settlement so long as the settlement is bona fide and businesslike and the loss is covered by the terms of the reinsurance agreement. In the United States, the “follow the fortunes” clause is used interchangeably with the “follow the settlements” clause to express a similar interpretation that the reinsurer cannot second-guess the reinsured’s settlement made in good faith. However, a further issue which may arise in relation to the interpretation of the “follow the fortunes/settlement” clause is the allocation of the settled insured amount to the reinsurance claim. Long-tail risks, such as claims for asbestos exposure, may be insured and reinsured by several different insurance and reinsurance arrangements covering different periods of time. If the reinsurers have agreed to follow the reinsured’s fortunes, does this preclude the reinsurers from challenging the allocation made by the reinsured especially if the reinsured’s incentive is to allocate the loss in a way maximising the reinsurance coverage. In a recent decision, US Fidelity & Guaranty Co v American Reinsurance Co 2012 NY Slip Op 00421 (24 January 2012), the Appellate Divisions of the New York Supreme Court decided the matter in favour of the reinsured<br/
The construction of terms of facultative reinsurance contracts: is Wasa v Lexington the exception or the rule?
No full textDo reinsurers insure the liability faced by the reinsured under its original insurance contract? Where the reinsurance and direct insurance policies are written in identical terms, is it enough for the reinsured to prove its liability under the original insurance policy in order to make a successful claim against its reinsurers? These questions are crucial, because they determine whether the terms of the reinsurance are to be construed identically to those of the direct policy even though they have different governing laws. The issues came before the House of Lords in Wasa International Insurance Co Ltd v Lexington Insurance Co [2009] UKHL 40 and the answers were provided in a judgment delivered on 30 July 2009, the last day of the operation of the House of Lords as a court. This note discusses the nature of facultative reinsurance contracts in the light of their Lordships' ruling.<br/
Subrogation to charterparty liabilities – explained at last
No full textThe judgment of Teare J at first instance in Gard Marine & Energy Ltd v China National Chartering Co Ltd (The Ocean Victory) ([2015] EWHC 2199 (Comm)) has been criticised both from the insurance (Smiley, (2014) 26 ILM 5 3) and the charterparty perspective (Todd, [2014] LMCLQ 1, who labelled it “very pro-owner”). The Court of Appeal ([2015] EWCA Civ 16) has now reversed that judgmen
Reinsuring clauses
No full textThe book provides a comparative English/US law study of the operation of facultative reinsurance contracts. Most of the reinsurance litigation in England and the US has involved this type of contract, and there are regular arbitrations and judicial proceedings in the leading common law jurisdictions to which this book will be relevan
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