299 research outputs found
The London Market Excess of Loss Spiral
No full textThis thesis explores the London Market Excess of Loss Spiral (“LMX Spiral”), a phenomenon based upon excess of loss reinsurance contracts that developed within the London reinsurance market of the 1980s. The unwinding of the LMX Spiral was a key factor in the crisis the Lloyd’s insurance market had to face in the early 1990s. However, whilst the crisis resulted in a wave of litigation in the English courts, there is no legal appraisal of the additional element of risk brought by the LMX Spiral itself. The case law instead focuses on the duties of the underwriters and various agents that fuelled its development.This situation is unsatisfactory for two reasons. Firstly, reinsurance spirals are a potential side-effect of XL reinsurance markets and therefore other spirals may develop in the future. Secondly, this thesis shows that once a reinsurance spiral reaches a certain point, it becomes unsustainable, generating instability within the relevant reinsurance market.This thesis provides a detailed legal appraisal of reinsurance spirals and a new analysis of excess of loss reinsurance contracts. The first part sets out the relevant legal principles and describes the LMX Spiral and its impact; listing, for the first time, the “Spiral Effects” identified through reports and actuarial models. The second part reviews the case law and assesses the legal nature of the excess of loss “Spiral Contracts” at the core of any reinsurance spiral, concluding that the Spiral Effects can distort the Spiral Contracts to the point where they become simple contracts of indemnity. The third part explores the nature of excess of loss reinsurance in light of the review of the Spiral Contracts, submitting that excess of loss reinsurance contracts cover both the liability of the reinsured and the relevant insured peril
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Privity of contract: statutory developments
No full textThis is the author accepted manuscript. The final version is available from Informa Law (Routledge) via the DOI in this record
Natural convection flow from an isothermal horizontal cylinder in presence of heat generation
No full textNatural convection laminar boundary layer flow from a horizontal circular cylinder with a uniform surface temperature at presence of heat generation has been investigated. The governing boundary layer equations are transformed into a non-dimensional form and the resulting nonlinear systems of partial differential equations are solved numerically applying two distinct methods namely (i) implicit finite difference method together with the Keller box scheme and (ii) series solution technique. The results of the surface shear stress in terms of the local skin friction and the surface rate of heat transfer in terms of the local Nusselt number for a selection of the heat generation parameter γ (= 0.0, 0.2, 0.5, 0.8, 1.0) are obtained and presented in both tabular and graphical formats. Without effect of the internal heat generation inside the fluid domain for which we take γ = 0.0, the present numerical results show an excellent agreement with those of Merkin [J.H. Merkin, Free convection boundary layer on an isothermal horizontal circular cylinders, in: ASME/AIChE, Heat Transfer Conference, St. Louis, MO, August 9–11, 1976]. The effects of γ on the fluid velocity, temperature distribution, streamlines and isotherms are examined
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Poole's Casebook on Contract Law
No full textAll the cases you need, together with the tools to understand them. Now updated by Professor Robert Merkin and Dr Séverine Saintier, Poole's Casebook on Contract Law takes a uniquely supportive approach, to give you the confidence to engage with and analyse judgments.
An introductory chapter provides valuable guidance on how to use a casebook; developing essential academic and practical skills
Cases are accompanied by succinct author commentary highlighting the key elements of each case
Thought-provoking questions are posed throughout to develop an in-depth understanding of the subject through critical engagement
The book is simple to navigate, pulling all key case law together into one easy-to-use volume which students can work through systematically or use to reference specific case
Insurance law and the Financial Ombudsman Service [in 3 volumes]
No full textThis thesis is the only study there is of the workings of the Financial Ombudsman Service ('FOS') and a comparison between court and FOS attitudes and approaches to insurance cases. A court and the FOS may decide matters differently because the FOS does not have to apply the law strictly, whilst a court does. The author of this thesis has examined the FOS and Financial Services Authority ('FSA') websites, handbooks and other material, and all of the near monthly journals of Ombudsman News ('O.N.') since the FOS began in 2001, analysing it against the law to determine the question of this thesis: whether the FOS should in fact apply the law strictly, and not allow principles of fairness and reasonableness to override the law in the particular circumstances of a case. Should certainty of outcome and of applying law established and modified over hundreds of years be sacrificed to allow the FOS to apply its overriding discretion in the interests of justice in a relatively few cases? Should both insurers and insureds be able to obtain legal advice on their relative positions, without that advice having to mention unpredictable outcomes if the ombudsman chooses not to follow the strict legal position? If the law does not offer the consumer insured enough protection, should the FOS be the forum that does, and if so, does it give enough protection? This study does not look at the decisions of the Insurance Ombudsman Bureau ('IOB') which preceded the FOS. Where a point is not dealt with below, it has not been highlighted in FOS publications to date and it is unclear how relevant IOB decisions on that point will be
Pala palalta : Minimallisto Haldinille merkin omista leikkuujätteistä
No full textOpinnäytetyössä perehdyttiin leikkuuvaiheen ylijäämämateriaalin hyödyntämiseen mallistossa ja toteutettiin naisten minimalliston suomalaiselle vaatemerkille nimeltä Haldin. Työ perustuu keväällä 2017 suoritettuun työ-harjoitteluun Haldinin studiossa ja sieltä saatuun toimeksiantoon. Lopullinen työ koostui sekä mallistosta että prosessikuvauksesta. Mallisto sisältää takin, mekon, paidan ja housut. Tuotteista toteutettiin mekko, paita ja housut.
Tavoitteet opinnäytetyössä olivat suunnitella Haldinille kaavat ja mallisto merkin omista ylijäämämateriaaleista, toteuttaa mallistoon kuuluvia tuotteita ja huomioida ylijäämämateriaalin käytön haasteet. Tuotteiden päätymi-nen tuotantoon sellaisenaan tai hieman muokattuna oli toivottavaa. Mallisto suunniteltiin Haldinin toiveiden sekä opinnäytetyön tekijän ideoiden pohjalta. Mallistossa materiaaleina käytettiin Haldin-merkiltä saatuja silkkejä.
Työprosessissa hyödynnettiin Pirkko Anttilan realistisen evaluaation teoriaa teoksesta "Ilmaisu, teos, tekeminen ja tutkiva toiminta". Tiedonhankinta tapahtui toimeksiantajan kanssa keskustelemalla, ja internet- sekä kirjaläh-teitä tarkastelemalla. Materiaaleille tehtiin värinvuoto-, kutistuma- ja saumatestejä. Opinnäytetyössä myös sivu-taan aihepiiriin kuuluvaa terminologiaa, ja kyseisiä termejä avataan suunnittelijaesittelyiden kautta.In the thesis the main point was the use of excess material from a cutting process in a collection. A capsule collec-tion for women was produced for the Finnish design brand Haldin. The thesis is based on an internship period car-ried out in the spring of 2017 at Haldin’s studio and an assignment received from the studio’s designer during that period. The final project consists of the collection and the process narration. The collection consists of a jacket, dress, shirt and pants. Out of those products the dress, shirt and pants were produced as sample pieces.
The goal of the thesis was primarily to design patterns and a mini collection for Haldin using the brand's own ex-cess materials, while taking into consideration the challenges that could occur when using this material. It was desirable that the finished products would end up in production as they were, or after minor changes had been done to them. The collection was designed according to the wishes made by Haldin's designer, as well as based on the ideas of the author of this thesis. The material used were different silks acquired from the Haldin studio.
The work process utilized Pirkko Anttila’s theory of realistic evaluation in the book Ilmaisu, teos, tekeminen ja tutkiva toiminta (The Expression, the Work of Art, Doing Things, and the Researching Act) (2005). Data acquisition was made via conducting interviews with the client, and by using internet and literary sources.Työhön kuuluu myös toteutetut kolme vaatekappaletta, joiden kuvat ovat liitteenä opinnäytetyössä
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Criminals, Fraudsters and Idiots: Are They Uninsurable?
No full textThis is the author accepted manuscript. The final version is available via WestlawNote that the author accepted manuscript has a different title ("Dougal v BoatsRUs") from the published versionThis article, prepared for a series of lectures delivered under the auspices of the New Zealand Insurance Law Association in March 2018, addresses the questions posed for New Zealand insurance law by key recent decisions in the United Kingdom and Australia on the questions of criminality (Patel v Mirza [2016] UKSC 42), fraud in the claims process (Versloot Dredging BV v HDI Gerling Industrie Versicherung AG [2016] UKSC 45 (The DC Merwestone)) and various degrees of stupidity leading to loss (Sheehan v Lloyds Names Munich Re Syndicate Ltd [2017] FCA 1340). It is written from the point of view of a first instance judge of the High Court, and is intended to set out the possible responses of New Zealand insurance law to these developments. The article also addresses some historical questions, for example, the statutory marine “warranty of legality” and the duty to “sue and labour”, and seeks to argue that there is no legal basis for these concepts
Marine insurance broker’s duties and liabilities
No full textThe conduct of Marine insurance broker is subject to the general principles of agency law. However, it is also affected by the traditional customs and contemporary market practices in the field of marine insurance. As a result, marine insurance broker’s duties and liabilities have unique features which are different or not that common for other general agents.Firstly, marine insurance brokers have duties that will not be observed by other general agents who effect a contract on behalf of their principal. For example, marine insurance broker has a personal liability to pay the premium under the marine insurance contract he obtained for the assured. Secondly, marine insurance broker’s multiple roles in the course of its business frequently raise the issue of conflict of duty and interest. Thirdly, the broker’s way of placing a cover makes it hard to put the line between the broker’s service of providing information and the service of providing advice. This is crucial for assessing the broker’s liabilities when he fails to obtain the cover for the assured.These exceptional features make marine insurance broker’s duties and liabilities a valuable topic for research. However, there is no scholarly monograph which specifically considers these matters. The thesis will examine whether the exceptional duties should be reformed to comply with the general law of contract and agency. If not, is there any reform that can be made to improve the clarity, certainty and fairness of these duties. The thesis will also identify the broker’s duties that are inclined to give rise to conflict of duty and interest and analyse how the issues are being treated by the court, and regulation authorities. Then the author will make recommendations on how to avoid the conflict of duties and interest. Finally, the thesis will discuss how the broker’s liabilities are being assessed and how the brokers can protect their own risks of extensive liability by inserting a limitation of liability clause in the retainer
FallFest : Kierrätysmateriaaleista valmistettavan pienmalliston suunnitteleminen POGOSTICK failure -merkille
No full textOpinnäytetyön aiheena oli sesongille syksy/talvi 2011-2012 ajoittuvan naisten pienmalliston suunnitteleminen POGOSTICK failure -merkille. Työn tekijä on itse toinen merkin suunnittelijoista ja opinnäytetyön ideointi-ja suunnitteluvaiheet hän toteutti yhdessä merkin toisen suunnittelijan kanssa. Suunnittelutyö oli materiaalilähtöistä ja suunnittelumenetelminä hän käytti sketchbookia ja työpäiväkirjaa. Tekijä tutki suunnittelutyötä varten sesongin syksy/talvi 2011-2012 trendiennusteita. Opinnäytetyön pohjana toimivat POGOSTICK failuren tuotteet sekä tekijän omat tiedot ja taidot kierrätysmateriaalien hyödyntämisestä ja muokkaamisesta.
Työssä selvitettiin vaatetus- ja tekstiiliteollisuuden ylijäämämateriaalien saatavuutta, koska mallisto tullaan valmistamaan kierrätys-ja ylijäämämateriaaleista. Opinnäytetyössään tekijä tutki elinkaarianalyysia ja tarkasteli POGOSTICK failuren tuotteiden suunnittelua ja valmistusta elinkaarien tarkastuslistan avulla.
Opinnäytetyön tarkoituksena oli suunnitella merkin tyyliin ja arvojen mukainen street fashion-mallisto. Mallisto sisältää vaatteita ja asusteita, yhteensä seitsemäntoista tuotetta. Opinnäytetyön lopputuloksena toteutettiin tuotekuvat ja esityskuvat malliston tuotteista.The subject of the final project with thesis was designing a small women's collection for the season autumn/winter 2011-2012 for the POGOSTICK failurebrand. The author is the other of the brand’s designers and the brainstorming and design stages she carried out with brand’s other designer. The author’s design was material-oriented and she used sketchbook and casebook as design methods. For the design work the author examined the trend predictions for the season autumn/winter 2011-2012. The final project with
thesis based on POGOSTICK failure’s products and the author’s own knowledge of and skills in using and modifying recycled materials.
In the final project with thesis the author found out the availability of surplus materials from clothing and textile industry because the collection will be manufactured from
recycled and surplus materials. The author examined life cycle analysis and POGOSTICK failure’s products with life cycle checklist.
The purpose of the final project with thesis was to design a street fashion collection that adapts the brand's style and values. The collection contains clothes and accessories,
altogether seventeen products. The presentation pictures and produc
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Insurance Contracts after the Insurance Act 2015
No full textThis is the author accepted manuscript. The final version is available online on Westlaw UK or from Thomson Reuters DocDel service.Discusses the provisions of the Insurance Act 2015 ss.10 and 11 on the consequences of an insured being in breach of a warranty or policy term respectively. Examines the background to the Act, including the perceived need to remedy the absence of a proportionality requirement when insurers seek to avoid a policy for breach of its conditions. Considers how the provisions differ from the proposals put forward by the Law Commission
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