By Yaw Otu Mankata Nyampong
ISBN-10: 3642324320
ISBN-13: 9783642324321
ISBN-10: 3642324339
ISBN-13: 9783642324338
This ebook explores the principal difficulties underlying the assurance of aviation conflict and terrorism dangers and linked perils. It significantly analyses the explanations why traditional assurance markets are unwilling or not able to supply sustainable insurance for aviation conflict and terrorism hazards within the aftermath of catastrophic occasions comparable to the terrorist occasions of September eleven, 2001. It additionally examines a few of the fashionable suggestions proposed and/or applied after 11th of September to figure out no matter if and to what quantity those strategies stay away from pointed out pitfalls. Like lots of life’s necessities, the significance of assurance is most obvious while it isn't on hand. The sheer scale and importance of the assurance losses that 11th of September brought on traditional coverage markets (which hitherto have been delivering beneficiant insurance for aviation struggle and terrorism hazards to air shipping operators for very little top class) to withdraw assurance forthwith. the consequent absence or insufficiency of business insurance for aviation conflict and terrorism hazards has sparked a world look for manageable and sustainable choices. Ten years have for the reason that elapsed, and regardless of a variety of efforts, the elemental difficulties stay unresolved. The ebook proceeds at the premise that the underlying matters usually are not solely criminal in nature; they've got enormous financial, mental and coverage implications that can not be underestimated. A multidisciplinary technique is for this reason utilized in analyzing the problems, drawing seriously upon analytical ideas tailored from legislations and economics and behavioural legislation and economics. it's was hoping that the ensuing learn might be necessary not just to legal professionals and people drawn to aviation assurance but in addition to economists, air shipping assurance application managers, capital industry traders and governmental policymakers, either on the nationwide and overseas levels.
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Extra info for Insuring the Air Transport Industry Against Aviation War and Terrorism Risks and Allied Perils: Issues and Options in a Post-September 11, 2001 Environment
Example text
133. 67 (1766) 3 Burr. 1905. 68 Idem, p. 1909, reproduced in Ivamy (1986) p. 119, footnotes omitted. 69 Merkin (2006) p. 133, fn. 4. 70 Ivamy (1986) p. 271. See Sect. 5 below for a discussion of conditions in insurance contracts. 71 Idem, p. 120. 73 This being the situation, the principle casts a duty upon the person who desires to be insured to make a full disclosure of all the material circumstances to the insurer without being asked,74 so that the contract may be entered into on an equal footing.
4, where the author notes that: “where the payment of the money or other benefit is discretionary and not obligatory, the contract is not one of insurance”. 40 Leigh-Jones et al. (2003) p. 4. R. 395. 2 Conventional Insurance: A Means of Spreading Risks 25 While payment of money appears to be the normal element of a contract of insurance, some doubts have been raised with regard to the issue of corresponding benefits; in particular as to how difficult it is to define the true limitations of this extension.
2007) p. VIII-181. 17 Idem, p. 9. 2 Conventional Insurance: A Means of Spreading Risks 21 back as 1601, the essence of the concept of insurance as a means of spreading and/ or managing risks through pooling was described in the often quoted preamble to the English Policies of Assurance Act18 as having existed “tyme out of mynde”, and as being: . . 20 Another commentator has succinctly described what insurance does as follows: Fundamentally, insurance represents the delicate balance between the uncertainty and the predictability of future events associated with unfavorable consequences.