Top 5 Everlasting Principles of Insurance Of certainty, principles ruled the world. For instance, Sir Isaac Newton propagated the acceleration due to gravity. That is whatever that go up must come down due to gravitational force. In like manner, insurance is subject to certain principles. Then, what is insurance? Insurance is a contract, a risk transfer mechanism whereby a company (Underwriter) promised to compensate or indemnify another...more
Insurance - Waiver Or Affirmation? The only remedy available to the insurer in the event of material non-disclosure or misrepresentation is the avoidance of the policy of insurance. It must then return the premium to the assured and parties will be returned to the status quo. Frequently, the insurer or its solicitors will write to the assured and state in simple terms that the contract of insurance is avoided and will then list the grounds...more
Authorisation of the Insurer in the United Kingdom An insurance company carrying on the business of insurance in the United Kingdom must be authorised by the Department of Trade and Industry under Sections 2 and 3 of the Insurance Companies Act 1982 ("the Act") and the Insurance Companies Regulations (1981). "Carrying on insurance business" would extend beyond simply underwriting, to cover running off the account and paying claims.We do not intend to discuss here the requirements of the Department of Trade and Industry, but failure to obtain authorisation has, historically, created considerable problems for parties to insurance contracts and reinsurance contracts. A series of cases in the 1980s, namely Bedford Insurance Co. Ltd. v. Instituto deResseguros do Brazil [1984] 1 Lloyd's Rep 210, Stewartv. OrientalFire Of Marine Insurance Co. Ltd. [1984] 2 Lloyd's Rep 109, and Phoenix General Insurance Co. of Greece S.A. v. Administratia Asigurarilor de Stat [1986] 2 Lloyd's Rep 552, all dealt with the problems of illegality. Finally, the Court of Appeal in Phoenix v. Adas decided that the lack of authorisation on the part of an insurer renders both the original insurance and the...more
Medigap Insurance Plans - What Do They Cover? There are several Medigap plans that cover a variety of aspects. They are lettered A by means of L. Medigap plan A covers hospital coinsurance. This is for days 61-90 as well as days 91-150 in the hospital. It also covers part B coinsurance, such as doctor's services, laboratory and x-ray...more
When you look to obtain a business insurance quote you will either be asked to declare certain information or complete a proposal form. This information will be used to provide you with a quotation and should you choose to accept the quote and incept an insurance policy, this information will form the basis of the policy that is taken out. It is a...more
There are many cheap HGV insurance quotes There has been a rise in the number of accidents involving HGV or heavy goods vehicles, many of which have occurred on days when it has been rainy or foggy. HGV insurance is therefore essential for HGV owners for this reason among many others to ensure that their vehicle is safely covered.It is a common misconception that HG V insurance has to be expensive –this is in fact not the case. There are cheap HGV insurance quotes available which will be able to offer quality coverage at an affordable price, but it is important to first be aware of the necessities of HG V insurance first and to be acquainted with these facts. This will make sure that not only will you be able to get coverage for both your driver and your vehicle, but you may also be able to find a cheap HGV insurance quote.There are two options available to heavy goods vehicle owners wishing to take out a HGV insurance policy. There are two different types of policy available. The first, known as a public liability policy provides coverage against damage done to the business by the general public. This type of policy also covers both the vehicles and the...more
Contact Insurance - Consideration, Fronting Generally, consideration is not an issue which will concern the parties to ARPI. The premium passes from the assured and the insurer agrees to provide cover according to the terms of the policy....more
Are you going to live forever? Of course not. As someone once said, life is terminal and no one gets out alive. Most of us understand that and have accepted it. We all want to leave this world with our financial affairs in good order. So we draft a...more
Only a few motorbikes are considered precious and are treasured by the owners for a long period of time. These bikes should be protected from the dangers of the roads and other mishaps and so many insurance companies have introduced classic bike...more
You always want the best when it comes to your business. In very detail involving the operation, quality control is strictly adhered to in order for you to achieve the ultimate profit. This is very true especially when you are in the trucking...more
Contents Insurance For Tenants - How to Find a Cheap Policy Contents insurance for tenants has assumed importance in recent years because of the rising factor of insecurities in our lives such as personnel bankruptcy, robberies, natural...more
Motor Insurance – Why You need It At this point, majority of the car owners already have their own car insurance. This is also known as motor insurance. They are aware that it is important to invest money which they can use if in case they...more