This document provides information about an upcoming marine insurance seminar. It will include opening remarks by Pieter den Haan and presentations on English marine insurance law given by Chris Zavos and Patrick Foss from Norton Rose Fulbright LLP. Robert Hoepel from AKD Transport & Energy will give a presentation on some lessons from Dutch marine insurance law. Finally, there will be a discussion moderated by Haco van der Houven van Oordt. Contact information is provided for all the presenters.
Marine insurance provides coverage for losses incurred during maritime transport. There are several types of marine insurance policies including hull, cargo, freight, and liability insurance. Key aspects of marine insurance policies include indemnifying the assured for losses but not allowing them to profit, determining premium amounts based on risk assessments, and specifying covered risks and perils. Standard institute clauses are often used for hull and cargo insurance policies to clearly define coverage.
Presentation on Marine Insurance by law students from the Polytechnic University of the Philippines-College of Law, for Insurance Law under Commissioner Wilfredo Reyes.
Cargo insurance provides coverage for physical loss or damage to goods during transit by land, sea, or air. It is important for shippers to purchase cargo insurance since carrier liability provides limited coverage. There are several types of cargo insurance policies including open cover policies for multiple shipments and specific policies for single voyages. Cargo insurance offers all-risk coverage and covers losses from events like damage during loading/unloading, weather, and theft. Shippers can ensure both goods and shipping costs are covered.
The document discusses various aspects of marine insurance including key principles like indemnity, insurable interest, utmost good faith, and proximate cause. It describes different types of marine insurance policies like voyage and time policies. It also discusses warranties, the marine insurance market in London, and covers provided under hull and machinery (H&M) and protection and indemnity (P&I) insurance.
This document provides an overview of marine insurance and key concepts related to business risk management. It defines marine insurance as a contract where the insurer agrees to indemnify the insured for losses from marine adventures. Some key points covered include the meaning and purpose of marine insurance policies, principles like utmost good faith and insurable interest, types of policies and clauses, insured perils and exclusions, losses like total/partial/average losses, and warranties. The document also compares the different levels of coverage under the Institute Cargo Clauses A, B and C.
This document provides an overview of marine insurance law, including the main types of marine insurance, legal sources, insurance contracts, insurable interest, scope of cover, and causation. It discusses insurance related to ships and cargo, as well as the main legal sources in Norway including the Insurance Contracts Act, the Norwegian Marine Insurance Plan, and the Norwegian Cargo Clauses. Key aspects of marine insurance contracts such as parties, formation, jurisdiction, insurable interest, sums insured, scope of cover, and how losses are attributed to different causes are explained.
Mib 3.6 marine insurance on 09 10 12 copySanjeev Patel
Marine insurance protects against losses to ships, cargo, freight and other associated interests during marine adventures. There are various types of marine insurance policies that can be taken out, including hull insurance, cargo insurance, and liability insurances. Cargo insurance specifically protects physical damage or loss of goods during transit by land, sea or air. It is usually provided through Institute Cargo Clauses which determine the scope of coverage. Other types include open or voyage policies tailored for individual shipments, and contingency policies that protect the seller's interests.
This document discusses different types of marine insurance. It explains that marine insurance indemnifies the insured against losses related to marine adventures. It then discusses various types of marine insurance including hull insurance, which insures the ship itself and machinery; cargo insurance, which covers damage to goods in transit; and protection and indemnity insurance, which covers the shipowner's legal liabilities to third parties such as oil pollution claims. The document provides details on the types of risks and losses covered under each type of marine insurance.
Marine insurance provides coverage for losses incurred during maritime transport. There are several types of marine insurance policies including hull, cargo, freight, and liability insurance. Key aspects of marine insurance policies include indemnifying the assured for losses but not allowing them to profit, determining premium amounts based on risk assessments, and specifying covered risks and perils. Standard institute clauses are often used for hull and cargo insurance policies to clearly define coverage.
Presentation on Marine Insurance by law students from the Polytechnic University of the Philippines-College of Law, for Insurance Law under Commissioner Wilfredo Reyes.
Cargo insurance provides coverage for physical loss or damage to goods during transit by land, sea, or air. It is important for shippers to purchase cargo insurance since carrier liability provides limited coverage. There are several types of cargo insurance policies including open cover policies for multiple shipments and specific policies for single voyages. Cargo insurance offers all-risk coverage and covers losses from events like damage during loading/unloading, weather, and theft. Shippers can ensure both goods and shipping costs are covered.
The document discusses various aspects of marine insurance including key principles like indemnity, insurable interest, utmost good faith, and proximate cause. It describes different types of marine insurance policies like voyage and time policies. It also discusses warranties, the marine insurance market in London, and covers provided under hull and machinery (H&M) and protection and indemnity (P&I) insurance.
This document provides an overview of marine insurance and key concepts related to business risk management. It defines marine insurance as a contract where the insurer agrees to indemnify the insured for losses from marine adventures. Some key points covered include the meaning and purpose of marine insurance policies, principles like utmost good faith and insurable interest, types of policies and clauses, insured perils and exclusions, losses like total/partial/average losses, and warranties. The document also compares the different levels of coverage under the Institute Cargo Clauses A, B and C.
This document provides an overview of marine insurance law, including the main types of marine insurance, legal sources, insurance contracts, insurable interest, scope of cover, and causation. It discusses insurance related to ships and cargo, as well as the main legal sources in Norway including the Insurance Contracts Act, the Norwegian Marine Insurance Plan, and the Norwegian Cargo Clauses. Key aspects of marine insurance contracts such as parties, formation, jurisdiction, insurable interest, sums insured, scope of cover, and how losses are attributed to different causes are explained.
Mib 3.6 marine insurance on 09 10 12 copySanjeev Patel
Marine insurance protects against losses to ships, cargo, freight and other associated interests during marine adventures. There are various types of marine insurance policies that can be taken out, including hull insurance, cargo insurance, and liability insurances. Cargo insurance specifically protects physical damage or loss of goods during transit by land, sea or air. It is usually provided through Institute Cargo Clauses which determine the scope of coverage. Other types include open or voyage policies tailored for individual shipments, and contingency policies that protect the seller's interests.
This document discusses different types of marine insurance. It explains that marine insurance indemnifies the insured against losses related to marine adventures. It then discusses various types of marine insurance including hull insurance, which insures the ship itself and machinery; cargo insurance, which covers damage to goods in transit; and protection and indemnity insurance, which covers the shipowner's legal liabilities to third parties such as oil pollution claims. The document provides details on the types of risks and losses covered under each type of marine insurance.
This document provides an overview of marine insurance law in Scandinavia. It discusses the main types of marine insurance including insurance related to ships and cargo. It also covers the legal sources and framework in Norway including relevant acts and standard contracts. Key concepts in marine insurance contracts such as insurable interest, scope of cover, causation and perils insured are also summarized.
This presentation provides an overview of marine insurance. Marine insurance covers loss or damage of ships, cargo, terminals, and cargo during transport by land or water. It insures against risks such as fire, explosions, contact with water, accidents, derailment, pilferage, and non-delivery. Marine insurance policies can be time policies, voyage policies, mixed policies, floating policies, valued policies, unvalued policies, and more. The presentation defines key elements of marine insurance contracts and policies, different types of marine perils and losses, various warranties, and classifications of marine losses.
Marine Insurance, Perils in Marine Insurance, Types of Marine Policy, Principles of Marine Insurance, Importance of Marine Insurance, Prospects of Marine Insurance, Problems of Insurance Business in Nepal. Goods in Transit Insurance.
A contract of marine insurance is an agreement where an insurer agrees to indemnify an assured for losses arising from a marine adventure, or sea voyage. A marine adventure involves exposing insurable property, like a ship or goods, to maritime perils such as fire, war, pirates, or captures at sea. For a valid contract to exist, the assured must have an insurable interest in the marine adventure, such as having a financial interest in the safe arrival of insured property. There are different types of marine insurance policies that can be taken out, including voyage policies, time policies, and mixed policies, which can be valued or unvalued depending on if a sum is pre-agreed. The voyage described in the policy must be
Marine insurance covers risks associated with transporting cargo by sea. There are different types, including cargo insurance, which insures goods being transported, and hull insurance, which insures ships. Marine insurance contracts are based on principles like utmost good faith between the insured and insurer, indemnity where the insured is compensated for actual losses, and insurable interest where the insured must have a stake in what is insured. Features of marine insurance policies include payment of premiums, coverage periods, disclosure of material details about insured cargo, and claims processes.
A marine insurance policy is a contract between an insurer and insured that provides coverage for risks at sea or on inland waterways. There are several types of marine insurance policies that can be categorized based on the insured interest, time period, value, description of insured items, and issuing authority. The main types are hull insurance, cargo insurance, freight insurance, time policies, voyage policies, and policies issued by Lloyd's or insurance companies.
Marine insurance covers risks associated with transporting cargo by sea. It protects shipowners, cargo owners, and transport companies from financial losses. There are several types of marine insurance policies that cover different aspects like hulls, cargo, and freight. The key principles of marine insurance include utmost good faith between parties, the insured having an insurable interest, indemnifying only the extent of loss, and determining the proximate cause of loss when multiple causes contribute. Marine insurance helps ensure safe and reliable international trade by compensating losses from risks at sea.
This document discusses various types of marine insurance including Hull & Machinery (H&M) insurance. It provides details on H&M coverage under different clauses and conditions including the Norwegian Marine Insurance Plan, English Institute Time Clauses, and American Institute Hull Clauses. Key differences between all-risk and named perils policies are explained. The document also covers topics like insurable interests, total and partial losses, general average, collision liability, warranties, and differences between Norwegian and English insurance conditions.
This document discusses key documents related to marine insurance. It outlines various intermediaries involved in domestic and international trade such as agents, brokers, warehouse keepers, and shipping agents. It then describes two important marine insurance documents: open covers which provide blanket coverage for frequent shipments, and marine policies which specify risks covered, excluded, duration and claims processes. The document also notes several other policy documents like the schedule, surveyor's note, and certificate of insurance that provide important details of an insured shipment and claims handling.
This document discusses marine insurance. Marine insurance covers risks associated with transporting cargo, freight, ships, and other interests by sea. The key types of marine insurance discussed are cargo insurance, hull insurance, freight insurance, and liability insurance. Cargo insurance covers goods being transported by ship against risks like war, fire, theft, and confiscation. Hull insurance insures the ship itself against risks during voyage. Freight insurance covers the financial interest a shipping company has in freight charges. Liability insurance pays damages to third parties in the event of compensation liability. The document also outlines principles of marine insurance like insurable interest, implied warranties of seaworthiness, non-deviation of route, and legality of venture.
This document summarizes DSV Insurance's cargo insurance offerings. It provides an overview of DSV Insurance as the insurance company for the DSV Group, and describes their standard cargo insurance coverage options including all-risk coverage, storage insurance, total loss and general average coverage, consequential loss coverage, warehousing coverage, DSV Xpress shipment coverage, and general cargo insurance policies. Contact details are provided at the end for questions about DSV's cargo insurance.
This document discusses the important conditions and clauses found in marine insurance policies. It explains that there are generally three main types of clauses: hull clauses, cargo clauses, and freight clauses. Hull clauses cover losses related to vessels, cargo clauses define the scope of cargo insurance, and freight clauses cover losses of freight revenue. Some key clauses discussed include assignment clauses, "at and from" clauses, deviation clauses, sue and labor clauses, and various other clauses relating to specific risks or terms of the policy.
The laws relating to fire and marine insurance are of practical application to the industry, management and commerce sector. Therefore, a broad overview has been the attempt in this presentation.
This document discusses various types of marine insurance policies. Marine insurance covers goods being transported by sea, inland waterways, or air. It insures cargo and freight during transit, as well as ships and vessels. Common types of marine insurance policies include cargo insurance, hull insurance, and war risk insurance. Cargo insurance covers goods and products being shipped. Hull insurance covers vessels like ships, boats, and offshore rigs. War risk insurance provides additional coverage for risks like war and terrorism. The document outlines policy terms, exclusions, and claim procedures for different types of marine insurance.
TCB Insurance Programs, LLC is a wholesale insurance broker which provides the best fuel haulers cargo insurance through the top insurance carriers, service providers.
This document provides an introduction to insurance. It discusses what insurance is, the key parties involved (insurer, insured, beneficiary), and underwriting. It also outlines some of the basic principles of insurance, including insurability, legal requirements like indemnity and insurable interest, and the impacts of insurance like moral hazard and fraud. Finally, it discusses how insurance firms operate businesses through underwriting, investing premiums, and managing claims.
1. A vessel carrying segregated gasoline and gasoil cargoes was found to have off-specification gasoil upon arrival at the discharge port due to a contaminated flash point.
2. Testing revealed the double valve segregation between cargo tanks was not in place, allowing for a vapour phase contamination from the gasoline to impact the higher flash point gasoil.
3. Further gas chromatography–mass spectrometry testing of cargo samples identified the source of contamination as vapors from the gasoline cargo affecting the gasoil through the common inert gas system when segregation was breached.
This document provides information about marine liability insurance and law courses offered at Newcastle University in October 2017 and January 2018. It includes the course modules, lecture and tutorial dates, assignment due dates, and exam information. The document also summarizes the key types of marine insurance including Hull and Machinery (H&M) Insurance, Protection and Indemnity (P&I) Insurance, and Freight, Demurrage and Defense (FD&D) Insurance. It describes the risks each covers and obligations of shipowners.
Marine insurance covers losses from perils at sea for ships, cargo, and freight. It originated in ancient civilizations and developed further in medieval Italy and England. Lloyd's of London standardized marine insurance clauses. A marine insurance policy must specify the insured, subject, perils, voyage or time period, sum insured, and insurer. It can cover voyages, time periods, specific or floating property values. Perils of the sea are uncontrollable risks like storms, collisions, or war that could cause loss during ocean transport.
Marine insurance is the oldest branch of insurance that covers marine cargo and marine hull. It provides protection to cargo during transit by road, rail, sea, and air. The insurance commences from when goods are dispatched and covers them until delivery at the final destination or for up to 60 days after unloading from a vessel. Major requirements for marine cargo export insurance include the invoice value and voyage details. Standard clauses set by Lloyd's of London are used worldwide in marine export and import policies.
The document summarizes key changes and developments from the Insurance Act 2015 and recent related legislation:
- The Insurance Act 2015 introduced a new duty of fair presentation, proportionate remedies for non-fraudulent non-disclosure, suspension of liability for warranty breaches until remedy, and restrictions on contracting out of statutory protections.
- Recent case law confirmed insurers cannot avoid paying valid claims arising before a fraudulent act. The Enterprise Act 2016 allows insured to claim damages for late payment.
- Key issues include determining what constitutes a "fair" presentation, when liability is suspended for warranty breaches, and potential areas insurers may seek to contract out of protections.
Insurance act presentation - southampton May 2016Michael Howard
The document summarizes key changes brought about by the Insurance Act 2015 in the UK. It discusses reforms to the duty of fair presentation, remedies for unfair presentation, removal of the duty of utmost good faith, changes to treatment of warranties, provisions around contracting out, and implications of the late payments provisions in the Enterprise Act 2016. The goal of the reforms was to ensure better information exchange, reduce disputes between insurers and insured, and increase confidence in the insurance sector.
This document provides an overview of marine insurance law in Scandinavia. It discusses the main types of marine insurance including insurance related to ships and cargo. It also covers the legal sources and framework in Norway including relevant acts and standard contracts. Key concepts in marine insurance contracts such as insurable interest, scope of cover, causation and perils insured are also summarized.
This presentation provides an overview of marine insurance. Marine insurance covers loss or damage of ships, cargo, terminals, and cargo during transport by land or water. It insures against risks such as fire, explosions, contact with water, accidents, derailment, pilferage, and non-delivery. Marine insurance policies can be time policies, voyage policies, mixed policies, floating policies, valued policies, unvalued policies, and more. The presentation defines key elements of marine insurance contracts and policies, different types of marine perils and losses, various warranties, and classifications of marine losses.
Marine Insurance, Perils in Marine Insurance, Types of Marine Policy, Principles of Marine Insurance, Importance of Marine Insurance, Prospects of Marine Insurance, Problems of Insurance Business in Nepal. Goods in Transit Insurance.
A contract of marine insurance is an agreement where an insurer agrees to indemnify an assured for losses arising from a marine adventure, or sea voyage. A marine adventure involves exposing insurable property, like a ship or goods, to maritime perils such as fire, war, pirates, or captures at sea. For a valid contract to exist, the assured must have an insurable interest in the marine adventure, such as having a financial interest in the safe arrival of insured property. There are different types of marine insurance policies that can be taken out, including voyage policies, time policies, and mixed policies, which can be valued or unvalued depending on if a sum is pre-agreed. The voyage described in the policy must be
Marine insurance covers risks associated with transporting cargo by sea. There are different types, including cargo insurance, which insures goods being transported, and hull insurance, which insures ships. Marine insurance contracts are based on principles like utmost good faith between the insured and insurer, indemnity where the insured is compensated for actual losses, and insurable interest where the insured must have a stake in what is insured. Features of marine insurance policies include payment of premiums, coverage periods, disclosure of material details about insured cargo, and claims processes.
A marine insurance policy is a contract between an insurer and insured that provides coverage for risks at sea or on inland waterways. There are several types of marine insurance policies that can be categorized based on the insured interest, time period, value, description of insured items, and issuing authority. The main types are hull insurance, cargo insurance, freight insurance, time policies, voyage policies, and policies issued by Lloyd's or insurance companies.
Marine insurance covers risks associated with transporting cargo by sea. It protects shipowners, cargo owners, and transport companies from financial losses. There are several types of marine insurance policies that cover different aspects like hulls, cargo, and freight. The key principles of marine insurance include utmost good faith between parties, the insured having an insurable interest, indemnifying only the extent of loss, and determining the proximate cause of loss when multiple causes contribute. Marine insurance helps ensure safe and reliable international trade by compensating losses from risks at sea.
This document discusses various types of marine insurance including Hull & Machinery (H&M) insurance. It provides details on H&M coverage under different clauses and conditions including the Norwegian Marine Insurance Plan, English Institute Time Clauses, and American Institute Hull Clauses. Key differences between all-risk and named perils policies are explained. The document also covers topics like insurable interests, total and partial losses, general average, collision liability, warranties, and differences between Norwegian and English insurance conditions.
This document discusses key documents related to marine insurance. It outlines various intermediaries involved in domestic and international trade such as agents, brokers, warehouse keepers, and shipping agents. It then describes two important marine insurance documents: open covers which provide blanket coverage for frequent shipments, and marine policies which specify risks covered, excluded, duration and claims processes. The document also notes several other policy documents like the schedule, surveyor's note, and certificate of insurance that provide important details of an insured shipment and claims handling.
This document discusses marine insurance. Marine insurance covers risks associated with transporting cargo, freight, ships, and other interests by sea. The key types of marine insurance discussed are cargo insurance, hull insurance, freight insurance, and liability insurance. Cargo insurance covers goods being transported by ship against risks like war, fire, theft, and confiscation. Hull insurance insures the ship itself against risks during voyage. Freight insurance covers the financial interest a shipping company has in freight charges. Liability insurance pays damages to third parties in the event of compensation liability. The document also outlines principles of marine insurance like insurable interest, implied warranties of seaworthiness, non-deviation of route, and legality of venture.
This document summarizes DSV Insurance's cargo insurance offerings. It provides an overview of DSV Insurance as the insurance company for the DSV Group, and describes their standard cargo insurance coverage options including all-risk coverage, storage insurance, total loss and general average coverage, consequential loss coverage, warehousing coverage, DSV Xpress shipment coverage, and general cargo insurance policies. Contact details are provided at the end for questions about DSV's cargo insurance.
This document discusses the important conditions and clauses found in marine insurance policies. It explains that there are generally three main types of clauses: hull clauses, cargo clauses, and freight clauses. Hull clauses cover losses related to vessels, cargo clauses define the scope of cargo insurance, and freight clauses cover losses of freight revenue. Some key clauses discussed include assignment clauses, "at and from" clauses, deviation clauses, sue and labor clauses, and various other clauses relating to specific risks or terms of the policy.
The laws relating to fire and marine insurance are of practical application to the industry, management and commerce sector. Therefore, a broad overview has been the attempt in this presentation.
This document discusses various types of marine insurance policies. Marine insurance covers goods being transported by sea, inland waterways, or air. It insures cargo and freight during transit, as well as ships and vessels. Common types of marine insurance policies include cargo insurance, hull insurance, and war risk insurance. Cargo insurance covers goods and products being shipped. Hull insurance covers vessels like ships, boats, and offshore rigs. War risk insurance provides additional coverage for risks like war and terrorism. The document outlines policy terms, exclusions, and claim procedures for different types of marine insurance.
TCB Insurance Programs, LLC is a wholesale insurance broker which provides the best fuel haulers cargo insurance through the top insurance carriers, service providers.
This document provides an introduction to insurance. It discusses what insurance is, the key parties involved (insurer, insured, beneficiary), and underwriting. It also outlines some of the basic principles of insurance, including insurability, legal requirements like indemnity and insurable interest, and the impacts of insurance like moral hazard and fraud. Finally, it discusses how insurance firms operate businesses through underwriting, investing premiums, and managing claims.
1. A vessel carrying segregated gasoline and gasoil cargoes was found to have off-specification gasoil upon arrival at the discharge port due to a contaminated flash point.
2. Testing revealed the double valve segregation between cargo tanks was not in place, allowing for a vapour phase contamination from the gasoline to impact the higher flash point gasoil.
3. Further gas chromatography–mass spectrometry testing of cargo samples identified the source of contamination as vapors from the gasoline cargo affecting the gasoil through the common inert gas system when segregation was breached.
This document provides information about marine liability insurance and law courses offered at Newcastle University in October 2017 and January 2018. It includes the course modules, lecture and tutorial dates, assignment due dates, and exam information. The document also summarizes the key types of marine insurance including Hull and Machinery (H&M) Insurance, Protection and Indemnity (P&I) Insurance, and Freight, Demurrage and Defense (FD&D) Insurance. It describes the risks each covers and obligations of shipowners.
Marine insurance covers losses from perils at sea for ships, cargo, and freight. It originated in ancient civilizations and developed further in medieval Italy and England. Lloyd's of London standardized marine insurance clauses. A marine insurance policy must specify the insured, subject, perils, voyage or time period, sum insured, and insurer. It can cover voyages, time periods, specific or floating property values. Perils of the sea are uncontrollable risks like storms, collisions, or war that could cause loss during ocean transport.
Marine insurance is the oldest branch of insurance that covers marine cargo and marine hull. It provides protection to cargo during transit by road, rail, sea, and air. The insurance commences from when goods are dispatched and covers them until delivery at the final destination or for up to 60 days after unloading from a vessel. Major requirements for marine cargo export insurance include the invoice value and voyage details. Standard clauses set by Lloyd's of London are used worldwide in marine export and import policies.
The document summarizes key changes and developments from the Insurance Act 2015 and recent related legislation:
- The Insurance Act 2015 introduced a new duty of fair presentation, proportionate remedies for non-fraudulent non-disclosure, suspension of liability for warranty breaches until remedy, and restrictions on contracting out of statutory protections.
- Recent case law confirmed insurers cannot avoid paying valid claims arising before a fraudulent act. The Enterprise Act 2016 allows insured to claim damages for late payment.
- Key issues include determining what constitutes a "fair" presentation, when liability is suspended for warranty breaches, and potential areas insurers may seek to contract out of protections.
Insurance act presentation - southampton May 2016Michael Howard
The document summarizes key changes brought about by the Insurance Act 2015 in the UK. It discusses reforms to the duty of fair presentation, remedies for unfair presentation, removal of the duty of utmost good faith, changes to treatment of warranties, provisions around contracting out, and implications of the late payments provisions in the Enterprise Act 2016. The goal of the reforms was to ensure better information exchange, reduce disputes between insurers and insured, and increase confidence in the insurance sector.
Avoiding the Minefields of Claims-Made Insurance PoliciesL. D. Simmons
Many liability insurance policies are now issued on claims-made policy forms. As a business owner, risk manager or insurance broker, it is important to understand the difference between occurrence-based and claims-made forms and the key insurance coverage issues that arise in connection with claims made insurance. This presentation addresses these important topics.
This document discusses key concepts in insurance law. It defines insurance as a means of transferring risk through a contract where the insurer agrees to indemnify or pay benefits to the insured if a specified risk occurs, in exchange for a premium. The three branches of insurance law are insurance contract law, regulation of insurers, and laws regarding insurance intermediaries. Different types of insurance are distinguished based on the interest protected, duration, and peril insured against. Key requirements for a valid insurance contract and the process of claims are also outlined.
The Insurance Bill 10th December 2014 Clyde & CoRoger Oldham
The document summarizes key points about proposed changes to insurance contract law in the Insurance Bill. It discusses 10 key points, including:
1. Basis of contract clauses will be abolished and all warranties will become "suspensive conditions".
2. Insurers must make a "fair presentation" of risks and may not "data dump".
3. Putting the insurer "on notice" that further inquiries are needed could constitute a "fair presentation".
4. The bill proposes guidance on determining knowledge of insureds, brokers, and insurers.
5. Remedies for misrepresentation and non-disclosure will include proportionate responses rather than just avoidance.
6. Insurers may
THE NUTS & BOLTS OF BANKRUPTCY LAW 2022: The Nuts & Bolts of a Lift Stay MotionFinancial Poise
Most businesses of any meaningful size in the United States have a line of credit or term loan with a bank or other lender that is secured by a lien on substantially all of the assets of that business. One of the strongest tools in a secured lender’s toolbox is the ability to ask the bankruptcy court to lift or modify the automatic stay to allow the secured lender to get to its collateral. Needless to say, the debtor will often oppose the lender’s request. This is just one of many aspects of litigation surrounding the automatic stay. The bankruptcy code provides for specific circumstances under which relief from the stay is permitted, and litigation over whether the requisite conditions exist is common. This webinar discusses the scope of the automatic stay and the procedure and grounds for seeking relief.
Part of the webinar series:
THE NUTS & BOLTS OF BANKRUPTCY LAW 2022
See more at https://www.financialpoise.com/webinars/
David Quinlan from Pinsent Masons explains the basics of contract law for sport and recreation organisations – from the Sport and the Law Conference 2014.
Global Offshore Wind Trends-Implications and Challenges for TaiwanEiger
This document summarizes some key challenges for Taiwan's offshore wind industry based on trends in Europe. It notes that zero-subsidy auction bids in Germany benefited from factors not present in Taiwan, such as longer construction timelines and existing infrastructure. Other challenges for Taiwan include uncertainty regarding grid connections from Taipower, supplier default risks given differences from European contract law, and difficulties transferring project rights in the event of developer insolvency. The document analyzes various civil code provisions around limitations periods, notices for defects, and the complexity of transferring rights for both incorporated and unincorporated project developers.
The document discusses key changes to insurance law under the Insurance Act 2015 regarding fair presentation, wordings, warranties, and claims. It covers requirements for insureds to fairly present material information, limitations on insurers' ability to contract out of duties, treating warranties as suspensive conditions, and proportionate remedies for non-fraudulent breaches of fair presentation. It also notes implications for claims handling, including potential retrospective underwriting, effects of average conditions, and damages for late claim payments.
Insurance act presentation - Manchester June 2016 FINALMichael Howard
The document discusses key changes to insurance law under the Insurance Act 2015 regarding fair presentation, wordings, warranties, and claims. It covers requirements for insureds to fairly present material information, limitations on insurers' ability to contract out of duties, treating warranties as suspensive conditions, and proportionate remedies for non-fraudulent breaches of fair presentation. It also notes implications for claims handling, including potential retrospective underwriting, effects of average conditions, and damages for late claim payments.
The document summarizes key aspects of consumer credit agreements under the National Credit Act. It discusses how the NCA aims to provide a single system of consumer credit regulation and promote a fair credit market, protecting consumers. It outlines the application and exclusions of the Act, different types of credit agreements, roles of regulatory bodies, registration requirements, consumer rights and protections against reckless lending.
On 27 November Browne Jacobson hosted a training session for the Property Managers Association (PMA).
This is the second successive year we have hosted such an event, which was well attended and which received great feedback from delegates. The session covered the following topics:
Dilapidations – looking into some of the more complex aspects of a dilapidations claim.
Heads of terms – are we speaking the same language?
Lease renewals – concentrating on topical issues from our recent experience including interim rent, registration of proceedings and obtaining a break from the court.
Case law update – a review of the past year’s decisions.
This document provides an overview and summary of New York law regarding bad faith claims against insurance companies. It discusses what constitutes a prima facie case of bad faith refusal to settle, including establishing gross disregard of the insured's interests and loss of an actual settlement opportunity. Factors courts consider in determining bad faith are outlined. The document also reviews key cases like Pavia v State Farm that changed the bad faith litigation landscape in New York.
The Insurance Act 2015 (IA 2015) comes into force on August 12, 2016 and applies to non-consumer contracts of insurance governed by English law. It introduces several key changes, including modifying the insured's pre-contractual duty from utmost good faith to a duty to make a "fair presentation of risk." It also abolishes the insurer's power to avoid the contract for a breach of utmost good faith, instead providing proportionate remedies for a breach of the duty to make a fair presentation. Warranties will operate as suspensive conditions only during the period of breach. The Act also establishes a statutory regime for fraudulent claims. Contracting out is permitted if disadvantageous terms are transparently presented.
This document provides an overview of mortgages and security interests. It defines key terms like secured vs unsecured loans and security interests. It describes different types of mortgages including conventional, adjustable rate, interest-only, balloon payment, and reverse mortgages. It explains the roles of Fannie Mae, Ginnie Mae, and Freddie Mac in the mortgage market and how securitization contributed to the financial crisis through risky loans like liar loans and NINJA loans. It also covers creating security interests in personal property and requirements for attachment.
1. There are multiple parties that could potentially be liable for injuries arising from entertainment events including the venue, performers, security, concessionaires, and promoters.
2. These parties often have overlapping insurance coverage like general liability policies, and disputes can arise around whether a party is an additional insured for a particular loss.
3. The allocation of liability between insurers is complex and depends on factors like whether the same risk, interest, and insured are covered by the different policies. The policies may also contain "other insurance" clauses addressing overlapping coverage.
This document discusses consultant liability under environmental law in Canada. It begins by outlining obligations and liabilities for professional engineers under the Professional Engineers Act, including the duty to prioritize public welfare. It then discusses potential discipline actions for issues of professional misconduct or incompetence. Professional misconduct is defined, and can include negligence, failure to correct dangerous situations, or undertaking work outside one's experience. Penalties for misconduct or incompetence include revoking or suspending licenses. The document concludes by discussing liability in tort and contract, including how contractual clauses can limit liability if certain conditions are met. It provides examples of cases where limitation clauses were found to be invalid.
The document provides a summary of a presentation on frustration, force majeure, and sanctions clauses. It discusses how these legal concepts can provide relief for unexpected events that make contract performance difficult or impossible. It also provides tips on drafting contracts to allocate risks and define what events would trigger these clauses.
Settlement Agreements, Refreshing Law ltd slides, March 2020James Cheetham
Covering the requested topic of settlement agreements, and how to maximise their potential. The slides were originally for an event on the 24th March 2020, and due to COVID-19, this has been adapted into a podcast found here: https://yolkrec.podbean.com/e/hr-insights-settlement-agreements-march-2020/
Guide on the use of Artificial Intelligence-based tools by lawyers and law fi...Massimo Talia
This guide aims to provide information on how lawyers will be able to use the opportunities provided by AI tools and how such tools could help the business processes of small firms. Its objective is to provide lawyers with some background to understand what they can and cannot realistically expect from these products. This guide aims to give a reference point for small law practices in the EU
against which they can evaluate those classes of AI applications that are probably the most relevant for them.
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Marine Insurance seminar
1. Marine Insurance seminar
28 November 2018
Chris Zavos and Patrick Foss
Norton Rose Fulbright LLP
Pieter den Haan, Robert Hoepel and Haco van der Houven van Oordt
AKD Transport & Energy
2. Norton Rose Fulbright LLP
Chris Zavos
chris.zavos@nortonrosefulbright.com
+44 (0)20 7444 2209
2
Patrick Foss
Patrick.foss@nortonrosefulbright.com
+44 (0)20 7444 2202
3. AKD Transport & Energy
Pieter den Haan
pdenhaan@akd.nl
+31 88 253 5420
Haco van der Houven van Oordt
hvanoordt@akd.nl
+31 88 253 5392
Robert Hoepel
rhoepel@akd.nl
+31 88 253 5311
4. Welcome
• Opening speech by Pieter den Haan
• English marine insurance – the new law
- Chris Zavos and Patrick Foss
• Marine Insurance – Some Dutch lessons
- Robert Hoepel
• Discussion
- Haco van der Houven van Oordt
10. Program
• Opening speech by Pieter den Haan
• English marine insurance – the new law
- Chris Zavos and Patrick Foss
• Marine Insurance – Some Dutch lessons
- Robert Hoepel
• Discussion
- Haco van der Houven van Oordt
11. English marine insurance – the new law
Chris Zavos and Patrick Foss
Partners
Norton Rose Fulbright LLP
28 November 2018
12. Outline
12
• The new pre-contractual duty to
make a “fair presentation of the
risk” to insurers.
• The new remedies available to
insurers for a breach of this duty.
• Changes to the law relating to
breach of warranties and other
policy terms.
• The availability of damages for
late payment of claims by
insurers.
• The definition of fraudulent claims
following the Supreme Court
decision in the “DC Merwestone”
(2016).
• Clarification of the remedies
available to Insurers in respect of
a fraudulent claim.
13. Introduction
13
• Insurance Act 2015 replaces
large parts of the Marine
Insurance Act 1906
• Single biggest change to English
insurance law in 300 years
• Far reaching changes
• Applies to new risks or variations
post 12 August 2016
• More changes for new risks post
4 May 2017
• Many parts of the Act are
“optional” but limited contracting
out in the marine market
• As yet, no reported English Court
decisions
14. 1. Fair Presentation
14
The old law
• Duty on assured (and brokers) to
disclose:
– every material circumstance;
– which they knew/ought to know;
– prior to inception.
• Inducement - any material non-
disclosure or misrepresentation
must have induced the actual
underwriter to write the risk on the
terms he/she did
• Single remedy – avoidance
• Win or lose all remedy – “a blot
on English insurance law”.
15. 1. Fair Presentation
15
The new law
• Duty to make a fair presentation of the risk
• Clear and accessible disclosure of every material
circumstance known or which ought to be known
to the Insured; or
• Sufficient information to put Insurers on enquiry to
enable Insurers to ask questions
• Knowledge of the Insured
• Matters expected to be revealed by a
“reasonable search”
• Matters known to a corporate Insured’s senior
management
• Matters known to those responsible for arranging
the insurance (including Brokers)
• Exceptions
• Information known (or which ought to be known)
to the Underwriter
• Things which are common knowledge
• Things reasonably expected to be known to an
Insurer writing the class of business in question
16. 2. Remedies
16
Was Insured’s breach
deliberate or reckless?
Avoidance and no
return of premium
Would the Underwriter in
question not have entered into
the contract on any terms?
Avoidance and
return of premium
Would different terms
(not relating to premium)
have been imposed?
Terms inserted with
retrospective effect
Would a higher premium
have been charged?
Claim reduced
proportionately
Yes
No
Yes
Yes
No
Yes
Yes/
No
17. 2. Remedies – removal of the “blot”
17
Was Insured’s breach
deliberate or reckless?
The Galatea
• Insured for €13 million
• Before cover was placed, valued at about €7
million and on sale at €8 million
• Insurers avoid on the basis that real value was
substantially less than the insured value
Claim failed and no indemnity
payable
Insurance would not have
been avoided
Insurers’ only remedy was
avoidance
but amended to reduce
insured value to €8 million,
with retrospective effect
old
law
18. 3. Warranties and Conditions
18
• The old law
• Breach of warranty
automatically terminates
insurer’s liability from date of
breach
• No possibility that a corrected
breach would save the insured
• Non-causative breach a
defence for an insurer
• As a result:
• judicial efforts to lessen the
injustice for insureds
• suspensive effect
• construed very narrowly against
Insurers
19. 3. Warranties and Conditions
19
• The new law under sect 10
• suspensive effect to warranties
i.e. breach can be remedied
prior to loss and the loss
recovered
• special provisions on late
compliance with time-sensitive
warranties:
remedied once "the risk to
which the warranty relates
later becomes essentially the
same as that originally
contemplated by the parties“
• Insurers may still rely on non-
causative breach, subject sect
11
20. 3. Warranties and conditions
20
• The new law: section 11
considers relevance of a breach and may operate
to save a claim, which would fail on the old law
applies to warranties and other terms/conditions
(possibly exclusions)
but not terms which “define the risk as a whole”
• If a term is breached regarding
prevention of loss
of a particular kind
at a particular location
at a particular time
• then the insured may still recover if the
insured can demonstrate that
compliance with the term would not
have reduced the risk of loss of the type
which actually occurred
• Simple … relevance and not causation?
21. 3. Warranties and Conditions
21
Terms which “define the risk
as a whole”
• Terms defining the nature of the
business or geographical limits
• class?
• navigation limits?
• towage?
• sanctions clauses?
• condition surveys?
22. 4. Damages for Late Payment of Claims
22
The Old Law
• “Hold harmless” principle
• No “damages on damages”
• Sprung v Royal Insurance (UK)
Ltd [1999] 1 Lloyd’s Rep IR 111
The New Law
• Applies to all contracts of
(re)insurance written on or after 4
May 2017
• Implied term of every insurance
contract that Insurers
must pay any sums due in
respect of the claim within a
“reasonable time”
23. 4. Damages for Late Payment of Claims
23
What is a “reasonable time”?
• Reasonable time to “investigate and
assess” the claim
• Depends on all relevant
circumstances:
– Type of insurance
– Size and complexity of the claim
– Compliance with any relevant statutory or
regulatory rules or guidance
– Factors outside Insurers’ control
24. 4. Damages for Late Payment of Claims
24
Consequences of a Breach
• Insured may have a claim
for damages
• Insured would need to establish:
– Actual loss suffered
– Causation
– Loss was foreseeable (Hadley v
Baxendale [1854] 9 Ex 341)
– Reasonable steps taken to mitigate
the loss
Disputed Claims
• Reasonable grounds?
• Insurers’ conduct
25. 4. Damages for Late Payment of Claims
25
Claims Handling for insurers
• Assume handling of a claim will be subject to forensic examination later
• Update Insured/Broker regularly
• Act on new information promptly
• Maintain clear records of progress of claim and decisions taken
• Regular reviews/peer reviews of claims
• Manage adjusters and lawyers proactively
• Consider interim payments on account where coverage is confirmed but
quantum remains in issue
• Ensure settlement agreements/releases are sufficiently broad
26. 4. Damages for Late Payment of Claims
26
Issues/Uncertainties
• Exercise of claims control by
Reinsurers?
• Damages for late payment
recoverable under reinsurance?
• Layered programmes –
unreasonable delay by
primary layer?
• Subscription market –
conduct of leaders?
27. 5. Fraudulent Claims – what are they?
27
Definition
False representation made:
• in the knowledge that it is false; or
• without belief in its truth; or
• recklessly, careless as to whether
it is true or false
• Derry v Peek [1889]
Types of Fraudulent Claim
• Fabrication of entire claim
• Exaggeration of genuine claim
• “Fraudulent device”?
– Claim is genuine but the insured supplies
false information in support.
28. 5. Fraudulent Claims – what are they?
28
Versloot Dredging BV v HDI Gerling
Industrie Versicherung AG [2016]
UKSC 45
• Engine room flooding.
• Vessel managers alleged that the
bilge alarm had sounded.
• At first instance, this lie resulted in
forfeiture of entire claim.
• Decision upheld by Court of
Appeal.
• Supreme Court (4:1) held that the
use of a fraudulent device or
“collateral lie” to support a valid
claim did not render the claim
fraudulent.
• “The lie is dishonest, but the claim
is not”.
29. 6. Remedies for fraudulent claims
29
• Old law position was uncertain
– Breach of duty of good faith?
– Common law rule of forfeiture?
• Remedies under the Insurance Act 2015
– No liability to pay the claim
– Recovery of sums previously paid in respect of the claim
– Insurers may treat the contract as terminated from the time of the fraudulent
act (no requirement to return premium)
30. 7. Brexit
30
• Background
– Referendum 23 June 2016
– Article 50 invoked on 29 March 2017
– Transition period from 29 March 2019 – currently 21 months
– EU withdrawal agreement/political declaration.
• UK options
– Parliament approves deal
– Parliament rejects deal
– Revoke Article 50 – ECJ ruling
– Extend Article 50
– Further negotiations
– No deal
– Second referendum
• Impact on commercial and insurance contracts
31.
32. Disclaimer
Norton Rose Fulbright US LLP, Norton Rose Fulbright LLP, Norton Rose Fulbright Australia, Norton Rose Fulbright Canada LLP and Norton Rose Fulbright South Africa Inc are separate legal entities
and all of them are members of Norton Rose Fulbright Verein, a Swiss verein. Norton Rose Fulbright Verein helps coordinate the activities of the members but does not itself provide legal services to
clients.
References to ‘Norton Rose Fulbright’, ‘the law firm’ and ‘legal practice’ are to one or more of the Norton Rose Fulbright members or to one of their respective affiliates (together ‘Norton Rose
Fulbright entity/entities’). No individual who is a member, partner, shareholder, director, employee or consultant of, in or to any Norton Rose Fulbright entity (whether or not such individual is
described as a ‘partner’) accepts or assumes responsibility, or has any liability, to any person in respect of this communication. Any reference to a partner or director is to a member, employee or
consultant with equivalent standing and qualifications of the relevant Norton Rose Fulbright entity.
The purpose of this communication is to provide general information of a legal nature. It does not contain a full analysis of the law nor does it constitute an opinion of any Norton Rose Fulbright
entity on the points of law discussed. You must take specific legal advice on any particular matter which concerns you. If you require any advice or further information, please speak to your usual
contact at Norton Rose Fulbright.
32
33. Marine insurance – some Dutch lessons
Robert Hoepel
AKD Transport & Energy
34. Topics for today
1. Duty of disclosure (mededelingsplicht)
2. Late payment consequences
3. ‘Warranties’ (vervalbedingen, preventieve garanties)
35. Duty of disclosure (I)
Article 7:928 (1) CC:
“Prior to concluding the contract the policyholder must disclose to the insurer all facts
of which he is or ought to be aware and on which, as he knows or ought to
understand, the decision of the insurer whether, and if so, on what terms, the latter is
willing to conclude the insurance will or may depend.”
Article 7:928 (4) CC:
“The disclosure obligation does not extend to facts of which the insurer is already or
ought to be aware, or to facts which would not have resulted in a less favourable
decision for the policyholder. (…)”
35
36. Duty of disclosure (II)
Article 7:930 (2) CC:
“The agreed payment must be made in full, if any facts not or incorrectly disclosed
are immaterial for assessment of the risk as this materialized.”
Proportional reduction of payment by non-disclosure if the insurer would have
stipulated a higher premium or a reduced insured sum. If the insurer would have
stipulated other terms had he been aware of the true state of affair, then payment
will only be due as if such terms were included in the contract (article 7:930 (3) CC).
No payment will be due if the insurer would not have concluded an insurance had he
been aware of the true state of affairs (article 7:930 (4) CC).
36
37. Duty of disclosure (III)
No payment will be due if the insurer would not have concluded an insurance had he
been aware of the true state of affairs (article 7:930 (4) CC)
Supreme Court 5 October 2018, ECLI:NL:HR:2018:1841, (X/Delta Lloyd
Schadeverzekeringen NV)
37
39. Warranties (I)
Description of cover – ‘This insurance covers (…)’
Exclusions – ‘This insurance does not cover (…)’ or ‘Excluded is any damage (…)’
Warranties – ‘Breach of the obligations of the policy terminates insurers’ liability’
39
40. Warranties (II)
Article 6:248 CC – principle of reasonableness and fairness
Supreme Court in Bicak / Aegon (NJ 2001/210)
Supreme Court in Winterthur / Jansen (Valschermzweeftoestel) (NJ 2006/326)
Court of Appeal in CHARLOTTE (S&S 2012/117) (see also S&S 2013/120 for the
Supreme Court ruling)
40
41. Warranties (III)
Passage Gulf of Aden
“This insurance does only cover a Gulf of Aden passage if the vessel is sailing in
convoy.”
Or:
“Warranted that the vessel will only pass the Gulf of Aden in convoy.”
41