Principles of International Insurance Law Essay Example | Topics and Well Written Essays - 750 words

Principles of International Insurance rectitude - Essay ExampleDid it operate as an inducement to the insurer to enter into the policy In order to be entitled to avoid a contract of redress or reinsurance on the launch of non-disclosure the insurer must show both that the fact not disclosed was material, and that its non-disclosure induced the contract. To be material a fact did not adopt to have a decisive influence on the mind of the prudent underwriter. The test is as stated in subsections 18(2) and 20(2) which relate to non-disclosure and deceit respectively and which set forth the common law principles relevant to non-marine (as well as marine) insurance. The material non-disclosure or misrepresentation must induce the contract. It is not sufficient that the non-disclosure or misrepresentation is material. . . . thither is to be implied in the Act of 1906 a qualification that a material representation will not entitle the underwriter to avoid the policy unless the misrepre sentation induced the making of the contract, using induced in the sense in which it is used in the general law of contract and in practice the song between misrepresentation and non-disclosure is often imperceptible.The claimants insured their yacht with the defendants for a value as certified by an independent valuer. The defendants claimed he had misrepresented the value in the proposal. The words sum insured indicated a ceiling on a claim on an unvalued policy. There was no indication from the insurers on the proposal form that they would have the value, but rather they asked only for the value to be insured. The policy was therefore an unvalued policy.HIH Casualty and General Insurance Ltd and Others -v- Chase Manhattan Bank and Others 2001 1 Lloyds repp 3019 Sep 2000QBDAikens JInsurance, MediaCasemap1 CitersAs a contract for speculation, a duty of utmost good faith is not implied in a contract insurance. The duty of disclosure by an insured can be limited by the contract as can the freedom of the insurance company to avoid liability. If the wording is clear enough, even a deliberate non-disclosure amounting concealment might be excused. Nevertheless the contract might be revokable at the option of the insurer.CourtCalifornia Appellate DistrictsTopicCivil Procedure, Contracts, Injury And Tort Law, Insurance LawTitleWilson v. 21st Century Ins. Co. interpret01/30/06Case NumberB180323SummarySummary judgment for defendant-insurer in an action for breach of contract and tortious bad faith in adjusting plaintiffs underinsured automobilist claim is reversed where triable issues of fact existed as to whether defendant failed to thoroughly investigate and evaluate plaintiffs claim, and plaintiff was entitled to additional discovery. http//caselaw.lp.findlaw.com/scripts/viewcase.plcourt=0&subject=Insurance+Law&casenum=&party=&date1=&date3=&date2=&search=SearchThe insured purchased a house, converted it to two apartments and left Cape Breton to find work in Briti sh Columbia. The house remained indolent