Insurance Contract Law PDF
By:Great Britain. Law Commission
Published on 2012 by The Stationery Office
This joint discussion paper covers the following issues: the business insured's duty of disclosure, and the law of warranties. Under current law, a business policyholder has a duty to disclose every material circumstance it knows about the risk it wants to insure. Failure to do so entitles the insurer to avoid the contract, which means the insurer may treat it as if it did not exist and refuse all claims. The duty is unclear and sometimes poorly understood, while the consequence of breach is too harsh. The proposals aim to clarify how policyholders are expected to comply with the duty when presenting a risk to insurers and to encourage insurers to assist them in that task. Fairer remedies for breach where the policyholder has not been dishonest., are proposed. An insurance warranty is an important term which, unless exactly complied with by the policyholder, results in the automatic discharge of the insurer's liability for loss. It makes no difference if the breach is trivial, not material to the risk or if the policyholder remedies the breach prior to loss being incurred.The Commissions propose that breach of a warranty should suspend the insurer's liability for the duration of the breach; remedy of the breach restores liability. Where a term is designed to reduce a particular type of risk, liability should only be suspended in relation to that risk. This would be mandatory for consumer insurance but subject to freedom to contract for business insurance.
This Book was ranked at 25 by Google Books for keyword Insurance Law.
Book ID of Insurance Contract Law's Books is o8PL0VPL_QUC, Book which was written byGreat Britain. Law Commissionhave ETAG "dW4Z8lgjgHk"
Book which was published by The Stationery Office since 2012 have ISBNs, ISBN 13 Code is 9780118405287 and ISBN 10 Code is 0118405284
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Book which have "239 Pages" is Printed at BOOK under CategoryBusiness and Economics
Book was written in en
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