By Yaw Otu Mankata Nyampong
This e-book explores the relevant difficulties underlying the coverage of aviation conflict and terrorism dangers and linked perils. It severely analyses the explanations why traditional coverage markets are unwilling or not able to supply sustainable insurance for aviation struggle and terrorism hazards within the aftermath of catastrophic occasions equivalent to the terrorist occasions of September eleven, 2001. It additionally examines a few of the renowned ideas proposed and/or applied after 9-11 to figure out even if and to what quantity those options steer clear of pointed out pitfalls. Like lots of life’s necessities, the significance of assurance is most obvious whilst it's not on hand. The sheer scale and value of the coverage losses that 9-11 triggered traditional coverage markets (which hitherto were supplying beneficiant insurance for aviation battle and terrorism hazards to air delivery operators for very little top rate) to withdraw assurance forthwith. the resultant absence or insufficiency of industrial insurance for aviation struggle and terrorism hazards has sparked a world look for potential and sustainable possible choices. Ten years have considering elapsed, and regardless of a number of efforts, the elemental difficulties stay unresolved. The ebook proceeds at the premise that the underlying matters aren't solely criminal in nature; they've got big financial, mental and coverage implications that can not be underestimated. A multidisciplinary process is for that reason utilized in studying the problems, drawing seriously upon analytical rules tailored from legislations and economics and behavioural legislation and economics. it's was hoping that the ensuing examine can be worthy not just to legal professionals and people attracted to aviation coverage but additionally to economists, air shipping assurance software managers, capital marketplace traders and governmental policymakers, either on the nationwide and foreign levels.
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Additional 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
Hodgin (2002) p. 2; see also Margo (2000) p. 9. 33  2 KB 658 p. 663. 34 Margo (2000) p. 173; Merkin (2006); Leigh-Jones et al. (2003) p. 162. 35 “In the majority of cases, a premium will be paid to the insurer, but this does not appear to be a prerequisite for the contract to qualify as one of insurance”. See Margo (2000) p. 9. See also Merkin (2006) p. 280, where the author notes by way of example that, “after the event” insurance—the type of insurance which provides the assured with an indemnity for his own legal costs and for any costs order made against him in favour of a third party should the assured fail in an action brought against the third party—operates on the basis that the assured does not pay any premium at the outset and is liable for the premium only if his action succeeds and a costs order is made against the third party that encompasses the premium payable under the policy.
33 In the following sections, we take a closer look at the various elements which distinguish a contract of insurance from all other types of contracts. 35 It is characteristic of a contract of insurance that “the amount of 31 Merkin (2006) p. 4. Hodgin (2002) p. 2; see also Margo (2000) p. 9. 33  2 KB 658 p. 663. 34 Margo (2000) p. 173; Merkin (2006); Leigh-Jones et al. (2003) p. 162. 35 “In the majority of cases, a premium will be paid to the insurer, but this does not appear to be a prerequisite for the contract to qualify as one of insurance”.
663. 52 Ivamy (1986) p. 4. 53 Merkin (2006) pp. 7–8. B. 84 p. 95. 55 Merkin (2006) p. 8. 56 Life and usually accident insurance policies fall within this category. Indemnity insurance on the other hand includes all forms of insurances in which loss forms an essential element. 57 The concept of indemnity will be discussed in detail below as one of the general principles of insurance. For present purposes, however, it suffices to say that loss is an essential element of insurance insofar as indemnity insurance is concerned.