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View the related practice notes about Uberrimae fidei

General principles of insurance contract law

What is insurance law?Insurance law can be split into three parts:•insurance contract law which governs the contractual relationship between insureds and insurers•the law of intermediaries which regulates insurance business which is transacted through agents (this is true for most insurance business)•insurance company law which is concerned with the financial soundness, probity and regulation of insurance companiesThis Practice Note largely deals with insurance contract law. For more information on insurance regulation, see: General matters relating to insurance regulation—overview.Reform of the insurance sectorFollowing several previous attempts, most notably in 1980 (see the Law Commission’s 1980 report for details), in January 2006 the Law Commission and Scottish Law Commission (together the Law Commissions) started consulting on reforming insurance contract law. Following the consultation, the Law Commissions’ work was broken into three sub-projects:•consumer insurance law reform: pre-contract disclosure and misrepresentation•insurance contract law reform: business disclosure, warranties, insurers’ remedies for fraudulent claims, and late payment•insurance contract law reform: insurable interestConsumer insurance law reform—pre-contract disclosure and misrepresentationAfter the 2006 consultation, there followed a series of statements...

Use of insurance in aviation finance transactions

Use of insurance in aviation finance transactions Aircraft are high value assets, prone to damage and capable of causing destruction. Appropriate insurance coverage is a vital concern for financiers and the contents of the policies and their legal effect is an area where more attention is required than may be the case in other types of asset finance. This Practice Note considers insurances in a situation where an aircraft owner, as lessor, is leasing an aircraft to an airline as lessee. Where an aircraft has been financed by a bank or other lender, the issues identified as relevant to a lessor in this Practice Note will also be relevant to the aircraft financier. This is because in many aircraft finance structures, the financier will typically take security over the rights of the lessor against the lessee under the lease. The nature of insurance contracts A contract of insurance is a contract of indemnity for loss arising as a consequence of a specified peril (eg the loss caused by the...