Insurance protects the individual or entity from devastating loses which can occur through accidents and other relatively uncommon yet events devastating events (Gollier, 2003). To be insurable, the risk insured must meet certain criteria including the nature of the incident and…
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The Convention recognized the inherent risks of the aviation industry, thus, it seek to protect the airline companies by putting limitations on its liabilities towards it passengers and cargo.
To strike a balance between protecting the interest of the airline companies and protecting the welfare of the passengers, the framers of the Warsaw Convention 1929 instituted provisions that define the certain terms. Section 17 of the Warsaw convention specifically said that,
“The carrier is liable for damage sustained in the event of the death or wounding of a passenger or any other bodily injury suffered by a passenger, if the accident which caused the damage so sustained took place on board the aircraft or in the course of any of the operations of embarking or disembarking. “
The definition of “accident” according to the Warsaw Convention has been the subject of many debates and arguments in and outside of the courts for several years. In settling arguments, the courts have defined the word “accident” in many decided cases both in the United States and the in the United Kingdom. To get a clearer picture of how the courts define the word “accident” and how this definition has affected the insurable interests of aircrafts and their passengers, let us take a closer look at the leading cases decided by the Courts.
The definition of the word “accident” in the airline industry is the same in both the United States and the United Kingdom. Note that the Warsaw Convention was meant to establish a uniform liability of airline companies towards their passengers thus, the courts, in defining the word “accident” according to Article 17 of the convention, adopt a more or less interpretation.
According to the provisions of the Warsaw Convention, it is not enough that the carrier failed to convince the court that it took all necessary
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(Law Of International Insurance Contracts Essay Example | Topics and Well Written Essays - 2500 Words - 1)
“Law Of International Insurance Contracts Essay Example | Topics and Well Written Essays - 2500 Words - 1”, n.d. https://studentshare.org/miscellaneous/1565548-law-of-international-insurance-contracts.
On the other hand, the use of these principles cannot always guarantee equality and fairness, meaning the protection provided to the parties involved in the relevant activities. Current paper focuses on the evaluation of the principle of utmost good faith.
But amid the dynamic changes of relations in the international commercial turnover, the legal regulation of these relations did not undergo a radical transformation. Such means as collision and substantive rules of national legislation of parties in dispute or the provisions of international contracts were traditionally used
A clearly written contract is essential for the minimization of misunderstanding. The contract needs to be set out in a way that covers delivery point; the party is responsible for the goods at every stage, customs clearance, and the required insurance.
Organized labor in the United States has fallen rather dramatically over the course of the past 25 years, especially in the United States because of outsourcing and the like. Even so, it remains to this very day quite a substantial financial and diplomatic foundation in the country.
The rods were indeed shipped on 10th September 2008 on board The Samba Carnival a ship chartered by Amazona Ltd from the shipowner, Pacific Liners Inc. and Segal had prepared a bill of lading for the Master of the Samba Carnival to sign but unfortunately the date was incorrectly recorded as 11th September 2008.
However, the fact that B contracted directly with the carrier, C, and the damage occurred during transport, changes the situation and passage of risk, as implied by S, is applicable here.
B contracted directly with C and while this does not necessarily establish passage of risk, in this particular case it does.
ed to be US $ 1 trillion per annum 1 and the letter of credit is described as “the life blood of international commerce”2 The International trade transactions are reported to be in the region of $ US 7 trillion per year and the cost of documentation for the transaction
The obligation is to perform an investigation so as to assist in probing whether dissimilarities in contract laws are a stumbling block to international business in insurance products. This is not concerned with the other dissimilarities which may affect
It comprises various principles, although the general principles of the law are regarded to be seven guidelines, which form the structure of insurance law. These seven principles are denoted as the “Principle of uberrimae fidei’, ‘Insurable interest and indemnity’, ‘Principle of indemnity’, etc.
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