Insurance Law

Insurance Law

Life Assurance
1. Need insurable interest when contract is signed (Dalby v India &London Life Assurance Co)
  1. Need to prove a financial interest or contractual relationship
Indemnity Insurance
1. Need to have interest at the time of loss (Arif v Excess Insurance)
Duty of utmost good faith as there is a superior knowledge of the insured (Carter v Boehm)
Duty of DIsclosure
1. DON'T disclose
  1. 1. Facts that diminish risk (The Dora)
    1. 2. Facts insurer knows or is presumed to know already ( Cohen Sons v Standard Marine
      1. 3, Not if information has been waived (Mann McNeal v General Marine)
2. DO DIsclose
  1. 1. Claims history, previous refusals and unspent criminal convictions for whole duration of cover
    1. In Life Assurance: judegemnt of reasonable insured and material is objective
    2. In Indemnity - judgement of reasonable insurer ( Life Assurance of Scotland v Foster)
Warranties
1. "Warranties as to true facts" Continue through policy
  1. if in doubt, contra preferentem (Kennedy v Smith & Answar)
2. Warranties on past/present facts" Not for furtuer
3. Clause basis for contract can be every answer is warranty eg Dawsons v Bonnin
  1. Need to have basis for belief (Macphee v Royal Insurance)
Assignation
1. Rights can be assigned as long as no contrary provision
  1. Indemnity - may not have insurable interest
    1. Need intimation
      1. Assignee gets no better right (Scottish Equitable Life v Buist)

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