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Insurance and the Law of Obligations$
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Rob Merkin and Jenny Steele

Print publication date: 2013

Print ISBN-13: 9780199645749

Published to Oxford Scholarship Online: September 2013

DOI: 10.1093/acprof:oso/9780199645749.001.0001

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Insurance Contracts and Insurance Market

Insurance Contracts and Insurance Market

Chapter:
(p.36) (p.37) 3 Insurance Contracts and Insurance Market
Source:
Insurance and the Law of Obligations
Author(s):

Rob Merkin

Jenny Steele

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199645749.003.0003

Introduces the nature of the insurance contract and its distinctive features. Sets out the main classes of insurance and the definition of insurance business for the purposes of regulation. Outlines the drafting process and the sources of law in relation to insurance contracts. Explores the manner in which risks and the market for insurance have evolved in tandem. Explains the distinction between first party and third party (liability) insurance. Outlines the history and key forms of liability insurance; questions the assumption that liability insurance was initially seen as raising unique questions of legality or public policy; and identifies key issues in relation to triggering events; aggregation of losses; and interpretation of policy terms.

Keywords:   First party insurance, Third party insurance, Good faith, Insurable interest, Triggers, Aggregation, Insurance business defined, Speculation

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