• Contact Us
  • About
  • Advertise
  • Privacy & Policy
Tuesday, June 6, 2023
  • Login
  • Register
Business Post
E3P Motor Insurance
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
Business Post
No Result
View All Result
Home Insurance

Marine Insurance Law, Still Ageless Legislation

Nwanne Ikemefune by Nwanne Ikemefune
February 1, 2021
in Insurance
0 0
0
Prof Merkins

Prof Robert Merkins QC Professor of Law Universities of Exeter And Reading, England.

0
SHARES
62
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

“The problem with marine insurance law is that it comes from 18 and 19 centuries marine situations. Mostly in times of war, so the clauses were designed to deal with seizure by pirates and other acts of forceful take over.”

This is the description of the emergence of marine insurance law by Prof Robert Merkins, Professor of Law, Universities of Exeter and Reading, England. He said as at that time, information was moving at the speed of best moving object on sea, ships; their movement was a drag so was the time it took to deliver information.

“Information was getting months to get from one country to another,” he stated. The pale message order was not only limited to the slow pace of information; “There was so little expertise in the industry so you have got basically rules that are devised for that scenario. You have all or no rules. You have rules which say if you break the condition then there is no recovery, even if you proved the loss condition in those days; but you couldn’t prove it in those days..”

Prof Merkins, an international insurance consultant, who was part of a webinar hosted by First Law & Impact Consulting Limited in Lagos, said the law has not changed drastically. Taken it one step at a time, he said the marine insurance law took off with a set of rules where you have all or no rules which were designed for a very different era. Spinning from that different era and still retained, were provisions like non-disclosure, warranties. According to him, what happened in England , Australia and other English jurisdictions “was a move to make the punishment fit the crime , in order words, you have proportionality.”

However, he said there has been changes in England, now it’s no longer the case that if you fail to state the facts or you make false statement insurance can avoid the liability. “Insurance now have to pay based on the premium they would have charged.” For instance, if there is a policy which says you ought to have a burglar alarm and you haven’t got a burglary alarm and there was a flood, insurance still have to pay because the burglar alarm has nothing to do with the flood.

Narrating the changes that have taken place in England, he said what have been done in that clime is to make the insurance conduct match what should be recovered. “That is the underlining principle. Insurance does not rest upon strict law, it rests up on what is appropriate in certain circumstances. That can be good or bad.”

Still on entrenching insurance liability, he said England has legislation for late payment for insurance claims. Insurance companies can no longer jump over liabilities or repudiate claims. English claimants are now entitled to additional damages if insurance don’t pay on time.

Another difficult one he mentioned has to do with policy wordings. “The assumption that making the policy simpler makes life easier isn’t always borne out. For instance, he said when talking about indemnity, how many people would have thought that “as new” and “when new” mean different things, this test case he said, is in New Zealand. Still recalling legal interpretations, he stated that the word loss, could mean loss of possession, loss of damage, loss of ability to use, it depends on the circumstance.

Merkins still addressing the preference for simple insurance wordings by a section of people, he said simple words does not have the magic wand to erase different interpretations of insurance wordings. He explains more: “Just because you use words that are simple doesn’t mean you have erased the problem. Because simple words have non simple meaning. So I think the notion of simple language is a drafting issue.”

Previous Post

IICC Gives Media A Slot At Penetration Control Platform

Next Post

New Dawn Of Service And Competition For Insurers

Nwanne Ikemefune

Nwanne Ikemefune

Related Posts

Startup Showcase: ZIPHII LTD – Revolutionising Digital Experience Platform For Businesses
Insurance

Economy resilient to cyber attacks, but threat persists

June 6, 2023
Shipping Losses Down In 2022 But New Safety Challenges Emerge – Report
Insurance

Shipping Losses Down In 2022 But New Safety Challenges Emerge – Report

June 1, 2023
GNI Trashes Report It Has Surrendered Its Annuity Business
Insurance

GNI Trashes Report It Has Surrendered Its Annuity Business

May 31, 2023
Next Post
elumelu

New Dawn Of Service And Competition For Insurers

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

NEM INSURANCE NEM INSURANCE NEM INSURANCE
  • Trending
  • Comments
  • Latest
ILAN Picture

Loss Adjusters Receive Charge To Match Speed Of New Developments

July 30, 2022
Custodian Investment To Acquire 51% Stake In UACN Property

Penetration: Operators Call For Insurance-In-Action

November 2, 2022
tope smart NIA former chairman

Insurance Milestone: A Beacon To Follow

April 3, 2022
ncrib logo

NCRIB And Universal In Pictures

August 23, 2020
Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

April 13, 2021
Linkage Assurance Aligns With Brokers For Growth

Linkage Assurance Aligns With Brokers For Growth

December 6, 2021
NCRIB Sets The Stage For Adaramola’s Tenure

NCRIB Sets The Stage For Adaramola’s Tenure

March 18, 2021
Preferred PenCom Logo

PenCom Board Crafted To Hedge Setback

February 1, 2021
PTAD Wipes 21,227 Parastatals Pensioners From Payroll

PTAD Wipes 21,227 Parastatals Pensioners From Payroll

January 31, 2021
PenCom Approves Mrs Okwuosa New Access Pension Fund Custodian MD

PenCom Board Back-To-Work Pass, Gets Tick Over

February 1, 2021
Startup Showcase: ZIPHII LTD – Revolutionising Digital Experience Platform For Businesses

Economy resilient to cyber attacks, but threat persists

0
Lloyd's of London building

Lloyd’s Of London Selects New International Chief Financial Officer

0
old mutual logo

OLD MUTUAL Appoints Permanent Head

0
AIICO donating masks

AIICO Donates Reusable Masks

0
AIICO Seeks NSE’s Nod To Conduct  Rights Issue

AIICO Seeks NSE’s Nod To Conduct Rights Issue

0
Fire Tops STI N2.7bn Claims In 2019

Fire Tops STI N2.7bn Claims In 2019

0
AIICO Pays N2.7bn In 21 Days Of Lockdown

AIICO Pays N2.7bn In 21 Days Of Lockdown

0
NAICOM Segments Recapitalisation Process Into Two Phases

NAICOM Segments Recapitalisation Process Into Two Phases

0
Leadway Calibrates Service By Claims Payment

Leadway Calibrates Service By Claims Payment

0
AIICO Head office

AIICO Releases 2020 Q1 Results

0
Startup Showcase: ZIPHII LTD – Revolutionising Digital Experience Platform For Businesses

Economy resilient to cyber attacks, but threat persists

June 6, 2023
Shipping Losses Down In 2022 But New Safety Challenges Emerge – Report

Shipping Losses Down In 2022 But New Safety Challenges Emerge – Report

June 1, 2023
GNI Trashes Report It Has Surrendered Its Annuity Business

GNI Trashes Report It Has Surrendered Its Annuity Business

May 31, 2023
FIRS: Nigeria’s Tax-To-GDP Ratio, 10.86% As At 2021

FIRS: Nigeria’s Tax-To-GDP Ratio, 10.86% As At 2021

May 31, 2023
Calls To Regulate AI Amid Concerns Over Future Risks

Calls To Regulate AI Amid Concerns Over Future Risks

May 31, 2023
Preferred PenCom Logo

PenCom Debunks Recruitment Exercise, Insists Its Misleading

May 30, 2023
AIICO Insurance Celebrates  With Less Privileged On Children’s Day

AIICO Insurance Celebrates With Less Privileged On Children’s Day

May 29, 2023
The Race For Second Edition of Heirs Life Essay Championship for Junior Secondary Students  Opens 

The Race For Second Edition of Heirs Life Essay Championship for Junior Secondary Students Opens 

May 27, 2023
Leadway Ignites children’s Reading Culture Through “Pages to Places”  Initiative

Leadway Ignites children’s Reading Culture Through “Pages to Places” Initiative

May 26, 2023
Mobile App Appeal A Long Haul That Defies Immediate Returns

Meta fined €1.2bn for breach of EU data rules

May 23, 2023

Recent News

Startup Showcase: ZIPHII LTD – Revolutionising Digital Experience Platform For Businesses

Economy resilient to cyber attacks, but threat persists

June 6, 2023
Shipping Losses Down In 2022 But New Safety Challenges Emerge – Report

Shipping Losses Down In 2022 But New Safety Challenges Emerge – Report

June 1, 2023
GNI Trashes Report It Has Surrendered Its Annuity Business

GNI Trashes Report It Has Surrendered Its Annuity Business

May 31, 2023
FIRS: Nigeria’s Tax-To-GDP Ratio, 10.86% As At 2021

FIRS: Nigeria’s Tax-To-GDP Ratio, 10.86% As At 2021

May 31, 2023
Calls To Regulate AI Amid Concerns Over Future Risks

Calls To Regulate AI Amid Concerns Over Future Risks

May 31, 2023
Preferred PenCom Logo

PenCom Debunks Recruitment Exercise, Insists Its Misleading

May 30, 2023
AIICO Insurance Celebrates  With Less Privileged On Children’s Day

AIICO Insurance Celebrates With Less Privileged On Children’s Day

May 29, 2023
The Race For Second Edition of Heirs Life Essay Championship for Junior Secondary Students  Opens 

The Race For Second Edition of Heirs Life Essay Championship for Junior Secondary Students Opens 

May 27, 2023
Leadway Ignites children’s Reading Culture Through “Pages to Places”  Initiative

Leadway Ignites children’s Reading Culture Through “Pages to Places” Initiative

May 26, 2023
Mobile App Appeal A Long Haul That Defies Immediate Returns

Meta fined €1.2bn for breach of EU data rules

May 23, 2023
Image Spin: NEM Insurance AGM

Image Spin: NEM Insurance AGM

May 18, 2023
Heirs Life CEO, Onifade, Tells Retirees To Adopt Annuity as Retirement Income

Heirs Life CEO, Onifade, Tells Retirees To Adopt Annuity as Retirement Income

May 18, 2023
2022: NEM Insurance Improves GPW By 20%, Profit By 21%, Claims Obligation Rises 38%

2022: NEM Insurance Improves GPW By 20%, Profit By 21%, Claims Obligation Rises 38%

May 18, 2023
Half Year Claims Obligation, Sovereign Trust Pays N1.6bn

Sovereign Trust Insurance Takes Growth In GPW, PAT To 20% And 9% In 2022

May 17, 2023
Business Post

We connect brands with buyers and sellers of insurance, pension and also project insurance and allied Businesses to the trending generation. We help the various public to adapt to the constant changes as it would impact, and also enable advertisers to connect, engage and target opportunities on line , in print and in person.

Browse by Category

  • Business Unlimited
  • Feature
  • Insurance
  • News
  • OIL & ENERGY
  • Pension
  • Travel

Recent News

Startup Showcase: ZIPHII LTD – Revolutionising Digital Experience Platform For Businesses

Economy resilient to cyber attacks, but threat persists

June 6, 2023
Shipping Losses Down In 2022 But New Safety Challenges Emerge – Report

Shipping Losses Down In 2022 But New Safety Challenges Emerge – Report

June 1, 2023
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 BusinessPost

No Result
View All Result
  • Home
  • Insurance
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Contact Us
  • About
  • Advertise
  • Privacy & Policy

© 2023 BusinessPost

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In