Rights Of Third Parties 1. Third Parties An insurance contract is a contract between the insurer and the assured. The indemnity payable to the assured is of course of benefit to the assured. However, it may also be of benefit to third parties, for example those persons for whose benefit the insurance was taken out...
November 21, 2024
Author: Tan Pui Yen
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April 28, 2022July 25, 2022Indemnity, subrogation and contribution, Marine Insurance Law
The Insurer’s Right to Contribution
The Insurer’s Right To Contribution 1. Double Insurance The insurer is entitled to a contribution from another insurer who has insured the same risk of loss, in respect of any loss which the first insurer has indemnified, pursuant to section 80 MIA. There is an equivalent right of contribution available in equity. Such rights of...
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April 28, 2022July 25, 2022Indemnity, subrogation and contribution, Marine Insurance Law
Insurer’s Right of Subrogation Upon Payment
Insurer’s Right Of Subrogation Upon Payment 1. Introduction To Subrogation Subrogation is a concept with a wide application within and outside contracts of insurance. It has its foundations in Roman law. Subrogation is largely an equitable (as opposed to a common law) doctrine, although there appears to be some support for the view that there...
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April 28, 2022July 25, 2022Indemnity, subrogation and contribution, Marine Insurance Law
The measure of indemnity: constructive total loss (CTL)
The measure of indemnity: constructive total loss (CTL) 1. Definition of a constructive total loss A constructive total loss (or a ‘CTL’) is a concept known only to marine insurance law. Section 60(1) MIA defines a CTL in the following terms: ‘subject to any express provision in the policy, there is a constructive total loss...
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April 28, 2022July 25, 2022International Laws of The Sea, The high seas, the sea-bed and dispute resolution
Dispute Settlement Mechanism in the Law of the Sea
Dispute settlement mechanism in the law of the sea 1. Background to the dispute settlement mechanism Traditionally, provisions for the settlement of disputes arising out of an international treaty are contained in a separate optional protocol, giving parties to the treaty the opportunity to choose to be bound by those provisions by accepting it, or...
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April 28, 2022July 25, 2022International Laws of The Sea, The high seas, the sea-bed and dispute resolution
International Seabed Authority
International Seabed Authority 1. Institutional structure of the International Seabed Authority The Authority is comprised of three principal organs: a) an Assembly made up of all members of the Authority and entrusted with the powers to set general policy b) a Council with powers to make executive decisions, made up of 36 members elected from...
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April 28, 2022July 25, 2022Indemnity, subrogation and contribution, Marine Insurance Law
The Measure of Indemnity: Actual Total Loss (ATL)
The Measure Of Indemnity: Actual Total Loss (ATL) 1. Types of total loss There are two kinds of total loss in marine insurance law (section 56(2) MIA): a) An actual total loss. b) A constructive total loss. If either an actual or a constructive total loss is proved, assuming the policy covers the loss, the...
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April 28, 2022July 25, 2022Indemnity, subrogation and contribution, Marine Insurance Law
The Measure of Indemnity: Partial Loss
The Measure Of Indemnity: Partial Loss 1. The principle of indemnity By a contract of indemnity insurance, the insurer undertakes to hold the assured harmless against loss caused by an insured peril (that is, the insurer will be responsible to compensate the assured for a specified type of loss caused by a specified insured peril)....
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April 28, 2022July 25, 2022Marine Insurance Law, The terms of the contract; risks; and causation
The Sue and Labour Clause (Mitigation Of Loss)
The Sue And Labour Clause (Mitigation Of Loss) 1. The Sue And Labour Clause The ‘sue and labour’ clause in the SG form of policy reads: ‘and in case of any loss or misfortune it shall be lawful to the assured, their factors, servants and assigns, to sue, labour, and travel for, in and about...
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April 28, 2022July 25, 2022Marine Insurance Law, The terms of the contract; risks; and causation
Causation
Causation 1. The proximate cause In order to be indemnified for a loss under a marine insurance policy, it must be established that the loss: was proximately caused by an insured peril was not proximately caused by an excepted or excluded peril. The requirement that the loss has been proximately caused by an insured peril...