Insurance

Liability Insurance

Nature of Policy Liability insurance indemnifies the insured person against legal liability to third parties. The liability is for personal injury, death, damage to or loss of property and financial and economic loss. The law of tort / civil wrongs defines circumstances in which a person may become liable to compensate another.… Read the rest

Insurance Principles

Insured Risks Insurance insures against loss arising from the insured risk. The loss must flow from the insured risk. Generally, direct losses only are covered. Indirect knock-on or financial losses are not generally covered. Insurance usually is available only in respect of risks or uncertain events that would have an adverse effect on the insured. … Read the rest

Insurance Policies II

Commencement of Policy An insurer may accept the application by issuing a policy and accepting the premium. Regulatory issues play arise in the formation of the contract and in a consumer context.A cover note may issue as short-term or interim insurance cover. … Read the rest

Insurance Policies I

Warranties Under general law, a warranty is a promise by one party that a particular state of affairs is true or that a particular thing will be done. In most non-insurance contexts, breach of warranty gives rise to a claim for damages for breach of contract only.… Read the rest

Insurance Claims

Making a Claim The insurance policy will set out the procedure for making a claim. Generally, notice must be given of the claim at an early date. There may be a requirement that notice be given within a relatively short time. … Read the rest

Insurance and Third Parties

Direct Recourse to Insurer I There is no general right for a person who has suffered damage, to have direct recourse to an insurance policy which the defendant may have contracted, in order to indemnify himself in relation to liability for such damage. … Read the rest

Employers’ Liability Insurance

Employers’ Liability Insurance Employers liability insurance is not mandatory in Ireland, unlike the position in the United Kingdom. Employers liability insurance is, however, a practical necessity for employers and business owners. Employers liability claims may arise from accidents and incidents in the workplace. … Read the rest

Disclosure

Duty of Good Faith / Disclosure An insurance company may avoid a contract of insurance on the basis of non-disclosure as if it constituted misrepresentation. An insurance policy contract is one of utmost good faith. The English courts and Irish courts have diverged slightly in that the Irish courts have taken an approach which is more favourable to the insured.… Read the rest

Business Interuption Insurance

Nature Business interruption insurance covers loss of business profits, arising from the occurrence of an insured risk. The policy will specify the basis of calculation of performance, typically by reference to historical accounts. The cover is designed to cover a period until the business assets are restored. … Read the rest