The risk that the event insured against will or will not happen necessarily depends on the subject-matter of insurance and its attendant circumstances, and the insurers, in accepting the insurance, are guided by the state of the subject-matter and the circumstances existing at the date of the policy. The description inserted in the policy of […]
A policy of insurance usually or incorporates a variety of terms. Some terms are known as ‘conditions’ on the fulfillment of which the validity of the policy or the liability of the insurers depends. Other terms, however, do not amount to ‘conditions’. Non-fulfillment of these does not affect the validity of the policy nor the […]
The fact that the peril insured against was brought into operation by an act on the part of the assured or of a person for whom he is or may be responsible does not necessarily take away the liability of the insurers for any loss that may be sustained in consequence. The effect of the […]
The peril insured against is usually described in the policy in general terms, and it is practice of insurers with the view of qualifying their undertaking, to introduce exceptions which expressly exclude their liability where the loss is caused or the peril brought into operation by certain specified causes. A. THE VARIETY OF THE EXCEPTIONS […]
The peril insured against may be any peril in respect of which the assured seeks and the insurers are willing to give protection. Certain perils are of every-day occurrence and are insured against in the ordinary course of business. Other perils can only be insured against with difficulty, if at all. The perils insured against […]
A policy which is not renewed at or before the expiration of the current period of insurance or of the days of grace, if any, is said to ‘lapse’, and the assured cannot enforce it in respect of any claim arising afterwards. It may, however, be ‘revived’ at any time by mutual consent and the […]
On the expiration of the period of insurance, the policy comes to an end and the liability of the insurers ceases except in respect of claims which have already arisen. The parties may, however, renew the policy the policy by mutual consent. As a general rule, renewal is contemplated by the language of the policy […]
After the completion of the contract, no material alteration can be made in its terms except by mutual consent. Any such alteration must also, since the policy is a written instrument, be made in writing. It is usually made by an indorsement upon the policy, but may be contained in a separate memorandum. The consent […]
Where the insurers allege that they were induced to issue the policy by reason of the fraud, misrepresentation, or non-disclosure on the part of the assured, they are entitled to apply to the Court, on discovering the facts, for an order that the policy be delivered up to them to be cancelled. Their right to […]
A. THE COMMENCEMENT OF THE POLICY The date at which the policy comes into force depends on the intention of the parties as shown by the language of the policy or by the circumstances of the case. Where the policy expressly provides that the period of insurance is to run from a specified day to […]