An Appraisal of the Business Interruption Insurance Coverage in Nigeria in the Face of the Recent COVID-19 Pandemic

2020 ◽  
Author(s):  
Chibueze Muobuikwu
Keyword(s):  
Insurance Coverage ◽  
The Face ◽  
Business Interruption

scholarly journals Insured's Duty of Disclosure in Canadian and English Law

1969 ◽  
pp. 242
Author(s):  
Islam Ahmed Siddiqui
Keyword(s):  
18Th Century ◽  
Insurance Industry ◽  
Insurance Coverage ◽  
High Standard ◽  
Insurance Contracts ◽  
The Face ◽  
Insurance Agent ◽  
Legal Position ◽  
Utmost Good Faith ◽  
Very High

In law, insurance contracts are said to be subject to the doctrine of uberrima fides, i.e., they are contracts of utmost good faith obliging both the insurer and the insured to conform to high standard of conduct, especially regarding disclosure of material facts affecting the appreciation of the risk to be covered. In theory, this doctrine applies equally to the insurer and the insured, but in practice it has come to mean that the insured is under a heavy onus of dis closure when he applies for insurance coverage of any type, either personally or through an insurance agent. The modern doctrines of disclosure originated in the law of marine in surance in 16th century England. At that time, it was not unfair to expect very high standard of disclosure from the insured, because as the owner of the vessel or cargo to be insured, he was in better position than the underwriter to know the nature and extent of the risk to be covered. The underwriter was at comparative disadvantage with regard to the accurate assessment of the risk. The situation is vastly different today, since the insurance industry is wealthy, large and supremely organized. Its expertise in matters of risk assess ment and its corps of trained personnel give it an undoubted advantage over the lay consumer of insurance services. Most risks of an ordinary consumer type are highly standardized, such as automobile coverage, package home owner's coverage, and life insurance coverage. Despite these tremendous changes in the insurance marketplace, the insurer continues to enjoy preferred legal position in the area of disclosure of material facts. As will be seen, the classical doctrine was enunciated by Lord Mansfield in the 18th century and has not changed substantially since then. In the face of well entrenched common law doctrines, the insurance con sumer must rely upon legislative intervention for the fulfillment of his reasonable expectations. However, legislative regulation of standards of dis closure is p

scholarly journals Insurance as a Double-Edged Sword: Quantitative Evidence from the 2011 Christchurch Earthquake

2021 ◽  
Author(s):  
P Poontirakul ◽  
C Brown ◽  
E Seville ◽  
J Vargo ◽  
Ilan Noy
Keyword(s):  
Insurance Coverage ◽  
Medium Term ◽  
Business Survival ◽  
Significant Evidence ◽  
Quantitative Evidence ◽  
Insurance Firms ◽  
Improved Performance ◽  
Business Interruption ◽  
Better Than

We examine the role of business interruption (BI) insurance in business recovery following the Christchurch earthquake in 2011. First, we ask whether BI insurance increases the likelihood of business survival in the immediate (3-6 months) aftermath of a disaster. We find positive but statistically insignificant evidence that those firms that had incurred damage, but were covered by BI insurance, had higher likelihood of survival post-quake compared with those firms that did not have any insurance. For the medium-term (2-3 years) survival of firms, our results show a more explicit role for insurance. Firms with BI insurance experience increased productivity and improved performance following a catastrophe. Furthermore, we find that those organisations that receive prompt and full payments of their claims have a better recovery than those that had protracted or inadequate claims payments, but this difference between the two groups is not statistically significant. We find no statistically significant evidence that the latter group (inadequate payment) did any better than those organisations that had damage but no insurance coverage. In general, our analysis indicates the importance not only of adequate insurance coverage, but also of an insurance system that delivers prompt claim payments. This is a post-peer-review, pre-copyedit version of an article published in 'The Geneva Papers on Risk and Insurance - Issues and Practice'. The final authenticated version is available online at: https://doi.org/10.1057/s41288-017-0067-y. The following terms of use apply: https://www.springer.com/gp/open-access/publication-policies/aam-terms-of-use.

China's economic future hinges on pensions overhaul

2015 ◽  
Keyword(s):  
Social Security ◽  
Social Insurance ◽  
Pension System ◽  
Insurance Coverage ◽  
Retirement Age ◽  
Social Security Reform ◽  
Registration System ◽  
Content Type ◽  
The Face ◽  
The Government

Subject Social security reform in China. Significance China's social security system is targeted for reform. Premier Li Keqiang's 'work report' to the National People's Congress (NPC) on March 5 pledged to increase the basic pension, lower premiums for unemployment insurance and centralise the country's fragmented urban pension system. Several days later, human resources minister Yin Weimin said, on the sidelines of the NPC, that the government intends to introduce a plan in 2017 to raise the country's statutory retirement age. Impacts Lower employers' and employees' contribution rates would encourage compliance, and thus coverage, by making contribution more affordable. Statutory retirement ages will have to be raised, in the face of strong public opposition. Increasing the statutory retirement age will have to be accompanied by more job opportunities for middle-aged and elderly workers. The competing interests of different provinces and regions could hamper social security reform. Further relaxation of the household registration system will be needed to expand social insurance coverage.

scholarly journals Insurance as a Double-Edged Sword: Quantitative Evidence from the 2011 Christchurch Earthquake

2021 ◽  
Author(s):  
P Poontirakul ◽  
C Brown ◽  
E Seville ◽  
J Vargo ◽  
Ilan Noy
Keyword(s):  
Insurance Coverage ◽  
Medium Term ◽  
Business Survival ◽  
Significant Evidence ◽  
Quantitative Evidence ◽  
Insurance Firms ◽  
Improved Performance ◽  
Business Interruption ◽  
Better Than

We examine the role of business interruption (BI) insurance in business recovery following the Christchurch earthquake in 2011. First, we ask whether BI insurance increases the likelihood of business survival in the immediate (3-6 months) aftermath of a disaster. We find positive but statistically insignificant evidence that those firms that had incurred damage, but were covered by BI insurance, had higher likelihood of survival post-quake compared with those firms that did not have any insurance. For the medium-term (2-3 years) survival of firms, our results show a more explicit role for insurance. Firms with BI insurance experience increased productivity and improved performance following a catastrophe. Furthermore, we find that those organisations that receive prompt and full payments of their claims have a better recovery than those that had protracted or inadequate claims payments, but this difference between the two groups is not statistically significant. We find no statistically significant evidence that the latter group (inadequate payment) did any better than those organisations that had damage but no insurance coverage. In general, our analysis indicates the importance not only of adequate insurance coverage, but also of an insurance system that delivers prompt claim payments. This is a post-peer-review, pre-copyedit version of an article published in 'The Geneva Papers on Risk and Insurance - Issues and Practice'. The final authenticated version is available online at: https://doi.org/10.1057/s41288-017-0067-y. The following terms of use apply: https://www.springer.com/gp/open-access/publication-policies/aam-terms-of-use.

scholarly journals Liability Insurance in the Context of the COVID-19 Pandemic

2021 ◽  
pp. 1-18
Author(s):  
Kyriaki Noussia
Keyword(s):  
Insurance Coverage ◽  
Case Law ◽  
The Body ◽  
Liability Insurance ◽  
Force Majeure ◽  
Contractual Relationships ◽  
Catastrophic Risks ◽  
The Impact ◽  
Business Interruption

The COVID-19 pandemic has meant that business and contractual relationships have been disrupted. The pandemic has also meant that there are legal liabilities owed to disruption, cancellations, or to the imposed halt of everyday life. We discuss force majeure and frustration in contract in cases where circumstances have changed due to unnatural events such as the COVID-19 pandemic and the impact of the pandemic on business interruption, and liability insurance. The scope of insurance coverage for catastrophic risks and the civil liability insurance as well as business interruption coverage are discussed and conclusions on the role of insurance in the COVID-19 pandemic are drawn, as the body of case law and the pandemic per se continues to sweep humanity in an unprecedented way.

Why do people believe in a zero-sum economy?

2018 ◽  
Vol 41 ◽  
Author(s):  
Samuel G. B. Johnson
Keyword(s):  
Perspective Taking ◽  
Evolutionary Model ◽  
Everyday Experience ◽  
Coalitional Psychology ◽  
The Face ◽  
Zero Sum

AbstractZero-sum thinking and aversion to trade pervade our society, yet fly in the face of everyday experience and the consensus of economists. Boyer & Petersen's (B&P's) evolutionary model invokes coalitional psychology to explain these puzzling intuitions. I raise several empirical challenges to this explanation, proposing two alternative mechanisms – intuitive mercantilism (assigning value to money rather than goods) and errors in perspective-taking.

Mars: was There an Ancient Eden?

1997 ◽  
Vol 161 ◽  
pp. 203-218 ◽  
Author(s):  
Tobias C. Owen
Keyword(s):  
Positive Answer ◽  
Biogenic Elements ◽  
Habitable Zones ◽  
The Face ◽  
The Origin Of Life ◽  
Early Mars ◽  
Favorable Conditions ◽  
Open Question ◽  
Rocky Planets ◽  
Impact Erosion

AbstractThe clear evidence of water erosion on the surface of Mars suggests an early climate much more clement than the present one. Using a model for the origin of inner planet atmospheres by icy planetesimal impact, it is possible to reconstruct the original volatile inventory on Mars, starting from the thin atmosphere we observe today. Evidence for cometary impact can be found in the present abundances and isotope ratios of gases in the atmosphere and in SNC meteorites. If we invoke impact erosion to account for the present excess of129Xe, we predict an early inventory equivalent to at least 7.5 bars of CO2. This reservoir of volatiles is adequate to produce a substantial greenhouse effect, provided there is some small addition of SO2(volcanoes) or reduced gases (cometary impact). Thus it seems likely that conditions on early Mars were suitable for the origin of life – biogenic elements and liquid water were present at favorable conditions of pressure and temperature. Whether life began on Mars remains an open question, receiving hints of a positive answer from recent work on one of the Martian meteorites. The implications for habitable zones around other stars include the need to have rocky planets with sufficient mass to preserve atmospheres in the face of intensive early bombardment.

Evidence for a shear mechanism for the precipitation of γ-zirconium hydride in zirconium

1978 ◽  
Vol 36 (1) ◽  
pp. 658-659
Author(s):  
G.J.C. Carpenter
Keyword(s):  
Elevated Temperature ◽  
Strain Field ◽  
Zirconium Hydride ◽  
Zirconium Atom ◽  
Atom Diffusion ◽  
Solvus Temperature ◽  
Hexagonal Close Packed ◽  
Partial Dislocations ◽  
The Face

In zirconium-hydrogen alloys, rapid cooling from an elevated temperature causes precipitation of the face-centred tetragonal (fct) phase, γZrH, in the form of needles, parallel to the close-packed <1120>zr directions (1). With low hydrogen concentrations, the hydride solvus is sufficiently low that zirconium atom diffusion cannot occur. For example, with 6 μg/g hydrogen, the solvus temperature is approximately 370 K (2), at which only the hydrogen diffuses readily. Shears are therefore necessary to produce the crystallographic transformation from hexagonal close-packed (hep) zirconium to fct hydride.The simplest mechanism for the transformation is the passage of Shockley partial dislocations having Burgers vectors (b) of the type 1/3<0110> on every second (0001)Zr plane. If the partial dislocations are in the form of loops with the same b, the crosssection of a hydride precipitate will be as shown in fig.1. A consequence of this type of transformation is that a cumulative shear, S, is produced that leads to a strain field in the surrounding zirconium matrix, as illustrated in fig.2a.

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