Broker's liability for premiums - hitting the right notes?
The Law Commissions’ Insurance Contract Law consultation is due to be closed on 20 March 2012. Ms Adebowale Awofeso discusses the Law Commissions’ proposals as to reforming the broker’s liability for premiums, and whether such reforms are welcome.
Adebowale Awofeso, Research Assistant, Institute of Maritime Law, University of Southampton
The English and Scottish Law Commissions in July 2010 published Issues Paper 8 seeking responses on whether s53 of the Marine Insurance Act 1906 is still needed in today’s insurance market. The reader’s attention is drawn to the Shipping and Trade Law article of October 2010 (vol 10, no 8), titled ‘Marine insurance brokers and payment of premium’, for a summary of Issues Paper 8. A follow-up consultation paper was recently published by the Commissions on 20 December 2011, covering a wide range of marine insurance issues, and this article will look into the reform proposals suggested by this consultation paper. Parts 18 and 19 of the second consultation deal with the broker’s liability for premiums.
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