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The legal position of marine insurance brokers in a changing environment. / Christos Tsibourakis

Swansea University Author: Christos Tsibourakis

Abstract

This research is focused on the position of a marine insurance broker in a changing environment. As a result of a number of recent cases, the obligations of the broker have been made more onerous and this constitutes a significant departure from the previously obtaining legal position. The thesis ex...

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Published: 2002
Institution: Swansea University
Degree level: Master of Philosophy
Degree name: M.Phil
URI: https://cronfa.swan.ac.uk/Record/cronfa42606
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Abstract: This research is focused on the position of a marine insurance broker in a changing environment. As a result of a number of recent cases, the obligations of the broker have been made more onerous and this constitutes a significant departure from the previously obtaining legal position. The thesis examines the major obligations of the marine insurance broker in the context of these developments and against the backdrop of other changes in the industry's self-regulating mechanisms. In chapter 1 some aspects of Lloyd's organisation are examined like the monitoring and the investigations and regulatory proceedings. Very relevant is also chapter 2. This is dedicated to the latest developments in respect of the position of brokers. The introduction of the General Insurance Standards Council reform is one of the factors that make the whole area a changing environment. In Chapter 3 the role of brokers is examined; aspects of both insurance and reinsurance are dealt with. In the part dedicated to premium the recent change by the Lloyd's Insurance Broker's Committee according to which a broker will not be held liable in respect of a premium when there is no fault on his part is discussed. The last part is about liens. Very important are chapters 4-6, which are dedicated to the duties of insurance brokers, the duty of the utmost good faith and the issue of proposals, slips, policies and renewals. Chapters 7 deals with binding authorities and other special arrangements. Chapter 8 relates specifically to the liabilities of insurance brokers and examines generally their legal obligations. In chapters 4 and 8 very significant case law is discussed in relation to the duties that a broker may owe towards his principal or other parties. Chapter 9 contains the conclusion.
Keywords: Law.
College: Faculty of Humanities and Social Sciences

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