Insurance

Underwriters: underwriting spreads risk over several insurance companies - done through a clearinghouse eg The Underwriters at Lloyds (Lloyds of London) - clearinghouse affords participating companies' representatives the opportunity to "subscribe"  to cover a portion of risk - when all total 100% then clearinghouse quotes entire price to buyer 

War Risk Exclusion and Insurance: Lloyd's form AVN 48B

- Loss of license insurance

Offered by ALPA and AOPA (here)

Janet Bressler

Testing the Limits

Don't be afraid to ask

Brenda Jennings

Lienholder coverage: When it's not your fault

AC 61-142 - Sharing Aircraft Operating Expenses in Accordance with 14 CFR § 61.113 (c)

Prudential Insurance Co v. Inland Revenue Commissioners (1904) 2KB 658 - 

When you insure a ship our house, you cannot insure that the ship shall not be lost or the house burnt, but what you do insure is that a sum of money shall be paid on the happening of a certain event. That is the first requirement of insurance. It must be a contract whereby for some consideration, usually but not necessarily for periodical payments called premiums, you secure to yourself some benefit, usually but not necessarily the payment of a sum of money, upon the happening of some event. Then the next thing that is necessary is that the event is one which involves some element of uncertainty. There must be either uncertainty whether the event will ever happen or not, or if the event is one which must happen at some, time there must be uncertainty as to the time at which it will happen.

The remaining essential is that … the insurance must be against something … that is to say, the uncertain event, which is necessary to make the contract amount to an insurance must be prima facie adverse to the interest of the assured. The insurance is to provide for the payment of a sum of money to meet a loss or detriment which will or may be suffered on the happening of the event.

A contract of insurance, then, must be a contract for the payment of a sum of money or for some corresponding benefit such as the rebuilding of a house or the repairing of a ship, to become due on the happening of an event, which event must have some amount of uncertainty about it, and must be of a character more or less adverse to the interest of the person effecting the insurance.

KB at 633.

Sarah Nilsson, J.D., Ph.D., MAS

602 561 8665

sarah@sarahnilsson.org

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