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Author: Muhammad Masum Billah Publisher: ISBN: Category : Languages : en Pages : 36
Book Description
Incentive effect of liability law may be affected by the presence of liability insurance. Apparently when a party has liability insurance and does not have to pay directly from its own pocket, it will have less motivation to exercise proper care. This tendency of an insured is known as “moral hazard.” There are many studies on the problem of “moral hazard” and on various mechanisms how to address it. Yet, there is a lack of academic discussion on comparative analysis between liability law and liability insurance in terms of their effect on creation of incentives; that is, whether liability law alone induces best care or whether liability insurance with its various incentive mechanisms leads to better care. Of course, liability insurance cannot exist without liability law. This paper argues that the presence of liability insurance produces better incentives towards care than liability law alone.
Author: Muhammad Masum Billah Publisher: ISBN: Category : Languages : en Pages : 36
Book Description
Incentive effect of liability law may be affected by the presence of liability insurance. Apparently when a party has liability insurance and does not have to pay directly from its own pocket, it will have less motivation to exercise proper care. This tendency of an insured is known as “moral hazard.” There are many studies on the problem of “moral hazard” and on various mechanisms how to address it. Yet, there is a lack of academic discussion on comparative analysis between liability law and liability insurance in terms of their effect on creation of incentives; that is, whether liability law alone induces best care or whether liability insurance with its various incentive mechanisms leads to better care. Of course, liability insurance cannot exist without liability law. This paper argues that the presence of liability insurance produces better incentives towards care than liability law alone.
Author: Muhammad Masum Billah Publisher: Springer Science & Business Media ISBN: 331903488X Category : Law Languages : en Pages : 330
Book Description
The book examines how the absence of insurance in the past led to some special maritime liability law principles such as ‘general average’ (i.e., losses or expenses shared by all the parties to a maritime adventure) and the limitation of shipowners’ liability. In the absence of insurance, these principles served the function of insurance mostly for shipowners. As commercial marine insurance is now widely available, these principles have lost their justification and may in fact interfere with the most important goal of liability law i.e., deterrence from negligence. The work thus recommends their abolition. It further argues that when insurance is easily available and affordable to the both parties to a liability claim, the main goal of liability law should be deterrence as opposed to compensation. This is exactly the case with the maritime cargo liability claims where both cargo owners and shipowners are invariably insured. As a result, the sole focus of cargo liability law should be and to a great extent, is deterrence. On the other hand in the vessel-source oil pollution liability setting, pollution victims are not usually insured. Therefore oil pollution liability law has to cater both for compensation and deterrence, the two traditional goals of liability law. The final question the work addresses is whether the deterrent effect of liability law is affected by the availability of liability insurance. Contrary to the popular belief the work attempts to prove that the presence of liability insurance is not necessarily a hindrance but can be a complementary force towards the realization of deterrent goal of liability law.
Author: Wang Hui Publisher: Kluwer Law International B.V. ISBN: 9041142827 Category : Law Languages : en Pages : 411
Book Description
This remarkable book – the first in-depth examination of the civil liability regime for marine oil pollution damage from a law and economics perspective – examines the efficiency and effectiveness of the regime, with particular attention to whether it is in fact designed in the public interest or merely a distribution of risks and costs among interested parties. The question is asked: does the liability system give the potential polluter incentives to take precautionary measures to avoid pollution or to reduce the possibility of pollution? The international regime on civil liability for marine oil pollution rests on the International Convention on Civil Liability for Oil Pollution Damage (CLC) and the International Convention on the Establishment of an International Fund for Compensation for Oil Pollution Damage (Fund Convention). However, the world’s biggest oil consumer and importer – the United States – has ratified neither, preferring its own Oil Pollution Act of 1990 (OPA), and China – currently the world’s second oil-consuming country – has not ratified the Fund Convention. Thus it is reasonable to compare the three regimes – international, US, and China – as such a comparative study may reveal some advantages or disadvantages among the three systems. Among the issues raised and tackled head-on by the author are the following: whether the contents of international conventions can be considered as the result of the influence of the various interest groups involve; overview of the regulations of marine pollution; technical standards, rules for operation, professional criteria; to what extent a state may take action against trans-boundary polluting activities; what liability a state may incur for non-action or non-effective action; significance for liability of the charter-party, generally considered the evidence of the hire of a ship, and the bill of lading, considered the evidence of the contract of carriage of goods by sea; the crucial role of the so-called ‘International Group’ of 13 Protection and Indemnity (P & I) Clubs, non-profit organizations specializing in liability insurance; the main international players – the International Maritime Organization (IMO), the Comité Maritime International (CMI), and industry organizations such as INTERTANKO and the Oil Companies International Marine Forum (OCIMF); the particular regime on offshore facility pollution liability in the United States; port state control; criminal liability; and EU and other regional initiatives. In addition, a detailed study of the Erika case reveals some of the rationale for many of the persistent features of marine pollution liability regimes. The well-thought-out legal and economic analysis provided in this book, along with its clearly stated policy recommendations and constructive perspectives for future development of the liability system, will be immeasurably valuable to lawyers and policymakers active in this highly visible area of international law.
Author: Joseph Tshilomb JK, LLM;MSc Publisher: AuthorHouse ISBN: 1524628840 Category : Technology & Engineering Languages : en Pages : 109
Book Description
In the early days of shipping and international maritime trade many more casualties occurred at sea. Ever since, ship owners liability for cargo claims has been increasing both in number and in cost in spite of the huge technical development in international maritime transport. In order to make it easier for ship owners to operate safely and efficiently the Protection and Indemnity appeared around 1870 as mutual marine insurance. Besides Hull & Machinery and Cargo Insurance offered on the international commercial market in insurance, Protection and Indemnity Insurance (known under the acronym P&I) is a ship owners insurance cover for legal liabilities to third parties. This cover is generally achieved by entering the ship in a mutual insurance club. Nowadays, the mutuality is performed by an underwriter who endeavors to see that each owner carries his fair share of the risk. The members of P&I clubs are ship owners, charterers or ship management companies. At present, a major function of the Protection and Indemnity insurance is to cover the ship owner for legal and contractual liability for loss of cargo or damage to cargo if there has been a breach of the carriage contract. This liability is called Third party liability. The ship owner will handover the cargo claim to his P&I Club. In order to clarify this liability, Article 3, Paragraph 2 of the Hague Visby rules stipulates: Subject to the provisions of Article 4 the carrier shall properly and carefully load, handle, stow, carry, keep, care for and discharge the goods carried. Therefore, the focus in this research study is placed on the function of Protection and Indemnity insurance covering the ship owners liability for damage to cargo or loss of cargo.
Author: United States. Congress. Senate. Committee on Foreign Relations Publisher: ISBN: Category : Liability for marine accidents Languages : en Pages : 472
Author: Barış Soyer Publisher: Taylor & Francis ISBN: 135102812X Category : Law Languages : en Pages : 445
Book Description
Maritime Liabilities in a Global and Regional Context consists of edited versions of the papers delivered at the Institute of International Shipping and Trade Law’s 13th International Colloquium at Swansea Law School in September 2017. Written by a combination of top academics and highly-experienced legal practitioners, these papers have been carefully co-ordinated to give the reader a first-class insight into the issues surrounding maritime liabilities. The book is set out in two parts: - Part I offers a detailed and critical analysis of issues of contemporary importance concerning maritime liabilities - Part 2 discusses contemporary issues concerning the enforcement of maritime liabilities. An invaluable guide to recent legal and practical developments in maritime liabilities, this book is vital reading for both professional and academic readers.
Author: Faure Publisher: Kluwer Law International B.V. ISBN: 9041128697 Category : Law Languages : en Pages : 498
Book Description
The approach throughout is both legal multi-disciplinary and comparative. The relevant international conventions are examined (particularly the 'Bunker Convention' of 2008), with particular attention to their implementation in China and Europe, as well as the independent US regime. In addition, detailed empirical data from well-known case studies provide important insights into the working of international and national prevention and compensation mechanisms.
Author: Peter Ehlers Publisher: Lit Verlag ISBN: 9783643103994 Category : Law of the sea Languages : de Pages : 0
Book Description
The Seminar on responsibility and liability in the maritime context, papers of which are published in this volume, dealt with the rules of the law of the sea and of maritime law governing these issues in order to realize similarities and differences in both fields of law which constitute the law of maritime affairs. Participants of the Seminar, which took place in July 2008 in the Premises of the International Tribunal for the Law of the Sea, were scholars and associates of the International Max Planck Research School for Maritime Affairs (IMPRS) and students of the Law Faculty, University of Hamburg.
Author: Rob Merkin Publisher: OUP Oxford ISBN: 019150792X Category : Law Languages : en Pages : 2353
Book Description
It is widely acknowledged that insurance has a major impact on the operation of tort and contract law regimes in practice, yet there is little sustained analysis of their interaction. The majority of academic private lawyers have little knowledge of insurance law in its own right, and the amount of discussion directed to insurance in private law theory is disproportionately small in relation to its practical importance. Filling this substantial gap in the literature, this book explores the multiple influences of insurance in the law of obligations, and the nature and impact of insurance law as an inherent and significant aspect of private law. It combines conceptual and doctrinal analysis, informing the theoretical discussion of the nature of private law, including the role of judicial and public purpose, and the place of formalism and of contextualism in normative theories of private law. Arguing for the wider recognition of the multiple impacts of insurance, the book claims that recognition of the presence of insurance necessarily marks a departure from the two-party framework sometimes described as definitive of private law. The structured exploration and interpretation of the contemporary role of insurance in the law of obligations, and of its implications, illuminates this under-explored area of private law, and equips the reader for further enquiry and debate.
Author: Muhammad Masum Billah
Author: Muhammad Masum Billah
Author: Muhammad Masum Billah
Author: Wang Hui
Author: Joseph Tshilomb JK, LLM;MSc
Author: United States. Congress. Senate. Committee on Foreign Relations
Author: Barış Soyer
Author: Faure
Author: Muhammad Masum Billah
Author: Peter Ehlers
Author: Rob Merkin