Vis-à-vis Insurance is a contract of indemnity which majorly serves to protect the policyholder against uncertain events which might otherwise cause them severe financial harm. All insurance contracts other than life insurance policies are a type of indemnity contract. The need for proper risk management planning is increasing with the growing complexities of today’s world in all […]

An individual cannot predict their emergency expenditure, no matter how hard they try. A credit card can be a key financial tool if it is used sensibly. It gives you the freedom to purchase all that is within the credit limit and you can pay the amount, later. Not only is it convenient, but it’s […]

Risk assessment is one of the most essential and primary risk management tools imperative in ensuring the health and safety of the workers and other members of the workforce. Many people, including owners of small-scale industries and their employees, might not be aware that risk assessment is a necessary legal requirement not just for organisations […]

In this month’s blog we focus on the liability regime relating to aviation product manufacturers. For the purposes of this discussion will assume that the product being purchased is a new item which is either an aircraft or a major aircraft component such as an engine or landing gear. Manufacturers of smaller, lower value components/products […]

IFRS 17 is an International Financial Reporting Standard issued in May 2017 by the International Accounting Standards Board, which will be brought into effect from January 1, 2023. Introduced to serve as a replacement for IFRS 4, it totally overhauls accounting for insurance contracts and presents new requirements for data and processes which bear an […]

Level of Aggregation Unit of measurement that gives us an idea of profitability, volatility, granularity, and complexity of coverage. Step 1A portfolio of contracts is identified. They must share similar risks and be managed together. For instance, contracts with the same LOB may be in the same portfolio. This aggregation of insurance contracts is done when […]

With the increasingly intricate division of labour and growth of industries, the importance of business interruption insurance or loss of profit insurance is growing in our modern, globalised world. People have now started to realise its importance, in fact, many experts now regard the loss of profit insurance as important as property or any other […]

In this month’s blog we take a look at the some of the potential legal liability exposures for Ground Handlers. The principal defensive weapon in the ground handler’s armoury is the contract between it and its airline clients (the Carrier). Typically, the contract will either take the form of one of the versions of the […]