Monday, April 11, 2011

Origion Of Insurance Law

Roots of Insurance law can be found in marine industry. When traders started insurance of their ships and goods in the 12th and 13th centuries. During 18th century London became the center and largest maritime trade center and Underwriters prepared the agreement signed by both parties.  At that time  judge William Murray, Lord Mansfield, was developing the substantive law of insurance to an extent where it has largely remained unchanged to the present day. There are two development laws participated in current form of Insurance Law.
  1. Common Law
In common Law insurer is better protected as compared to insured. Common Law is based judgments by courts in different times. Simply common Law is law made by judges. Courts are bound to prior decisions made by courts of same or higher level. On similar matter or question of Law decision of previous courts are at priority. 


    2.  Civil Law

It is the Law more in favor of insured as for as insurance law is concerned. Civil Law regulate the content of insurance agreement  better. It is more intended to the protection of vulnerable than encouraging entrepreneurship and business.

1 Comments:

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