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• W258267523 abstract "The exclusion of office and related expenses from the exclusion of legal expenses is pure surplusage in a contract that excepts, rather than covers, legal expenses. It is true that to see this, one must know something about how insurance contracts are made. But this is just to say that interpretation, like other legal methodologies, is at bottom a art. (1) ********** ONE OF THE MOST ubiquitous contract forms in use in modern commercial life is the insurance policy. In a world perceived to be filled with risk, we are obsessed with its management through insurance. (2) In the twentieth century, the insurance industry experienced unprecedented growth. In 1900, the property/casualty sector of the insurance market received an estimated $210,000,000 in premium. (3) By 1998 (excluding state-operated funds) the premium dollar had grown to $281,600,000,000. (4) In the same time period, the life insurance market saw its premium grow over a thousand-fold, from $338,000,000 to $460,000,000,000. (5) Because of the explosive growth in the use of insurance contracts, it should come as no surprise that there has been a concomitant increase in the number of cases involving the disputed interpretation of insurance contracts. (6) The ability of litigants and courts to efficiently and consistently resolve these insurance contract disputes turns, in part, on how well we have mastered the practical art of interpretation. This article proposes to aid in that process by taking to heart the admonition from Judge Posner quoted above that in order to interpret insurance contracts, initially we must know a little something about their origin and structure. This article will focus primarily on the archeology and architecture of the public liability insurance policy. First, this article will briefly review the historical development of insurance, focusing on the development of the Commercial General Liability coverage form. Next, this article will discuss different ways to categorize insurance contracts. This article will then identify the basic components of the modern liability insurance contract. This article concludes by reviewing the topography of the insurance marketplace. I. Something About How Insurance Contracts are Made One definition of contemporary insurance is a contractual arrangement under which one party agrees to indemnify another against loss or damage arising from an unknown event. Under this arrangement, insurance is purchased in order to transfer the risk to a professional risk bearer by means of the underwriting process. (7) According to the United States Supreme Court, both historically and commonly, insurance involves risk shifting and risk distributing. (8) Risk shifting in the insurance context involves the transfer from the insured to the insurer of one or more uncertain risks, and risk distributing means that the party assuming the risk distributes it among others. (9) An additional defining characteristic for insurance is the requirement that an insured have an in the contingency insured against in order to uphold the insurance contract. (10) For one to have an insurable interest, one must have a lawful and substantial economic interest in the non-occurrence of the event insured against. (11) One can have an insurable interest in property or in a person. (12) A. A Brief History of Insurance Since the beginning of recorded commercial life, providers of goods and services have attempted to manage the risks inherent in their businesses. At least four thousand years ago in the Code of Hammurabi, one can find evidence of the practice of bottomry. The bottomry arrangement consisted of the trading ship owner pledging the ship as security for the repayment of money advanced or lent for the journey. (13) If the ship was lost in transit, the lender lost the money. If the ship arrived safely, the lender received the money advanced plus a premium specified previously. …" @default.
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• W258267523 date "2011-04-01" @default.
• W258267523 modified "2023-09-23" @default.
• W258267523 title "The Practical Art: On the Archaeology and Architecture of Liability Insurance Contracts" @default.
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