A Comprehensive Guide to Utmost Good Faith, Indemnity, Subrogation, Contribution, Insurable Interest & Proximate Cause
Dr Manning takes you on a guided tour of the fundamental principles of insurance, exploring the rich history of one of the world’s oldest industries. This Guide explains how each principle is interpreted and, where appropriate, how and when it has changed over time.
A thorough understanding of these principles is not just important at the time of a claim, but also prior to and at the time of entering an insurance contract, and throughout the life of the contract. Using examples from modern and centuries-old court cases, and drawing on Dr Manning’s expert knowledge of the workings of general insurance, this Guide is a must for anyone operating in this field.
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- Jeff Adams
- Managing Director
- EBM Insurance Brokers
I have just finished reading your new book, “Manning’s Six Principles of General Insurance”, and I must congratulate you.
I read it simply to see if I thought it would be a good educational tool for EBM staff and, not surprisingly, I think it is so good we are now likely to order one for each of our offices and also incorporate your revision questions into our Fast Track Graduate Broker Training System.
Reading your chapter on subrogation brought back to me an unanswered question I have always had in the back of my mind. I will put it to you now and I am sure you will be able to set me straight. I will make it simple:
I have an old building valued at $100,000. To replace the building it will cost $200,000.
A contractor starts a fire that destroys the building. The contractor is liable for my loss.
My real loss is $100,000. However, the Insurer, under R/R conditions, replaces my building at a cost of $200,000.
The insurer, using his subrogation rights, seeks to recover $200,000, but the real loss is only $100,000 with me being the beneficiary of betterment.
In this scenario, I get a payout of $200,000 due to my contractual agreement with the insurer. The contractor is obviously not a party to that agreement. What amount is the insurer’s legal entitlement to recover?
I look forward to your reply on this and, in the meantime, good luck with your book sales.