Maritime Insurance Essay Example | Topics and Well Written Essays - 1500 words

Maritime Insurance - Essay Example Furthermore, there are also few other insurance policies categorised as credit or debt insurances and buying insurance (Financial Consumer Agency of Canada, 2011). The primary objective of the paper is to present a view on the maritime insurance served by Lloyd’s Insurance Broker. This insurance will be served to a manufacturer of domestic electrical appliances and the pertinent aspects of the insurance will be described by a presentation report which includes the overview of the Lloyd’s company and maritime or marine insurance along with including merits for the manufacturing company. Lloyd’s is a United Kingdom based company which serves the customers in insurance and banking sectors. Lloyd’s had planned to start an insurance business after being influenced by the growing population and problems faced by the people. Since then, the idea was formulated and a corporate body was formed in 1688 from its own coffee house. Lloyd’s insurance corporate body was formulated underneath ‘Lloyd’s Act 1871 of the British Parliament’. The business processes of Lloyd’s are run by the members, managing agents, brokers and other members who support the governing body in operating the business. Lloyd’s generally deals with or serves its customer with a financial backup at the time of facing problems. The policies those are issued by Lloyd’s for their customers are related to casualty, energy, reinsurance, property, marine, motor and aviation. The history of Lloyd’s states the fact that they were the first insuran ce company to insure the commercial flight. However, it is also observed that Lloyd’s serves their customers with new and innovative insurance policies from its past till recent times. Lloyd’s fundamentally serves certain polices to protect the customers from certain risks which are unique and complicated. It serves in over 200 countries worldwide. Lloyd’s is one of the best and largest insurance

The Legal Structure of the Business Term Paper Example | Topics and Well Written Essays - 1250 words

The Legal Structure of the Business - Term Paper Example Don can set aside the contract under the following defenses against the formation of contracts: Duress and undue influence. In jurisprudence, duress is referred to as a condition where an individual performs an act due to violence, a threat or any other pressure against the person in question. Duress is the pressure that is exerted on a person to induce him to perform an act that he could not otherwise perform under the ordinary situation. Similarly, coercion used lures a one to act or not in a manner that he would not or act. Duress constitutes going against a person’s will, the possibility of legal defense and justification of the commission of an unlawful act          Undue influence in jurisprudence is an equitable doctrine where one party takes advantage of its positional power over the other, making free will bargaining impossible. Don can seek presumed undue influence since their relationship with Evan may fall in the class of relationships, which as a matter of law may facilitate the presumption of undue influence.   Failure of this is not the end.   The actual undue influence allows an innocent party to set aside the contract, in the absence of presumed undue influence provided there is evidence that the power was imbalanced when signing the contract.          Don can seek rescission as a remedy. Rescission is an unbiased remedy that unwinds the contract between the parties. Rescission ensures that the parties to a contract restore their positions as was before they entered the contract. A person seeking rescission must, therefore, agree to return all the benefits that he or she has received from the contract. The furniture, in this case, is not treated as part of the sales. This is pursuant to the exclusion clause. An exclusion clause is an expression in a contract that seeks to restrict the rights of the parties involved in the contract. The exclusion clause can only operate if the terms are incorporated in the contract by signature, as in this case, either by notice or by previous course of dealings.