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CHAPTER ONE NATURE AND DEFINITION OF INSURANCE 1.0 INTRODUCTION 1.1 DEFINITIION 1.2 HISTORICAL DEVELOPMENT OF INSURANCE IN NIGERIA 1.3 NATURE OF INSURANCE CONTRACT 1.4 CONCLUSION CHAPTER TWO SOME AND FUNDAMENTAL PRINCIPLES OF INSURANCE UNDER THE NIGERIAN LAW OF INSURANCE 2.0 INTRODUCTION 2.1 UTMOST GOOD FAITH 2.2 INDEMNITY 2.3 SUBROGATION 2.4 PROXIMATE CAUSE 2.5 NO PREMIUM, NO POLICY 2.6 CONCLUSION CHAPTER THREE THE PRINCIPLE OF INSURABLE INTEREST UNDER THE NIGERIAN LAW OF INSURANCE 3.0 INTRODUCTION 3.1 ORIGIN OF INSURABLE INTEREST 3.2 DEFINITION OF INSURABLE INTERST 3.3 INSURABLE INTEREST AS A MEASURE OF RECOVERY 3.4 NECESSITY OF INSURABLE INTEREST CHAPTER FOUR 4.0 CLASSIFICATION OF INSURABLE INTEREST 4.1 TIME FOR INSURABLE INTEREST 4.2 INSURABLE INTEREST IN PROPERTY 4.3 INSURABLE INTEREST IN LIFE INSURANCE 4.4 INSURABLE INTEREST IN GOODS 4.5 INSURABLE INTEREST IN LAND AND BUILDING 4.6 EFFECT OF LACK OF INSUURABLE INTEREST CHAPTER FIVE 5.0 APPLICATION OF INSURABLE INTEREST 5.1 WHAT DISTINGUISHES INSURABLE INTEREST FROM OTHER FORMS OF INSURABLE CONTRACT 5.2 CONCLUSION CHAPTER SIX 6.0 GENERAL CONCLUSION 6.1 RECOMMENDATION 6.2 BIBLIOGRAPHY TABLE OF CASES INDIA Duraiswamy Iyengar C. v United India Life Assurance Co. AIR 1956 Mad 320: (1956) 1 Mad LJ 344 Ward v Carttar [1865] LR 1 Eq 29. pg 31 KENYA Stockdale v Dunlop [1840] 6 M & W 224 NIGERIA Adefuye v. Royal Exchange Assurance (1962) LLR 43 Akpata and Garrick v. African Alliance Co. Ltd (1967) NWLR12 Irukwu v. TIMB [1997]12 NWLR 17 Kayode v. Royal Exchange Assurance (1955-56) W.R.NL.R. 154). Law Union and Rock Insurance Ltd v. Onuoha [1998] NWLR (pt 555) 576 at 588 UNITED KINGDOM Berker Gray v. London Assurance (1918) A.C. 101, 112 per Lord Summer. BOAG v. Standard Marine Insurance Co. Ltd (1971) 2 K.B. 113 Carter V. Boehm [1766] 3 Burr 1905 Castellian v Preston [1883] 11 QBD 380 @ pg. 397 Ebsworth v Alliance Marine Insurance Co[1873] LR 8 CP 596 @ pg 638 Ettrick v. Hunter, [1993] 1 All E.R. (H.L.) per Lord Goth. Gordon v. Gordon [1812]3 Swan 408 companies. Griffith v Fleming [1909] 100 LT 765: [1909] 1 KB 805: [1908-10] All ER 760 CA Hebdon v. West (1803) B & 579 Hedley Byrne & Co Ltd v. Heller & Co Ltd Joseph v Law Integrity Insurance Co. [1912] 2 Ch 581 Lee v. Jones [1864] 17 KB 482 Lloyd v Fleming [1872] LR 7 QB 299 London Assurance Co. v. Mansel (1879)11 Ch. D. 363 Mark Rowlands Ltd v Berni Inns Ltd [1986] 1 QB 211, 227. Prudential Insurance Co. v. Inland Revenue Commissioner (1904) 2 K. B. 658 at p. 663. Reed v. Royal Exchange Assurance Co.[1795] Peake Add Cas 70 Sadlers Co. V. Badcock (1743)2 ATK 554 Samuel v. Pumas (1924) A.C. 431 Siu Yin Kwan and another v Eastern Insurance Co Ltd [1994] 2 AC 199 Yorkshire Insurance Co. Ltd. v. Nisbet Shipping Co. Ltd., [1962] 2 Q.B. 330 at 339 UNITED STATES OF AMERICA Collingridge v Royal Exchange Assurance Corpn. [1877] 3 QB 173: 47 LJ QB 32: 37 LT 525 Gossett v. Farmers Ins. Co. of Wash., 948 P.2d 1264, 1272 Seagrave v Union Marine Insurance Co [1866] LR 1 CP 305 Sellers v Continental Insurance Co [1974] 48 DLR (3d)369, NS App Div Sparkes v Marshall [1836] 2 Bing NC 761. Studio Frames Ltd. v. The Standard Fire Ins. Co., 483 F.3d 239, 245 Sutherland v Pratt [1843] 11 M&W 296 Technical Land, Inc. v. Firemen’s Ins. Co. of Washington, D.C., 756 A.2d 439, 447 TABLE OF STATUTES INDIA Marine Insurance Act, 1963 NIGERIA Cap 128 of the Laws of the Federation, (1958) Insurance Act 2003 Insurance Companies Act, 1961, Cap. N53 vol. 7 LFN 2004 Insurance Decree of 1991 Insurance Decree, 1997 Motor Vehicle (Third Party Insurance) Act, (1950) The marine Insurance Act 1961 UNITED KINGDOM Central Services Act (1986) Partnership Act (1890) Life Assurance Act 1774 Marine Insurance Act, 1906 UNITED STATES OF AMERICA California Commercial Code § 2501 INTERVIEWS AND PERSONAL COMMUNICATION Wale Onaolapo (MD/CEO), Sovereign Trust Insurance Plc. A paper delivered at the 6th Practical Maritime Dispute Resolution Seminar. Lagos, Nigeria: May 22, 2014 Mr. Remi Olowude, Executive Vice Chairman, Industrial and General Insurance (IGI) in an interview with the Guardian; Thursday, December 13, (2007). p. 45 The Nigerian Council of Registered Insurance Brokers (NCRIB) via its President, Chief Dede Ijere, while lauding the actions taken by the National Insurance Commission (NAICOM) on Recapitalization process at the December edition of NCRIB members evening in Lagos. The Guardian, Thursday, December 13, (2002). p 45. MD/CEO Equity Assurance Plc an the Chairman, Nigerian Insurance Association (NIA) in an interview with the Guardian op. cit. at p. 44. LIST OF ABBREVIATIONS A.C. Appeal Cases All Com All Commercial ATK Atkyn’s Reports, Chancery Burr Burrow C.P Common Plea Cap Chapter Ch. D Chancery Division Co. Company E.R England Reports F.N.L.R Federal Nigeria Law Reports Ins. Insurance K. B King’s Bench L.J Live Journal L.L.R Lagos High Court Reports L.R Law Reports Lloyd’s Rep Lloyd’s List Law Reports LT Learn the truth Ltd Limited MLR Modern Law Report N.M.L.R Nigeria Monthly Law Report NCRIB Nigeria Council of Registered Insurance Brokers NWLR NWLR Nigerian Weekly Law Report Par Paragraph Q.B.D Queen’s Bench Division QB Queen’s Bench UCC Uniform commercial code W.R.NL.R Western Nigeria Law Report CHAPTER ONE NATURE AND DEFINITION OF INSURANCE 1.0 INTRODUCTION Risk and uncertainty are incidental to life. Man may meet untimely death. He may suffer from accident, destruction of property, fire, floods, earthquakes and other natural calamities. Whenever there is uncertainty, there is risk as well as insecurity. People always want to avoid the financial consequences of these risks e.g replacing personal property that is lost or damaged. Insurance exists because risk exists. Insurance cannot remove the risk or the likelihood that one might become a victim of risks, but it ensures the transfer of all or some of the financial impact. Insurance is a contract between two parties (insurance company (A) and the insured or policyholder (B) in which the risk is transferred to the insurance company in exchange for the payment (in advance) of a token called Premium with the insurance company agreeing to make good the loss to the policy holder whenever he suffers any loss. 1 Social and economic changes open up new areas in which insurers are called upon to provide insurance coverage. Apart from natural risks to life, the risks to life from coups, kidnapping and political assassinations have become
Keywords: A CRITICAL ANALYSIS OF THE REQUIREMENTS OF INSURABLE INTEREST UNDER THE NIGERIA LAW OF INSURANCE
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