| CODE | INS3060 | |||||||||
| TITLE | Liability Insurance | |||||||||
| UM LEVEL | 03 - Years 2, 3, 4 in Modular Undergraduate Course | |||||||||
| MQF LEVEL | Not Applicable | |||||||||
| ECTS CREDITS | 4 | |||||||||
| DEPARTMENT | Insurance | |||||||||
| DESCRIPTION | This study-unit seeks to build on earlier study-units by exploring the theoretical background to liability insurance in more detail and examining some of the more specialised liability lines. An international approach is taken. It will give the students: - A knowledge as to how liability may arise; - A knowledge of duty of care owed and damages that may eminate from breach of such duty; - An understanding of principal legislation giving rise to liabilities; - A knowledge of the most common liability covers; - The general aspects of the handling of liability claims; - Legal Principles Insuring Liability Risks; - Employers’ Liability; - Public and Products Liability; - Professional Indemnity; - Other Third Party Covers; - Directors & Officers Liability; - Liability for Financial Loss; - Other Issues; - Contract Law Clauses; - Handling of Liability Claims; - Notification of Claims. Study-unit Aims: - To provide a thorough understanding of the role of liability insurance in accident compensation systems, the ways in which business organisations can incur legal liability and how damages are assessed, with emphasis on damages for personal injury; - To examine in detail some of the more specialised classes of liability insurance and the techniques of risk assessment and underwriting that apply to them; - To consider international aspects of liability insurance, including the effects of EC legislation and the alternative compensation systems of different jurisdictions; - To consider some current problems in the field of liability insurance. Learning Outcomes: 1. Knowledge & Understanding By the end of the study-unit the student will be able to understand: - the role of liability insurance in accident compensation systems; - the history and development of liability insurance; - legal principles under civil law and common law systems; - the main sources of liability in tort and in contract, under common law, statute and EC legislation (including industrial safety and product liability legislation); - principles governing the award of damages – an international perspective; - compulsory insurance provisions from an international perspective; - policy cover (including alternative policy triggers and common variations) under product liability insurance, employers’ liability and workers’ compensation insurance, pollution and environmental liability insurance professional indemnity insurance and specialised classes (e.g. Directors’ and Officers’ liability); - methods of risk assessment, including surveys and audits for industrial safety, product risk and environmental hazards; - the principal safety hazards and other sources of liability risk in industry, trade and the professions; - classification of risks and rating methods for the main lines of business; - underwriting considerations for the main lines of business. 2. Skills: This is a knowledge-based and not a skills-based unit but students should be apply the knowledge and understanding they gain to practical problems which they encounter during their working lives. Reading List: Recommended Text: Liability Insurance code 755 – Chartered Insurance Institute Supplementary Text: - Employers Liability at Common Law John Munkman Butterworths 1979 - Introduction to English Law (12th edition) Philip S James Butterworths 1989 Part II Section 11 – Introduction to The Law of Torts - Product Liability Alistair M Clark London Sweet & Maxwell 1979 - Professional Indemnity – It’s Applicability to the Accountancy Profession William Wait A dissertation in the Faculty of Economics, Management & Accountancy at the UOM 1991 - D&O Liability Insurance A report by Advanced Study Group No 226 The Insurance Institute of London - The Law of Insurance Contract Malcolm A Clarke Lloyds of London Press 1989 - Liability Exposures Dan Cassidy London Witherby & Co Ltd 1989 - Legal Liabilities by A J Peck - CII 630 - Kluwer - Handbook of Insurance - Civil Code - Chapter 16, Laws of Malta - Code of Organisation & Civil Procedure - Chapter 12, Laws of Malta - Duties & Liabilities of Company Directors - Ian J Stafrace (Thesis, Faculty of Laws UOM, 1997) - Professional Liability - Law & Insurance - Periodicals - (mainly the Law Reports therein) - The Journal, CII London (6 issues annually) - Post Magazine, London - Insurance Day, London - The Journal of the Society of Fellows, CII London - Cane, P. Atiyah’s accidents, compensation and the law, 7th Edition - Carter, Liability for accidental pollution, obstacles to the supply of insurance, CII occasional paper - Implications of claims made liability insurance, CII occasional paper - Jess, The insurance of professional negligence risks, Butterworth - Munkman, Damages for Personal Injury and Death, Butterworth - Parsons, C ‘Managerial liability, risk and insurance: an international view’ International and Comparative Corporate Law Journal Vol. 3 Issue 1 2001 pp. 27-57* - Parsons, C, ‘An essay on accident compensation and five papers on liability insurance’ 2002 - Parsons, C. (2002) ‘From accident to liability: a brief history of liability insurance’, Journal of Insurance Research and Practice, vol. 17, part 2 (July 2002)* - Parsons, C. ‘Directors’ and officers’ liability insurance: a target or a shield?’ The Company Lawyer, March 2000 - Parsons, C. ‘Liability rules, compensation systems and safety at work in Europe’ Geneva Papers on Risk and Insurance* - Parsons, C., ‘Employers’ liability insurance: how secure is the system?’ Industrial Law Journal, June 1999* - Parsons, C., ‘Liability, compensation and insurance for psychiatric injury’ Journal of Insurance Research and Practice. January 2001 pp. 14-26* - Parsons, C., Industrial injuries and employers’ liability: a search for the cure (CII, 1999) - Rogers, W. Winfield and Jolowicz on Tort Sweet and Maxwell (or any other up-to-date book on the law of tort of university standard) - Swiss Re ‘Insuring environmental impairment liability’ ** - Swiss Re ‘The Insurability of ecological damage’** * Copies will be provided for students ** These papers can be downloaded from the Swiss Re website at Swissre.com Websites www.cii.co.uk www.insurancewindow.net www.insuranceday.com www.lloyds.com |
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| STUDY-UNIT TYPE | Lecture and Tutorial | |||||||||
| METHOD OF ASSESSMENT |
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| LECTURER/S | Ramon Mizzi |
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The University makes every effort to ensure that the published Courses Plans, Programmes of Study and Study-Unit information are complete and up-to-date at the time of publication. The University reserves the right to make changes in case errors are detected after publication.
The availability of optional units may be subject to timetabling constraints. Units not attracting a sufficient number of registrations may be withdrawn without notice. It should be noted that all the information in the description above applies to study-units available during the academic year 2023/4. It may be subject to change in subsequent years. |
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