Insurance agreements

 

Insurance agreements are legal contracts between two parties; the insurer and the insured. Their purpose is to protect the insured’s financial interests from potentially harmful future events which are normally outside of their control.

Potential scope

Insurance agreements are found in all industries and can protect the insured from nearly every risk. For example, some insurance companies even offer weather insurance, not just to compensate for damage caused by storms or floods, but to protect holidaymakers from having their trip ruined by lack of sun or snow.

In fact, almost any eventuality can be covered. People have insured themselves against alien abduction, ghosts, vampires and werewolves. More seriously, people living in or travelling to dangerous locations may insure themselves against being held to ransom.

Motoring insurance

In the UK, all drivers must insure themselves against third party losses. Consequently, motoring insurance agreements are some of the most common agreements individuals enter into. These types of agreements have a unique legal aspect to them, as they are treated as agreements of the utmost good faith.

What this means in reality is that if an insured person had not been completely forthcoming whilst completing the information on a policy application the entire agreement could be voided by the insurer. This is not common in contract law, where small violations are usually not enough to void an entire contract.

For this reason it is important to read motoring insurance agreements very thoroughly before signing them and not be tempted to withhold information in order to secure a cheaper quote. If your insurance policy is found to be invalid, even if it was due to an honest mistake, you could be charged with driving without insurance, which is a serious offence.

Furthermore, if you are involved in an accident, you may have to pay damages out of your own pocket!

Our motoring law pages have more information about your obligations as a driver.

Commercial insurance

Insurance agreements may be between insurance providers and companies as well. The most common is employers’ liability insurance which is mandatory for every employer with over three employees.

These agreements are used to ensure that in the event that an employee is injured through the fault of the employer, the employer will have enough funds to compensate the employee.

You can learn more about this by visiting our page on employer’s liability insurance.

If you are in a dispute with your insurance company, or are having difficulties deciding on the terms of insurance agreements, you could seek professional advice from a legal specialist. Insurance law can be quite complex and the rules and practices vary depending on the type of insurance you are dealing with.

If you would like to obtain legal advice on insurance agreements, Contact Law can put you in touch with a local insurance solicitor free of charge. Please call us on 0800 1777 162 or complete the web-form above to speak to one of our advisors.

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