International Insurance law Essay Example | Topics and Well Written Essays - 4000 words

International Insurance law - Essay Example The specific principle has been related mostly to the insurance law. The introduction of the above principle was considered as a measure for increasing the validity of marine contracts, a target that has been achieved but not fully. The examination of the principles’ aspects led to the assumption that the specific principle has led to the introduction of a series of rules; these rules are critically presented in this paper; appropriate literature and case law have been used in order so show the actual characteristics of the principle of good faith and its implications for the marine insurance contracts, to which the principle of utmost good faith is mostly related. It is concluded that the principle of utmost good faith has played a key role in the increase of validity of marine insurance contracts, at least for the side of insured. The weakness of the principle to provide a clear plan of action when a violation has occurred in regard to one or more terms of the contract invol ved is clear. The efforts that the Law Commission developed recently in regard to the protection of consumers in the particular field, could help to control the violations in marine insurance contracts – which are critical for the entire market – and to improve the performance of the principle of utmost good faith, as an element of the relevant agreements. 2. Utmost good faith in the English law 2.1 The context of the principle of utmost good faith The principle of utmost good faith has been derived from the principle of good faith – a common element of contracts. For this reason, in order to understand the elements and the rules of the principle of utmost good faith it would be necessary to refer primarily to the framework of the principle of good faith – as used in the common law. The principle of good faith can be characterized as an indispensable element of contracts. The above principle has been recognized as a valuable criterion for deciding on the validity of a contract – especially in cases where the intention of the parties involved is not easily identified.1 In the Scots law, the principle of good faith, or else the ‘bonae fidei’ is a prerequisite for all contracts,2 even if opposite views have been periodically developed.3 Theorists and researchers have used similar approaches in order to describe good faith. In accordance with the most common view, the good faith can be characterized as ‘acting on the assumption of honest dealing’4. The principle of good faith is not accepted as a general principle; it is rather used in specific types of contracts, like ‘the insurance and employment contracts’;5 Conflicts have been often developed regarding the potential value of the principle of good faith for contracts. In Scotland, the most recent trends, lead to the limitation of the necessity of good faith for contracts; however, there are opposite views supporting the value of good fait h in contracts. The supporters of good faith in Scotland refer to the need for continuation of civilian traditions, as an argument for promoting the use of good faith in contracts.6 It should be noted that the principle of good faith is not strongly supported in the context of the common law; on the contrary, in the civil law, emphasis is given on the use of the principle

Isolating the Problem Essay Example | Topics and Well Written Essays - 500 words

Isolating the Problem - Essay Example These have exposed the racist culture within the organization to the public. The major root problem has been the continuing harassment and discriminations shown towards minority workers and the negligent role played by the management towards the treatment meted out to the minority employees. The management has over the years been a mute spectator, or in other words, has encouraged the discrimination shown towards African-Americans working in the firm. The minority workers were subjected to blatant racist language and behavior by senior officials and lower salaries and even their grievance claims were completely ignored. If the management had spared time to look into this issue seriously, this public suing of the company could have been avoided. The then CEO of Texaco, Peter Bijur, had taken a wise decision of settling the lawsuit and in addition forming a task force to seriously handle the crisis within the organization, despite the difficult financial state of the company. However, what actually triggered such a behavior towards minorities and the main people who spearheaded such an unethical task remains to be resolved. In matters like this, identifying the core reason is crucial if the problem is to be rooted out completely. There is no record of such facts being analyzed both by the organization as well as the independent task force that was set up. The key players include the management and the minorities who were subjected to such humiliation. The management on its part has set up a task force to analyze the situation and provide useful solutions. Likewise the taskforce has also come out with proposals that would bring about a culture change. This includes hiring, promoting and retaining a diverse workforce. New recruiting systems were in place to increase the number of minorities including women. Scholarship and internship programs were set up for the minorities, thus helping them