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Joseph Lavitt - One of the best experts on this subject based on the ideXlab platform.
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abjuring the collateral indemnity exception to insurer contribution
Social Science Research Network, 2011Co-Authors: Joseph LavittAbstract:In recent years, courts throughout the United States have sought unsuccessfully to clarify whether a contract requiring one party (the promisor) to obtain liability insurance in favor of another (the promisee) supplants a liability insurance policy procured by the latter. This issue educes markedly divergent judicial opinions. A dominant approach turns on whether the promisor also agreed to indemnify the promisee. If so, courts in most jurisdictions will find the issuer of a liability policy procured by the promisor solely liable for sums owed co-extensively by the issuer of a liability policy procured directly by the promisee. Drawing on the terms of an indemnity contract collateral to the operative insuring agreements to inform the reciprocal obligations of two (or more) insurers is an injudicious exception to the usual method of apportionment. Usually, coverage afforded by more than one policy of liability insurance is apportioned according to the doctrine of equitable contribution. Courts, exercising jurisdiction in equity, generally require insurers to contribute to a co-extensively Insured Loss according to a loosely defined, but reasonably discernible, range of judicially determined considerations. The conventional objective of such apportionment is to recognize and enforce the insurers’ co-extensive obligations, not excuse them.This Article provides a fresh perspective on a court’s exercise of equitable powers to relieve an insurer entirely of its contractual obligation based on a co-extensive obligation contractually owed by another to its Insured. The competing claims that arise in these circumstances can be resolved only by understanding principles of tort and contract law as malleable in equity into a fused amalgam. The so-called “collateral indemnity” exception to equitable contribution instead dwells outside these fitting restraints. Unstated but inherently flawed views about equitable jurisdiction have roused in these instances a misguided theory of exculpation that was doomed from the outset to fail on both theoretical and practical grounds.
Pinghung Hsieh - One of the best experts on this subject based on the ideXlab platform.
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a data analytic method for forecasting next record catastrophe Loss
2004Co-Authors: Pinghung HsiehAbstract:We develop in this article a data-analytic method to forecast the severity of next record Insured Loss to property caused by natural catastrophic events. The method requires and employs the knowledge of an expert and accounts for uncertainty in parameter estimation. Both considerations are essential for the task at hand because the available data are typically scarce in extreme value analysis. In addition, we consider three-parameter Gamma priors for the parameter in the model and thus provide simple analytical solutions to several key elements of interest, such as the predictive moments of record value. As a result, the model enables practitioners to gain insights into the behavior of such predictive moments without concerning themselves with the computational issues that are often associated with a complex Bayesian analysis. A data set consisting of catastrophe Losses occurring in the United States between 1990 and 1999 is analyzed, and the forecasts of next record Loss are made under various prior assumptions. We demonstrate that the proposed method provides more reliable and theoretically sound forecasts, whereas the conditional mean approach, which does not account for either prior information or uncertainty in parameter estimation, may provide inadmissible forecasts.
K Son - One of the best experts on this subject based on the ideXlab platform.
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estimating the texas windstorm insurance association claim payout of commercial buildings from hurricane ike
Natural Hazards, 2016Co-Authors: J M Kim, Paul Woods, Y J Park, K SonAbstract:Abstract Following growing public awareness of the danger from hurricanes and tremendous demands for analysis of Loss, many researchers have conducted studies to develop hurricane damage analysis methods. Although researchers have identified the significant indicators, there is currently a shortage of comprehensive research for identifying the relationship among the vulnerabilities, natural disasters, and Insured Losses associated with individual buildings. To address this lack of research, this study will identify vulnerabilities and hazard indicators, develop metrics to measure the influence of economic Losses from hurricanes, and visualize the spatial distribution of vulnerability to evaluate overall hurricane damage. This paper has utilized the Geographic Information System to facilitate collecting and managing data, and has combined vulnerability factors to assess the financial Losses suffered by Texas coastal counties. A multiple regression method has been applied to develop hurricane damage prediction models. To reflect the pecuniary Loss, Insured Loss payment was used as the dependent variable to predict the actual financial damage. Exposures, built environment vulnerability indicators, and hazard indicators were all used as independent variables. Accordingly, the models and findings may possibly provide vital references for government agencies and emergency planners to establish the hurricane damage mitigation strategies. In addition, insurance companies could utilize the model to predict hurricane damage.
Abbas Valadkhani - One of the best experts on this subject based on the ideXlab platform.
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measuring the impact of natural disasters on capital markets an empirical application using intervention analysis
Applied Economics, 2004Co-Authors: Andrew C Worthington, Abbas ValadkhaniAbstract:The impact of natural disasters on the Australian equity market is examined. The data set employed consists of daily price and accumulation returns over the period 31 December 1982-1 January 2002 for the All Ordinaries Index (AOI) and a record of 42 severe storms, floods, cyclones, earthquakes and bushfires (wildfires) during this period with an Insured Loss in excess of A$5 mil. and/or total Loss in excess of A$100 mil. Autoregressive moving average (ARMA) models are used to model the returns and the inclusion of news arrival, in the form of the natural disasters, is specified using intervention analysis. The results indicate that bushfires, cyclones and earthquakes have a major effect on market returns, unlike severe storms and floods. The net effects can be positive and/or negative with most effects being felt on the day of the event and with some adjustment in the days that follow.
J M Kim - One of the best experts on this subject based on the ideXlab platform.
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estimating the texas windstorm insurance association claim payout of commercial buildings from hurricane ike
Natural Hazards, 2016Co-Authors: J M Kim, Paul Woods, Y J Park, K SonAbstract:Abstract Following growing public awareness of the danger from hurricanes and tremendous demands for analysis of Loss, many researchers have conducted studies to develop hurricane damage analysis methods. Although researchers have identified the significant indicators, there is currently a shortage of comprehensive research for identifying the relationship among the vulnerabilities, natural disasters, and Insured Losses associated with individual buildings. To address this lack of research, this study will identify vulnerabilities and hazard indicators, develop metrics to measure the influence of economic Losses from hurricanes, and visualize the spatial distribution of vulnerability to evaluate overall hurricane damage. This paper has utilized the Geographic Information System to facilitate collecting and managing data, and has combined vulnerability factors to assess the financial Losses suffered by Texas coastal counties. A multiple regression method has been applied to develop hurricane damage prediction models. To reflect the pecuniary Loss, Insured Loss payment was used as the dependent variable to predict the actual financial damage. Exposures, built environment vulnerability indicators, and hazard indicators were all used as independent variables. Accordingly, the models and findings may possibly provide vital references for government agencies and emergency planners to establish the hurricane damage mitigation strategies. In addition, insurance companies could utilize the model to predict hurricane damage.