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The general average clause in ocean marine insurance obligates the insurers of various interests to share the cost of losses incurred voluntarily to save the voyage from complete destruction.
And three-quarters of the sellers are insurance companies, in particular insurers of cargo and inventory.The salvage market in America is big and highly fragmented; market size is about $50 billion.
In response to this insurance crisis, several states developed state-run wind insurance pools intended to serve as insurers of last resort.
But to regain the star quality they enjoyed in their early years, they need a new niche .ACE and XL used to be the insurers of the uninsurable," says Mike Smith, an insurance analyst at Bear Stearns.
The mandatory insurance is complemented by a mandatory acceptance by health insurers of all enrollees, without room for risk selection (i.e. a refusal to insure) or price discrimination.
Environment Secretary Owen Paterson accused the insurers of being alarmist.
"Hospitals should not be the insurers of last resort".
Public and private insurers of export credits have a scant appetite for sub-Saharan Africa.
Mr. Obama struck back, using his weekly address to accuse insurers of producing "phony studies".
But the airlines once again have to act as 'the Insurers of last resort' and pick up the tab".
A lawsuit accuses two of the state's largest insurers of withholding full reimbursement to health care providers.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com