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Commercial Law and Competition Law
Published in Ron Bartsch, International Aviation Law, 2018
Since the insurer agrees to take on a risk, it is only fair that the insurer be given a full and frank disclosure about the risk, especially its likelihood of occurrence and the damage that may be caused if it does occur. Disclosure allows the insurer to charge a premium appropriate to the risk. In order to ensure fair dealings in this regard, the insured is under a duty of utmost good faith. It is such that in some jurisdictions, a contract of insurance will be voided if it can be shown that the insured either misinformed the insurer or failed to disclose information such that the insurer was misled in a particular matter. It is also on this basis that the insurer accepts the risks described by the insured and only those risks. Due to the complex nature of aviation insurance, prospective insured in the aviation arena would be well advised to use the services of a qualified insurance broker, especially one with experience in aviation insurance.
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Published in Thomas C. Lawton, Strategic Management in Aviation, 2017
The greatest risk for airlines is operation risk and specifically speaking, an aircraft accident. Once a large-scale aircraft accident, not only are there many sacrifices but the airline loses both business and social credibility and becomes an airline rejected by customers. Compensation for passengers and aircraft damages, and damages to third parties on the ground would be covered by aviation insurance to a certain extent. But, for example, as for domestic services, loss of income as a result of a decrease in passengers, which is expected to exceed 100 billion yen the year after an accident, is not covered by insurance.
A framework for rocket and satellite launch information management systems based on blockchain technology
Published in Enterprise Information Systems, 2021
Accidents can occur in every stage of development, launch and in-orbit operation for rockets and satellites (Harland and Lorenz 2007). The loss caused by a failure of rocket and satellite launch operations is high. There are many possible reasons for launch failure, such as the reliability of the components, the rationality of the design, and the accuracy of the instructions (Harland and Lorenz 2007). The participating entities always buy aviation insurance to mitigate their risk (Kuskuvelis 1993; Flouris et al. 2009). During the process of claim settlement, the division of liability is a key step (Crocker and Tennyson 2002). To protect their own interests, participants may evade liability by tampering with data and concealing certain unfavourable factors. In addition, some data used in liability traceability are likely to be sensitive data related to the competitiveness of the participants and their survival. Therefore, it is necessary to protect these data to avoid leakage. In addition, because of the high cost of rockets and satellites, the rapid execution of contracts and insurance agreements is important to safeguard the interests of clients and enhance the trust and cooperation among the participants.