ABSTRACT
This chapter begins with an introduction to insurance before discussing some key aspects of English insurance law. It then describes the regulation of insurers in the UK. Insurance replaces the possibility that the insured will have to bear an occasional and uncertain loss itself with the certainty that the insured will pay a known amount to the insurer. Under a valued policy, the insured and the insurer agree upon the value of the insured subject matter. London is one of the world's centres for large insurance and reinsurance transactions. The chapter describes the legal rules which apply to the formation of an insurance contract. The normal method of obtaining insurance is for the party seeking insurance to complete a proposal form, and sometimes to provide further information known as an underwriting submission. A binding contract will be deemed to arise when the insured and the insurer have agreed the key terms of the insurance.
