ABSTRACT
The general principles of contract law are applicable insurance law. Because domestic legislation offers little assistance, Commonwealth Caribbean jurisprudence resolves issues and disputes in contract formation – including attendant rules – by application of regional case law augmented by British, Canadian, and Australian jurisprudence. From a practical standpoint, the contract of insurance possesses distinguishing features from other commercial contracts. Once the terms of insurance have been agreed by the parties, there is prima facie a binding contract of insurance and the assured is obliged to pay the premium when due and as agreed, and the insurer for their part must deliver a policy containing the agreed terms. The insurers would then accept the proposal made leading to an agreement. Valid acceptance of the offer could only be effected on payment being received by the company during the lifetime and good health of the insured.
