This book explores the central problems underlying the insurance of aviation war and terrorism risks and associated perils. It critically analyses the reasons why conventional insurance markets are unwilling or unable to provide sustainable insurance coverage for aviation war and terrorism risks in the aftermath of catastrophic events such as the terrorist events of September 11, 2001. It also examines some of the prominent concepts proposed and/or implemented after 9/11 to determine whether and to what extent these concepts avoid identified pitfalls. Like many of life's essentials, the importance of insurance is most evident when it is not available. The sheer scale and magnitude of the insurance losses that followed 9/11 caused conventional insurance markets (which hitherto had been offering generous insurance coverage for aviation war and terrorism risks to air transport operators for little or no premium) to withdraw coverage forthwith. The ensuing absence or insufficiency of commercial insurance coverage for aviation war and terrorism risks has sparked a global search for viable and sustainable alternatives. Ten years have since elapsed, and despite numerous efforts, the fundamental problems remain unresolved. The book proceeds on the premise that the underlying issues are not entirely legal in nature; they have immense economic, psychological and policy implications that cannot be underestimated. A multidisciplinary approach is therefore used in examining the issues, drawing heavily upon analytical principles adapted from law and economics and behavioural law and economics. It is hoped that the resulting study will be beneficial not only to lawyers and those interested in aviation insurance but also to economists, air transport insurance program managers, capital market investors and governmental policymakers, both at the national and international levels.

Detailed overview and analysis of common law rules and concepts applicable to insurance in general and aviation war and terrorism risk insurance in particular Provides a useful introduction to the world of aviation insurance for the uninitiated and also an important refresher for the experienced practitioner Includes a detailed discussion of economic and behavioural principles underlying risk assessment and risk management Format facilitates easy reading, appreciation and understanding of an otherwise extremely technical and complicated subject matter Includes supplementary material: sn.pub/extras

Autorentext

Prof. Ram S. Jakhu is Associate Professor at the Institute of Air and Space Law, Faculty of Law, McGill University, Montreal, Canada, where he teaches and conducts research in international space law, law of space applications, law of space commercialization, government regulation of space activities, law of telecommunications and Canadian communications law, and public international law. He is a member of the Global Agenda Council on Space of the World Economic Forum and a Fellow as well as the Chairman of the Legal and Regulatory Committee of the International Association for the Advancement of Space Safety (IAASS). In 2007, he received a "Distinguished Service Award" from the International Institute of Space Law for significant contributions to the development of space law. He is managing editor of the Space Regulations Library series and a member of the editorial boards of the Annals of Air and Space Law and of the German Journal of Air and Space Law. He served as the first Director of the Master's Program of the International Space University, Strasbourg, France, 1995-1998. He is a widely published author and editor of an award-winning book, National Regulation of Space Activities. His academic degrees include a B.A. as well as an LL.B. from Panjab University, an LL.M. also from Panjab University in International Law, an LL.M. from McGill University in Air and Space Law, and a Doctor of Civil Law (on Dean's Honours List) from McGill University in Law of Outer Space and Telecommunications. Dr. Joseph N. Pelton currently serves as a member of the Executive Board of the International Association for the Advancement of Space Safety. He is the former Chairman of the Board of Trustees and Vice President and Dean of the International Space University as well as the Director Emeritus of the Space and Advanced Communications Research Institute (SACRI) at George Washington University. Dr. Pelton also served as Director of the Accelerated Masters of Science Program in Telecommunications and Computers at the George Washington University from 1998 to 2005. Dr. Pelton was the founder of the Arthur C. Clarke Foundation and remains as the Vice Chairman on its Board of Directors. Pelton is a widely published and award winning author with over 30 books written or co-authored or co-edited with colleagues. His book Global Talk was nominated for a Pulitzer and won the Eugene Emme literature award. Dr. Pelton is a full member of the International Academy of Astronautics, an Associate Fellow of the American Institute of Aeronautics and Astronautics (AIAA) and a Fellow of the International Association for the Advancement of Space Safety (IAASS). He was the Founding President of the Society of Satellite Professional International (SSPI) and a member of the SSPI Hall of Fame. He has served as President of the Comsat Alumni andRetirees Association (COMARA). Until recently he was as President of the International Space Safety Foundation. He received his degrees as follows: BS from the University of Tulsa, MS from the New York University and his doctorate from Georgetown University. Dr. Yaw O. M. Nyampong is working as Senior Legal Officer, Pan African University, African Union Commission, in Addis Ababa, Ethiopia. He also served as the Executive Director (Academic Associate) of the Centre for Research in Air and Space Law, McGill University, Montreal, Canada. From 2010 to 2013, he was post-doctoral research fellow at the Faculty of Law where his research focuses on the environmental aspects of space exploration and use, particularly how to address the problem of space debris. Aside from his academic laurels and research experience, Dr. Nyampong has extensive practical experience in the fieldof air and space law, having worked as an international consultant on a num

Inhalt
Introduction.- The Insurance of Aviation Risks by the Conventional Insurance Markets.- The Insurance of Aviation War and Terrorism Risks by Specialist War Insurance Markets.- Catastrophic Risks and Reflexes: Some Theoretical Perspectives on the use of Insurance as a Risk Management Tool for Large Catastrophic Risks.- Enhancing the Insurance of Aviation War and Terrorism Risks through the use of Alternative Risk Transfer and Risk Financing Mechanisms.- The Insurability of Aviation War and Terrorism Risks under ICAO's Unlawful Interference Convention of 2009.- Governmental Involvement in the Insurance of Aviation War and Terrorism Risks.- Findings and Conclusions Towards Sustainable Insurance of Aviation War and Terrorism Risks.- Appendix.