The Principles for Assessing and Calculating of Damages in Business Interruption Insurance

Document Type : Research Paper

Authors

1 Assistant prof. of Private Law, Faculty of Law & Political Sciences, University of Tehran, Tehran, Iran.

2 PhD in Private Law, Faculty of Law, Shahid Beheshti University

10.22034/law.2024.59203.3338

Abstract

Loss of profit insurance or business interruption insurance is one of the most practical insurances available in the insurance market of many countries, whose importance in the economic and insurance system is undeniable. Statistical studies in many countries have also proven the importance and applicability of this type of insurance in modern societies.
Despite of the importance of this type of insurance, Iranian insurance system, only points out its name without using it commonly while in some countries, especially in America, these insurances have been provided for a long time and valuable experiences have been gained in this field. Therefore, it is necessary to use the experiences gained from developed countries in this field in reviewing the regulations of these insurances. On the other hand, compensation for loss of profit is still faces doubts and uncertainties in Iranian's legal system. Hence accepting and using more of this type of insurance has double importance in Iranian legal system and can be one of the solutions to compensate this type of damage in the current situation. Therefore, and based on this necessity, we have tried to introduce this type of insurance, the reasons for their legal and economic importance, the variety of this type of insurance, and the most important principles and criteria for evaluating and calculating loss of profit damage with a comparative and analytical approach.

Keywords

Main Subjects

Jurisprudence and Islamic Law

Articles in Press, Accepted Manuscript
Available Online from 07 May 2024

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