Insurance Law

This class focuses on insurance law and both its broad applications and the specifics of Maryland insurance law and Maryland’s regulatory framework for managing and monitoring insurance companies.  Ultimately, an insurance policy allows specific insured parties to shift financial exposure for specified risks over to the insurance company. In return, the insurance company receives a premium for accepting the risks specified by the policy. This class takes a deep dive into the common and not-so-common issues that arise in insurance law.

So this course provides a comprehensive exploration of the legal principles underlying insurance contracts, regulation, and industry practices, with a particular emphasis on Maryland law. The course is designed to introduce students to the foundational concepts of insurance law while also preparing them to navigate the practical challenges and interpretative nuances of various insurance policies. Students will gain insights into the roles insurance plays in personal, commercial, and public contexts, as well as the implications of these roles for policyholders, insurers, and legal practitioners.

Topics Covered

We begin with an introduction to the essence of risk and the nature of insurance, focusing on its fundamental purpose: risk mitigation and financial protection. This segment examines the unique relationships between insurers and insured parties, unpacking key concepts such as fortuity, insurable interests, and the valuation of loss. Students will study landmark cases like Rawlings v. Apodaca and GAF Corp. v. County School Board to understand how courts interpret insurance policies and their underlying principles.

The course then shifts to insurance contract interpretation, covering essential doctrines such as reasonable expectations, waiver, and estoppel. Students will explore the boundaries of contractual warranties, misrepresentation, and ambiguities through cases like Vlastos v. Sumitomo Marine and Taylor v. State Farm. A significant focus is placed on the role of extrinsic evidence and parole evidence in resolving ambiguities and the tension between different approaches to contract interpretation.