Perhaps, the coronavirus phenomenon is considered to be an emerging risk in 21st century, yet, based on its nature and emergence it cannot be regarded as a new phenomenon in the world. In 1918, the world experienced the bitterly Spanish Flu that is taken as one of the most fatal contagious disease in history. Nevertheless, with the emergence of COVID-19, we are observing a tremendous turning point in the follow-up transient economic, social, cultural, and political changes some of which are directly or indirectly have impacted the life as we know it. What is quite obvious is that the legal impacts of coronavirus on commerce, politics, and society and more significantly the treaties, will not be merely understood in the months and years to come. The focus of the current paper is on the inquiry that whether an unforeseen event considered as force majeure or hardship, will have long-term impacts on liabilities and the relations rooted in a contract and to whom the contractual liability is directed in the face of an emerging phenomenon.
According to PRIAO report, this paper attempts to outline the distinctive features of both force majeure and hardship scenarios. Since there are many legal gaps and inadequacy in statutory laws in the insurance industry, the paper classifies COVID-19 as the Act of God category and as a force majeure factor, it is explored how it discharges any liability from the insurer’s part.
If interested, please plan to watch the live broadcast of the paper presentation today at 01:00 p.m. (IRST) through http://seminar.irc.ac.ir. The participants will be granted certificate at the end of the presentation.