It was already hard upon October before I was ready to set forth, and at the high altitudes over which my road lay there was no Indian summer to be looked for. I was determined, if not to camp out, at least to have the means of camping out in my possession; for there is nothing more harassing to an easy mind than the necessity of reaching shelter by dusk, and the hospitality of a village inn is not always to be reckoned sure by those who trudge on foot. A tent, above all for a solitary traveller, is troublesome to pitch, and troublesome to strike again; and even on the march it forms a conspicuous feature in your baggage. A sleeping-sack, on the other hand, is always ready-you have only to get into it; it serves a double purpose-a bed by night, a portmanteau by day; and it does not advertise your intention of camping out to every curious passer-by. This is a huge point. If a camp is not secret, it is but a troubled resting-place; you become a public character; the convivial rustic visits your bedside after an early supper; and you must sleep with one eye open, and be up before the day. I decided on a sleeping-sack; and after repeated visits to Le Puy, and a deal of high living for myself and my advisers, a sleeping-sack was designed, constructed, and triumphantly brought home.
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.
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