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Course Overview It is a reality of the reinsurance industry that the detailed wording which defines and determines the rights and obligations of the parties to a contract is often viewed as a secondary issue. The primary focus of attention is to 'close the deal', namely fixing the price and the limits of cover. As a result wordings often either follow a standard form, which does not accurately address the issues between the particular parties, or do not clearly express the important features of the relationship between reinsured and reinsurer. It is not surprising that these are the issues that often revisit the parties many years later, when a little more attention at the drafting stage could have avoided a great deal of time, effort and cost. This one-day conference has been designed to highlight and help you avoid these problems. It takes you through the drafting process, looking at the main areas of difficulty and focusing on current legal issues. The conference will be of practical application to avoid drafting problems in the future. There will also be ample opportunity to question the expert speakers on the clauses discussed, and indeed any others which concern you. Audience Anyone involved in the drafting, approval or implementation of reinsurance wordings, including: - Underwriters
- Claims managers
- Brokers
- In-house lawyers
Skills Gained By attending this conference you will: - Ensure the wording of all contracts meets your or your clients’ particular needs
- Understand the ways in which principles of interpretation are applied by the courts
- Correct potential problems caused by defective drafting and anticipate problems before they occur
- Focus on clauses that you may not have considered problematic
Course Outline Thinking it through – what clauses do you need? - What type of contract are you drafting?
- Treaty wordings – basic structure, essential preliminaries, clauses for proportional wordings, clauses for excess of loss contracts, common clauses
- Legal considerations – judicial pronouncements on some wordings and clauses
- Some common pitfalls and confusions – clauses which should not appear together in the same wording
- Considerations for facultative business – ‘backto- back’ or not?
Principles of interpretation - Principles of interpretation explained
- Recent cases
Contract certainty - Basic principles
- Market initiatives
- Contract completion and contract ambiguity update
Implied terms - General principles
- Implied terms in reinsurance contracts
Examples and areas of dispute Warranties and conditions – what you really need to know - Legal effect
- Which is which?
- Practical drafting tips – how can you ensure a warranty will be construed as such?
- Avoiding pitfalls
Defining the loss (X/L business) - Definitions of event/loss/occurrence
- Different requirements for different classes of business, e.g. property cat ‘events’, hours clauses
- Liability occurrences, latent damage, claims made, losses discovered, etc
- Aggregation – within ‘one event’
- Aggregate extension clauses for aggregate losses
- Recent cases – Hurricane Katrina
The ‘follow’ clauses - History of the clause
- Types of follow clause
- Claims co-operation/claims control
- Practical problems
- Recent cases
- Faraday Capital Ltd vs Copenhagen Reinsurance Co Ltd (2006)
- English and American Insurance Co Ltd vs AXA Re SA (2006)
- Wasa Insurance Company vs AGF / Lexington (2007)
Dispute resolution – the options and appropriate clauses - The various forms of dispute resolution – pros and cons
- Enforceability of ADR clauses
- Arbitration – the different types
- Litigation
- Effective incorporation of dispute resolution clauses – the pitfalls
How to make a booking for the cm65389 course
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