Introduction to Reinsurance.pdf - Prince Lobel
Introduction to Reinsurance.pdf - Prince Lobel Introduction to Reinsurance.pdf - Prince Lobel
Notice: Most reinsurance treaties and facultative certificates provide for some type of notice of claim. Older reinsurance contracts tended to be vague but more modern reinsurance contracts often have rather specific requirements as to precisely what sort of notice must be given and under what circumstances. As a general matter, those clauses containing express “condition precedent” language will be strictly construed. Reinsurers may raise a late notice defense as grounds for avoidance, particularly in connection with complex and large claims and particularly where there is a related right of disclosure and/or association. Late notice defenses become very contract- and fact-specific.
Right of Inspection: Virtually all reinsurance treaties provide that reinsurers have the right to inspect or audit the records of the reinsured business. The scope of the right and timing of inspection may become the subject of disputes. Some contracts provide for the right to “associate” in the defense. In practice this is rarely exercised and the reinsurer relies upon the cedent’s good faith obligation to handle the claim in an appropriate manner.
- Page 1 and 2: April 4, 2008 Introduction to Reins
- Page 3 and 4: Overview What is Reinsurance Insu
- Page 5 and 6: Insurance/Reinsurance Similarities
- Page 7 and 8: How Reinsurance Works It spreads th
- Page 9 and 10: April 4, 2008 Types and Characteris
- Page 11 and 12: Characteristics of The Reinsurance
- Page 13 and 14: Forms of Reinsurance Pro Rata (“
- Page 15 and 16: Per Occurrence Excess Multiple Risk
- Page 17 and 18: The Anatomy of a Reinsurance Claim
- Page 19 and 20: The Anatomy of a Reinsurance Claim
- Page 21 and 22: The Anatomy of a Reinsurance Claim
- Page 23 and 24: The Anatomy of a Reinsurance Claim
- Page 25 and 26: April 4, 2008 Two Key Principles in
- Page 27 and 28: “Uberrimae Fides” or the Duty o
- Page 29: April 4, 2008 Common Problems and I
- Page 33 and 34: Non-Congruence of Insurance and Rei
- Page 35 and 36: Declaratory Judgment Actions: Alth
- Page 37 and 38: Agreements to Arbitrate and Confide
- Page 39 and 40: Agreements to Arbitrate and Confide
- Page 41 and 42: The Loss - Scenario A Mitchell's N
- Page 43 and 44: The Reinsurance Claim Big Heart In
Notice:<br />
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<br />
<br />
<br />
Most reinsurance treaties and facultative certificates provide for<br />
some type of notice of claim. Older reinsurance contracts tended<br />
<strong>to</strong> be vague but more modern reinsurance contracts often have<br />
rather specific requirements as <strong>to</strong> precisely what sort of notice<br />
must be given and under what circumstances.<br />
As a general matter, those clauses containing express “condition<br />
precedent” language will be strictly construed.<br />
Reinsurers may raise a late notice defense as grounds for<br />
avoidance, particularly in connection with complex and large<br />
claims and particularly where there is a related right of disclosure<br />
and/or association.<br />
Late notice defenses become very contract- and fact-specific.
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