Northern Ireland Protocol Master policy endorsement


 Notwithstanding and unless otherwise stated elsewhere.
Wordings and geopolitics are amazing disciplines.

Whatever your allegiance the Northern Ireland protocol announcement tomorrow will be like endorsing a master policy non admitted sub-section interlocking clause.

Image Source Dublin's Castle Hall of Presidents May 2022

Comments

Post a Comment

Popular posts from this blog

Fascinating new world

The following bulletin got shared to the market participants and wordings chums yesterday. Lloyd's Market Association Bulletin LMA21-027-DP | 22 June 2021 Amendments to LMA Model Clauses The LMA, on behalf of its members, publishes LMA (and previously NMA and LSW) referenced clauses as model clauses. These clauses are purely illustrative and are published and distributed for the guidance of Lloyd’s managing agents, brokers and other market participants. All contracting parties are free to agree to different conditions/amend the model clauses as they see fit; the LMA does not protect its intellectual property rights over model clauses. It is for underwriters to decide whether or not any contractual language is acceptable on any given risk. Where an LMA model clause is changed to align with the requirements of the contracting parties, it is no longer the model clause and should not be represented as such. It is currently common practice in the market to change LMA model clauses and h...
Read more

CHOICE OF LAW & JURISDICTION

In the case law HIH Casualty & General Insurance Ltd vs New Hampshire Insurance Co , it is asserted that where the policy was unlikely to have been regarded as the final record of the parties’ contract, the wording of the slip was in a position to assist in the construction of the policy. However, in the absence of a specified rectification a slip could not be used to alter or contradict the construction of a policy which has superseded a slip. In this context, it is useful to revisit the agreement on law and jurisdiction clauses attaching to (re)insurance products. It is part of a process. Part of a system, linked to controls and risk. Evidently bound by management information risk indicators and a myriad of sourcebooks. Such procedures and guidelines being impacted by supranational directives, regulatory changes, contract law changes, market developments. This Law and jurisdiction clauses in contracts aide memoire outlines the issues that need to be considered when ...
Read more

A brilliant call for reinsurance wordings

The Brexit withdrawal agreement was illegal. Adding to this striking wording contradictions within the document. The wordings rules govern the contingent business interruption cases discussed at a recent FCA judgement. Reinsurance products are to be made simpler to improve the customer experience in accordance with key notes echoing the blueprint documentation. In a world disrupted by all sorts of contingent perils, portfolio transfers and offset rights are in the plenty driving commercial negotiation for program management reinsurers or niche run-off written business classes. Reinsurance wordings are beautiful palimpsests playing a critical role in setting transparently the underwiting guidelines and the claims handling provisions. No geographical limitation. A set of common clauses but not always following a templated structure; there  is a lot of bespoke content with MRC exempt solutions. Educating underwriters, stakeholders and claims colleagues on the added-value in wordings a...
Read more