Case law library

 Always looking for new ideas and new decisions from so many valuable sources

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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of a specified rectification a slip could not be used to alter or contradict the construction of a policy which has superseded a slip.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 ...
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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...
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Silk and love of exclusions

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When the silky embrace gets you anywhere. Within a couple of weeks after the Semana Grande , San Sebastián will have one of its famous hotels full of cinema anoraks.   No one will be excluded from this wonderful event. A worrying trend making the role of contract wordings anoraks so useful is the misunderstanding of exclusions and their unique relationship with coverage extensions. Let us focus on the remote days when the market was sitting on the edge of LMP (London Market Principles) and close to adopt the Market Reform Standards. Twenty years or so later we are now sitting alongside the Market Reform Contract MRC V2.1 and the IMRC. An exclusion would be amended, deleted in part or in full. An exclusion would not apply to a particular scenario. Similarly, a coverage extension would be satisfactorily secured if it explained what was happening with an existing exclusion.   A coverage extension may be obtained until a set amount and beyond that amount the exclusion app...
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