abcde "Cooperation" in Settling Claims The Relationship between Cedents and Reinsurers Convención Anual de Seguros of the
|
|
- Debra Boone
- 6 years ago
- Views:
Transcription
1 Convención Anual de Seguros of the abcde Mexican Association of Insurers (Asociación Mexicana de Instituciones de Seguros - AMIS) June 9 th & 10 th 2008 "Cooperation" in Settling Claims The Relationship between Cedents and Reinsurers Dr. Wolfgang Eilers Chiltington International GmbH, Germany 1 "Cooperation" in Settling Claims AMIS June 10th, 2008
2 "Cooperation" in Settling Claims - Agenda Claims Cooperation Clauses Other Clauses No Specific Clause at All Follow the Settlement -> Excursus: Ex Gratia, Extra Contractual Obligation (ECO) & Negligence of the Cedent Full Reinsurance Clause Jurisdiction in the Different Countries Specific Challenges in Latin America Excursus: Contract Certainty Risk Management Aspects 2 "Cooperation" in Settling Claims AMIS June 10th, 2008
3 Agenda abcde Claims Cooperation Clauses Other Clauses: No Specific Clause at All Follow the Settlement -> Excursus: Ex Gratia, Extra Contractual Obligation (ECO) & Negligence of the Cedent Full Reinsurance Clause Jurisdiction in the Different Countries Specific Challenges in Latin America Excursus: Contract Certainty Risk Management Aspects 3 "Cooperation" in Settling Claims AMIS June 10th, 2008
4 Claims Cooperation Clauses (1) What are the options? Claims Notification Clause Claims Assistance Clause Claims Coordination Clause Claims Control Clause 4 "Cooperation" in Settling Claims AMIS June 10th, 2008
5 Claims Cooperation Clauses (2) Claims Notification Clause (Example Property ) A condition precedent to any liability of the Reinsurer under this Agreement is that the Company shall notify the Reinsurer of any claim for which provisional claims advice is stipulated within 72 hours of gaining knowledge of the claim and shall furnish the Reinsurer with all essential information about the claim, particularly with regard to its estimated amount, probable cause and planned settlement. => To be generally found in any reinsurance agreement and indispensable to be agreed upon next to on any Claims Cooperation Clause! 5 "Cooperation" in Settling Claims AMIS June 10th, 2008
6 Claims Cooperation Clauses (2) Claims Assistance Clause (Example) The Reinsurer shall have the right to participate, in an internal advisory capacity and at its own expense, in the settlement of claims for which separate claims notifications are stipulated in the Schedule, and also to participate in decisions regarding the legal defence of such claims. For this purpose the Reinsurer may demand all relevant information on the claim and its settlement or de-fence. Beyond this, the Reinsurer may at its own expense and in agreement with the Company, commission a loss adjustment firm or delegate a legitimate representative to keep it informed of the course of the settlement procedure... 6 "Cooperation" in Settling Claims AMIS June 10th, 2008
7 Claims Cooperation Clauses (3) Claims Coordination Clause (Example) A condition precedent to any liability of the Reinsurer under this Agreement is that the Company shall cooperate with the Reinsurer in the settlement of claims for which separate claims notifications are stipulated in the Schedule. This shall mean that from the time it gains knowledge of the loss occurrence, the Company shall keep the Reinsurer informed about the development of the claims and the proposed settlement, including their legal defence. The Reinsurer shall have the right to give internal advice and to request any relevant information. The Reinsurer shall bear the cost of its own involvement in the settlement. Moreover, the Reinsurer may require that the Company, after consultation with the Reinsurer, appoint a recognised firm of independent loss adjusters and that it be kept informed of the progress of the settlement and/or be given the opportunity to take part, at its own expense, in the settlement of the claims by delegating a duly authorised representative 7 "Cooperation" in Settling Claims AMIS June 10th, 2008
8 Claims Cooperation Clauses (4) Claims (Settlement) Control Clause (Example) A condition precedent to any liability of the Reinsurer under this Agreement is that the Company, before making final settlement of claims for which separate claims notifications are stipulated in the Annexes, shall have submitted the relevant documents to the Reinsurer and shall have obtained the Reinsurer's consent. Moreover, the Reinsurer may require that the Company, after consultation with the Reinsurer, appoint a recognised firm of independent loss adjusters and that it be kept informed of the progress of the settlement and/or be given the opportunity to take part, at its own expense, in the settlement of the claims by delegating a duly authorised representative... 8 "Cooperation" in Settling Claims AMIS June 10th, 2008
9 Claims Cooperation Clauses (5) Reasons for Claims Cooperation Clauses Leading Reinsurer Large, lion s share participation Excess of Loss Reinsurance, where the cedent has no participation in the liability above the priority. Dependence resp. interrelation of the cedent to the insured or a third party profiting from the insurance cover (e.g. captive business, in-house resp. grouprelated insurance companies, e.g. bank-assurance) 9 "Cooperation" in Settling Claims AMIS June 10th, 2008
10 Claims Cooperation Clauses (6) Reasons for Claims Cooperation Clauses (cont.) Participation in heavy and/or very specific or unusual risks or reinsurance constructions Fronting arrangements where the expertise of the fronting company is not ensured Where broker covers are also included in the reinsurance agreement Reinsurer s support necessary on behalf of the cedent (e.g. new-business support / set-up of new operation) 10 "Cooperation" in Settling Claims AMIS June 10th, 2008
11 Claims Cooperation Clauses (6) Advantages & Disadvantages for the Cedent & Reinsurer Rights for cooperation Obligation to cooperation Within the different relationships Inter-partes (i.e. cedent/reinsurer) Intra-partes (i.e. cedent/(co-)insurer resp. reinsurer/(co-) reinsurer) 11 "Cooperation" in Settling Claims AMIS June 10th, 2008
12 Agenda Claims Cooperation Clauses abcde Other Clauses: No Specific Clause at All Follow the Settlement -> Excursus: Ex Gratia, Extra Contractual Obligation (ECO) & Negligence of the Cedent Full Reinsurance Clause Jurisdiction in the Different Countries Specific Challenges in Latin America Excursus: Contract Certainty Risk Management Aspects 12 "Cooperation" in Settling Claims AMIS June 10th, 2008
13 Other Clauses (1) No Specific Clause at all: Cedent has the right to settle the claim Reinsurer has the right to settle the claim, i.e. to assess its own liability Discussion whether there is follow the fortune as an implied term in the reinsurance agreement 13 "Cooperation" in Settling Claims AMIS June 10th, 2008
14 Other Clauses (2) Follow the Fortune/Follow the Settlement/Follow the Actions Is there a difference? Generally obliges a reinsurer to pay if within the terms and conditions of the original policy and the reinsurance agreement. The refusal of the reinsurer to follow the actions in respect of contractually covered risks, is a serious measure which, even if the withholding of performance is justified, may easily be interpreted in the market as "harsh" or as an "excuse for reluctance to pay". Reasons for declining indemnity: Cedent s business management shows gross infringements of recognised standards of conduct in (primary) insurance. Lack of obligation to follow and no obligation to indemnify as outside of the scope of cover resp. contractually excluded 14 "Cooperation" in Settling Claims AMIS June 10th, 2008
15 Other Clauses (3) Follow the Fortune/Follow the Settlement/Follow the Actions (cont.) and its relation to claims co-operation clauses? Underlying philosophy of a Follow the settlement clause: Reinsurer trusts cedent to make settlements Claims co-operation clauses is that settlements should not be made without reinsurers prior approval. Tension -> ref. made to SCOR case [1985] -> see further below. Practical Consequence: Ensure an early and on-going dialogue with the reinsurers about handling claims Safest course of action is for the reinsured not to agree a (compromise) settlement and wait to be sued by the insured 15 "Cooperation" in Settling Claims AMIS June 10th, 2008
16 Other Clauses (4) Excursus: Ex Gratia, Extra Contractual Obligation (ECO) & Negligence - Is there the obligation to Follow the Fortune? Ex Gratia: No obligation to follow as any payment by the cedent is done knowing the non-existence of the this related obligation and only done due to management or other similar reasons. Extra Contractual Obligation (ECO): No obligation to follow as any (obligation for) payment on behalf of the cedent is outside of the scope of the reinsurance agreement. Negligence on behalf of the Cedent: No obligation to follow as this obligation is limited by the obligation of the cedent to management in a business like manner. 16 "Cooperation" in Settling Claims AMIS June 10th, 2008
17 Other Clauses (5) Full Reinsurance Clause Usually taken to mean being a reinsurance of and warranted same gross rate, terms and conditions as original Therefore no issue i.r.o. claims cooperation between cedent and reinsurer but as to the question of back-to-back -cover The reinsurers rights for claim cooperation as agreed upon are not curtailed by a full reinsurance clause 17 "Cooperation" in Settling Claims AMIS June 10th, 2008
18 Agenda Claims Cooperation Clauses abcde Other Clauses: No Specific Clause at All Follow the Settlement -> Excursus: Ex Gratia, Extra Contractual Obligation (ECO) & Negligence of the Cedent Full Reinsurance Clause Jurisdiction in the Different Countries Specific Challenges in Latin America Excursus: Contract Certainty Risk Management Aspects 18 "Cooperation" in Settling Claims AMIS June 10th, 2008
19 Jurisdiction in the Different Countries AIG Europe v Faraday [2007] (1) Appropriateness of Clauses The Case Facultative reinsurance of AIG in respect of a D&O policy issued to the original insured Claim related to a class action in the US vs. the original insured. After insurer s settlement according to the limit of liability under the original policy, AIG notified reinsurer and sought recovery. 19 "Cooperation" in Settling Claims AMIS June 10th, 2008
20 Jurisdiction in the Different Countries AIG Europe v Faraday [2007] (2) Appropriateness of Clauses The Reinsurance Claims Co-operation Clause Notwithstanding anything contained herein to the contrary, it is a condition precedent to any liability under this Policy that: The Reinsured shall upon knowledge of any loss or losses which may give rise to a claim, advise the Reinsurers thereof as soon as is reasonably practicable and in any event within 30 days The Reinsured shall furnish the Reinsurers with all information available respecting such loss or losses, and shall co-operate with the Reinsurers in the adjustment and settlement thereof 20 "Cooperation" in Settling Claims AMIS June 10th, 2008
21 Jurisdiction in the Different Countries AIG Europe v Faraday [2007] (3) Appropriateness of Clauses Crucial Points Problem: Use of a property claims cooperation clause in a liability reinsurance wording ( loss = actual loss = proven fact ) Clear illustration of standard clauses not to be applied to reinsurance wordings on a one size fits all basis. Any amendments to standard clauses should be checked to ensure interpretation as intended. Necessary appropriateness especially For the specific class of business, and In consistence with the remainder of the contract wording. Better to use the word circumstances than loss 21 "Cooperation" in Settling Claims AMIS June 10th, 2008
22 Jurisdiction in the Different Countries Dornoch vs. Royal & Sun Alliance [2004] Loss or Actual Loss? Claims Cooperation Clause: 72h notification period for a liability policy. Court interpretation: actual loss, which the cedent could not be expected to have in such a short period. Court of Appeal: no breach of the notification clause, as cedent did not have actual knowledge of actual losses suffered by the 3 rd party claimants vs. the original insured, and would not do so until those claims had been decided by a court. Root cause of the problem: Complete mismatch between the notification provisions in the insurance and those in the reinsurance Use of an off-the-shelf clause in the reinsurance that would have been more suitable for property damage rather than liability - cover. 22 "Cooperation" in Settling Claims AMIS June 10th, 2008
23 Jurisdiction in the Different Countries Gan vs. Tai Ping [2001] Importance of specific words Claims Control Clause provided:...condition precedent to liability that no settlement and/or compromise shall be made and liability admitted without prior approval of reinsurers The Court of Appeal established That and meant or That the Follow the Settlement clause would take effect subject to compliance with the Claims Cooperation Clause Compliance as condition precedent to liability effectively enabling the reinsurer to decide whether or not to settle a claim, provided that the reinsurer act reasonably in deciding whether or not to withhold their approval => The Claims Cooperation Clause required strict compliance on insured s part to render the reinsurer liable to indemnify 23 "Cooperation" in Settling Claims AMIS June 10th, 2008
24 Jurisdiction in the Different Countries Shinnedean Ltd. vs. Alldown Demolition [2005] How Condition Precedent Co-operation Provisions to be Construed If a co-operation clause is a condition precedent, then the breach of that clause will allow reinsurer to decline cover even if there has been no prejudice. Question: when is there a breach? If a co-operation clause does not specify how long a cedent has to provide claims information, a "reasonable time" will be given, to be determined on the facts of the case. A reinsurer is entitled to relevant claims material in good time to assess a claim, whether or not his position is prejudiced. 24 "Cooperation" in Settling Claims AMIS June 10th, 2008
25 Jurisdiction in the Different Countries SCOR [1985] - Tension between the Claims Cooperation and Follow the Fortune clauses The court came to the conclusion to treat the follow the settlements clause as applicable only to such settlements as are approved by the reinsurers Practical Consequence: Ensure an early and on-going dialogue with the reinsurers about handling claims Safest course of action is for the cedent not to agree a (compromise) settlement and wait to be sued by the insured 25 "Cooperation" in Settling Claims AMIS June 10th, 2008
26 Jurisdiction in the Different Countries and so on and so on and so on 26 "Cooperation" in Settling Claims AMIS June 10th, 2008
27 Agenda Claims Cooperation Clauses abcde Other Clauses: No Specific Clause at all Follow the Settlement -> Excursus: Ex Gratia, Extra Contractual Obligation (ECO) & Negligence of the Cedent Full Reinsurance Clause Jurisdiction in the Different Countries Specific Challenges in Latin America Excursus: Contract Certainty Risk Management Aspects 27 "Cooperation" in Settling Claims AMIS June 10th, 2008
28 Specific Challenges in Latin America (1) are there any? 28 "Cooperation" in Settling Claims AMIS June 10th, 2008
29 Specific Challenges in Latin America (2) Specifics given: Role of brokers and sub brokers in the notification Knowledge by adjusters / surveyors / representatives of the reinsurers Size of a loss may not exceed deductible when the reinsured first becomes aware of it Reinsurers may take longer time than necessary to agree a settlement Local cedants often think only on the follow the fortunes principle => Very general topics of utmost importance 29 "Cooperation" in Settling Claims AMIS June 10th, 2008
30 Agenda Claims Cooperation Clauses abcde Other Clauses : No Specific Clause at All Follow the Settlement -> Excursus: Ex Gratia, Extra Contractual Obligation (ECO) & Negligence of the Cedent Full Reinsurance Clause Jurisdiction in the Different Countries Specific Challenges in Latin America Excursus: Contract Certainty Risk Management Aspects 30 "Cooperation" in Settling Claims AMIS June 10th, 2008
31 Excursus: Contract Certainty (1) London Market Contract Certainty Code of Practice: Contract certainty is achieved by the complete and final agreement of all terms between the original insured and insurer (resp. insurer (cedent) and reinsurer) by the time that they enter into the contract, with contract documentation provided promptly thereafter 31 "Cooperation" in Settling Claims AMIS June 10th, 2008
32 Excursus: Contract Certainty (2) Implications of Contract Certainty for the time being: For the London Market: Contracts to be final and certain on their effective date. Terms must be clearly expressed including any conditions or subjectivities. Contract changes to be certain and documented promptly. For other Markets: very limited Best Practice Where the business is placed with London Market -> Getting the Reinsurance Wordings in time! 32 "Cooperation" in Settling Claims AMIS June 10th, 2008
33 Excursus: Contract Certainty (3) Implications of Contract Certainty in the future: For the London Market: Contracts to be final and certain on their effective date. Terms must be clearly expressed including any conditions or subjectivities. Contract changes to be certain and documented promptly. For other Markets: very limited Best Practice Where the business is placed with London Market -> Getting the Reinsurance Wordings in time! 33 "Cooperation" in Settling Claims AMIS June 10th, 2008
34 Agenda Claims Cooperation Clauses abcde Other Clauses: No Specific Clause at All Follow the Settlement -> Excursus: Ex Gratia, Extra Contractual Obligation (ECO) & Negligence of the Cedent Full Reinsurance Clause Jurisdiction in the Different Countries Specific Challenges in Latin America Excursus: Contract Certainty Risk Management Aspects 34 "Cooperation" in Settling Claims AMIS June 10th, 2008
35 Risk Management Aspects (1) Areas of Preventive Actions / Focus / Action Planning Wording & Clauses Underwriting incl. Accumulation Control Claims Management and Claims Reporting Arbitration / Litigation Support 35 "Cooperation" in Settling Claims AMIS June 10th, 2008
36 Risk Management Aspects (2) Wordings, Clauses and the Underwriting Team in general: Review of existing wordings with special focus on (i.a.): Claims Notification and Cooperation Clauses Follow the Fortune & Full Reinsurance Clause ( Back-to- Back Cover) Applicable law and jurisdiction Clause? Well drafted and communicated underwriting guidelines Review of the decision making processes in respect of wordings (i.a. also: double-check -principle) Training of underwriters 36 "Cooperation" in Settling Claims AMIS June 10th, 2008
37 Risk Management Aspects (3) Claims Management and Claims Reporting Well drafted and communicated claims handling/management and reporting guidelines (e.g. who names and instructs assessors, surveyors, adjusters?) Claims handler awareness of notification periods and triggers, as well as accumulation control Defined in-house and outside reporting lines Every big event should trigger careful analysis. Review of the claims handling and settlement decision making processes (i.a. also: double-check -principle) => Do not wait until it is too late "Cooperation" in Settling Claims AMIS June 10th, 2008
38 Risk Management Aspects (4) Arbitration / Litigation Support Seat of Arbitration Choice of Law Overview on who to choose (for the different lines of business): As representing lawyer As party s arbitrator Suggestions for the umpire => Do not wait until the arbitration request comes in "Cooperation" in Settling Claims AMIS June 10th, 2008
39 Chiltington Hamburg References PAVANT INTERNATIONAL RE 39 "Cooperation" in Settling Claims AMIS June 10th,
40 Chiltington South America References 40 "Cooperation" in Settling Claims AMIS June 10th,
41 "Cooperation" in Settling Claims Claims Cooperation Clauses Other Clauses No Specific Clause at All Follow the Settlement -> Excursus: Ex Gratia, Extra Contractual Obligation (ECO) & Negligence of the Cedent Full Reinsurance Clause Jurisdiction in the Different Countries Specific Challenges in Latin America Excursus: Contract Certainty Risk Management Aspects Any Questions 41 "Cooperation" in Settling Claims AMIS June 10th, 2008
42 Contact details Chiltington International GmbH Halstenbeker Weg 96a Rellingen Germany Chiltington Internacional S.A. de CV G. Gonzalez Camarena 1450 piso 2.- Centro Ciudad Sta Fe México, 1210 DF Dr. Wolfgang Eilers weilers@chiltington.com Oscar Botello Moreno obotello@chiltington.com.mx 42 "Cooperation" in Settling Claims AMIS June 10th, 2008
43 Disclaimer The information provided in this presentation does in no way whatsoever constitute legal, accounting, tax or other professional advice. While Chiltington International has endeavoured to include in this presentation information it believes to be reliable, complete and up-to-date, the company does not make any representation or warranty, express or implied, as to the accuracy, completeness or updated status of such information. Therefore, in no case whatsoever will Chiltington International and/or its affiliate companies be liable to anyone for any decision made or action taken in conjunction with the information in this presentation or for any related damages. 43 "Cooperation" in Settling Claims AMIS June 10th, 2008
44 abcde Thank you for your attention! Dr. Wolfgang Eilers Chiltington International GmbH, Germany 44 "Cooperation" in Settling Claims AMIS June 10th, 2008 Consultancy of the Year 2006 Providing Services to the Insurance & Reinsurance Industry
Sunrise Brokers LLP Standard Terms of Business 12 December 2017 (Updated at clause effective 25 May 2018 for GDPR)
Sunrise Brokers LLP Standard Terms of Business 12 December 2017 (Updated at clause 13.16 effective 25 May 2018 for GDPR) Index Sunrise Brokers LLP Standard Terms of Business 1. General Information 2. Applicable
More informationStandard Terms & Conditions of Trade
Standard Terms & Conditions of Trade 1. STANDARD TERMS AND CONDITIONS OF TRADE a. In these terms and conditions, the goods means the goods as indicated on any company forms, price lists, quotations, orders,
More informationICT SERVICES AGREEMENT SCHEDULES SCHEDULE 9.1 STAFF TRANSFER
ICT SERVICES AGREEMENT SCHEDULES SCHEDULE 9.1 STAFF TRANSFER CONTENTS Section A: Section B: Section C: Product Description Guidance Pro-forma/Example Schedule ICT_schedule9.1_v2.1 1 Section A Product Description
More informationIRIS Group of Companies Customer Data Processing Terms
IRIS Group of Companies Customer Data Processing Terms Definitions (any other capitalised terms not contained in this section will be as defined in the IRIS Software Group General Terms & Conditions (
More informationProfessional Indemnity Initiative
British Insurance Brokers Association Professional Indemnity Initiative An introductory guide to professional indemnity policy wordings 2007 BIBA Leading the way in UK insurance CONTENTS 03 Foreword 04
More informationTerms of Business Agreement (Risk Transfer)
Terms of Business Agreement (Risk Transfer) An Agreement dated governing the conduct of Insurance Business between: and Unicorn Underwriting Limited whose registered office / principal place of business
More informationTERMS AND CONDITIONS OF SUPPLY
TERMS AND CONDITIONS OF SUPPLY 1. APPLICATION OF THESE TERMS 1.1 These Terms apply to the supply of all Products by us to you. 1.2 These Terms supersede and exclude all discussions, representations, terms
More informationBuilder Counter Indemnity Agreement
Builder Counter Indemnity Agreement W25D-1.00-010213 Page 1 of 7 THIS AGREEMENT is made on XXXXX BETWEEN: A. [INSURER] whose principal place of business is at XXXXX, XXXXX, XXXXX, XXXXX (the Underwriter
More informationE D & F MAN CAPITAL MARKETS EXECUTION ONLY SERVICES TERMS OF BUSINESS
Version: 2018.01V E D & F MAN CAPITAL MARKETS EXECUTION ONLY SERVICES TERMS OF BUSINESS These terms of business, together with any accompanying documents (this "Agreement") set out the terms of business
More informationPOSSESSORY TITLE INDEMNITY ISSUED BY STEWART TITLE LIMITED
ISSUED BY STEWART TITLE LIMITED POLICY SUMMARY POLICY TYPE Possessory Title Indemnity THE INSURER Stewart Title Limited POLICY TERM In Perpetuity from the Policy Date INSURER S ADDRESS 6 Henrietta Street,
More informationNASDAQ Futures, Inc. Off-Exchange Reporting Broker Agreement
2. Access to the Services. a. The Exchange may issue to the Authorized Customer s security contact person, or persons (each such person is referred to herein as an Authorized Security Administrator ),
More informationTERMS OF BUSINESS INDIRECT CLEARING ADDENDUM INTL FCSTONE LTD
TERMS OF BUSINESS INDIRECT CLEARING ADDENDUM INTL FCSTONE LTD Page 1 of 6 1. Scope and definitions 1.1 This Addendum is incorporated into, and forms part of, the Agreement. 1.2 IFL may, at its discretion,
More informationYour claims. advocate
Your claims advocate Why is a strong claims team important? An insurance broker should not only be measured on their ability to secure a competitive premium and the right level of cover, but their capacity
More informationEmployers Indemnity Insurance
Better through experience. Employers Indemnity Insurance Workers Compensation Policy New South Wales Making the choice that s better for you Guild Insurance Workers Compensation insurance gives you the
More informationPrinciples & guidance
Principles & guidance June 2007 Page Principles 1 Guidance A When entering into the contract 2 B After entering into the contract 3 C Demonstration of performance 4 D In respect of contract changes 5 Contract
More informationSTEWART TITLE INSURANCE LIMITED 6 Henrietta Street, 3 rd Floor, Covent Garden, London WC2E 8PS PLANNING CONTROL INDEMNITY POLICY
STEWART TITLE INSURANCE LIMITED 6 Henrietta Street, 3 rd Floor, Covent Garden, London WC2E 8PS PLANNING CONTROL INDEMNITY POLICY The Insured has made a Proposal and paid the Premium to the Company for
More informationContract Certainty Principles and Guidance Notes
Contract Certainty Principles and Guidance Notes Scope This guidance applies to all reinsurance contracts entered into by an MAS- regulated (re)insurer, or arranged through an MAS-regulated intermediary.
More informationTERMS & CONDITIONS. 1.3 The client shall utilize the service solely for the client s own purpose and not extend for use by a third party.
TERMS & CONDITIONS HLIB has introduced a system of electronic investor services known as HLeBroking ( the Service ) provided through an internet portal operated by HLIB or other provider(s) from time to
More informationOur Investment Services
Our Investment Services Nordea Bank S.A. 1 Our Investment Services General Provisions and Special Provisions for: Advisory Service, Discretionary Portfolio Management Service and Execution Service January
More informationCASE AT CDS INFORMATION MARKET MARKIT COMMITMENTS OFFERED TO THE EUROPEAN COMMISSION
CASE AT.39745 CDS INFORMATION MARKET MARKIT COMMITMENTS OFFERED TO THE EUROPEAN COMMISSION In accordance with Article 9 of Council Regulation (EC) No 1/2003, Markit Ltd and any legal entity directly or
More informationPROFESSIONAL INDEMNITY EXCESS INSURANCE POLICY COSTS EXCLUSIVE
PROFESSIONAL INDEMNITY EXCESS INSURANCE POLICY COSTS EXCLUSIVE ProRisk Professional Indemnity Costs Exclusive Excess Insurance Policy V2.14 Page 1 of 8 TABLE OF CONTENTS PAGE IMPORTANT INFORMATION... 3
More informationCERTAINSURE UNDERWRITING MANAGERS CLAIMS PHILOSOPHY AND POLICY
CERTAINSURE UNDERWRITING MANAGERS CLAIMS PHILOSOPHY AND POLICY TABLE OF CONTENTS 1. INTERPRETATIONS 2. REPUDIATION 3. EX-GRATIA CLAIMS 4. PAYMENTS BASED ON BUSINESS DECISIONS 5. COMPLEX AND SPECIALISED
More informationApril 2018 NATIONAL WESTMINSTER BANK PLC AS CASH MANAGER ULSTER BANK IRELAND DAC AS SELLER AND SERVICER
CLIFFORD CHANCE LLP EXECUTION VERSION April 2018 NATIONAL WESTMINSTER BANK PLC AS CASH MANAGER ULSTER BANK IRELAND DAC AS SELLER AND SERVICER ARDMORE SECURITIES NO. 1 DESIGNATED ACTIVITY COMPANY AS ISSUER
More informationStandard Terms and Conditions of Sale
1. Interpretation and Applicability Standard Terms and Conditions of Sale 1.1 The following terms and conditions are to be read in conjunction with the Long Term Supply Agreement, if any. In the event
More informationElectricity Concession Contract
Electricity Concession Contract ELECTRICITY CONCESSION CONTRACT TABLE OF CONTENTS 1 SCOPE OF CONCESSION... 1 1.1 Concession... 1 1.2 Back up generation... 1 1.3 Self generation... 1 2 SERVICE COVERAGE
More informationDate. Dear TERMS OF ENGAGEMENT FOR (THE "CLIENT") AND ASSOCIATED ENTITIES
Date Dear TERMS OF ENGAGEMENT FOR (THE "CLIENT") AND ASSOCIATED ENTITIES 1. Introduction 1.1 We are pleased that you have chosen to engage us and we value your support. 1.2 Having a good relationship with
More informationthat you have the necessary capacity to enter a binding legal agreement.
These terms and conditions govern the RACQ Dining Rewards Program and contain important information, including disclaimers and limitations of liability. Please see clause 13.1 for definitions of capitalised
More informationShould the Company in its absolute discretion elect to accept the return of any goods, the following will apply -
MANUFACTURER'S WARRANTY 1.1 Slogging International warrants that:- 1. under normal operating conditions and circumstances the product "Wheel Slogger" carries a 5 year manufacturer warranty as set out in
More informationSustainable Human Resource Development in logistics services for ASEAN Member States
The Training Material on Risks Management (including International Conventions) has been produced under Project Sustainable Human Resource Development in Logistic Services with the support from Japan-ASEAN
More informationLiberty International Underwriters. Statutory Liability Policy Claims Made and Notified Policy Form SLP 11.01
Liberty International Underwriters Statutory Liability Policy Claims Made and Notified Policy Form SLP 11.01 Statutory Liability Policy Claims Made and Notified In consideration of the premium being paid
More informationExcess Layer Professional Indemnity Insurance. Policy Wording
Excess Layer Professional Indemnity Insurance Policy Wording Contents Introduction 3 How to make a claim 3 Who we are 3 Complaints Procedure 4 Data Protection Notice 5 Policy Contract 6 Interpretation
More informationClarifying the Insolvency Clause Trade Off. Robert M. Hall
Clarifying the Insolvency Clause Trade Off by Robert M. Hall [Mr. Hall is a former law firm partner, a former insurance and reinsurance executive and acts as an expert witness and insurance consultant
More information2018 DIS ARBITRATION RULES. First Edition
2018 DIS ARBITRATION RULES First Edition 2018 DIS ARBITRATION RULES Effective as of 1 March 2018 Introduction The German Arbitration Institute (DIS) is Germany s leading institution for alternative dispute
More informationDear Customers, 1. Registration and booking
Dear Customers, You will find our Terms and Conditions for the booking of a trip via CASAMUNDO GmbH below; these Terms and Conditions form the contractual framework between you, the Customer, and ourselves,
More informationQuality Leisure Management Ltd Terms and Conditions of Business
Quality Leisure Management Ltd Terms and Conditions of Business Quality Leisure Management Ltd, The Old police Station, Fosseway, Northleach, Gloucestershire GL54 3JH tel: 01451 861084 www.qlmconsulting.co.uk
More informationQIOPTIQ LIMITED (UK) CONDITIONS OF SALE
QIOPTIQ LIMITED (UK) CONDITIONS OF SALE 1. DEFINITIONS For the purposes of these Conditions of Sale: a) The "Company" shall mean Qioptiq Ltd. b) The "Article(s) " shall mean the products or services to
More informationDOUKPSC04 Rev Feb 2013
DOUKPSC04 Purchasing Standard conditions for the Purchase of Consultancy Services 1 DEFINITIONS In the Contract (as hereinafter defined) the following words and expressions shall have the meanings hereby
More informationThe Insurance Act 2015: An overview
The Insurance Act 2015: An overview The Insurance Act 2015: An overview Introduction Act comes into force on 12 August 2016 No retrospective effect Will apply to all commercial insurance contracts, where
More informationNSW Workers Compensation Act 1987 Employer s Insurance Policy
Part 1 Preliminary 1. Definitions 2. In this policy: "Employer" means the person insured under this Policy, being the person named as the Employer in the Schedule of Employer Particulars; "Insurer" means
More informationProfessional Indemnity Insurance Policy Excess
Professional Indemnity Insurance Policy Excess 1 Our Regulatory Status This insurance is underwritten by Allied World Assurance Company Limited. Allied World Assurance Company Limited and Allied World
More informationCUSTOMER CREDIT APPLICATION FOR TRADE ACCOUNT CORP-FIN-CON-005 Standard Credit Terms and Application Form
CUSTOMER CREDIT APPLICATION FOR TRADE ACCOUNT CORP-FIN-CON-005 Standard Credit Terms and Application Form Section 1 Applicant details Name (Company name / Partnership/Sole Trader) Trust Name (if a Trust)
More informationTERMS AND CONDITIONS
TERMS AND CONDITIONS 1. Introduction 1.1 KLEYR GRASSO is a Luxembourg law governed limited partnership (société en commandite simple) admitted to the Luxembourg bar (list V), registered with the Luxembourg
More informationLEGAL INDEMNITY POLICY OF TITLE INSURANCE FOR RESIDENTIAL PROPERTY
LEGAL INDEMNITY POLICY OF TITLE INSURANCE FOR RESIDENTIAL PROPERTY ENGLAND & WALES (FORM KR E&W 07/05) SCHEDULE File Number Policy Number SJB/Clarke KR(E&W)-58-047-003894 Policy Amount [up to 500,000]
More informationSafekeeping and Administration Agreement. Dated. National Bank of Abu Dhabi PJSC. and. PO Box 4, Abu Dhabi, United Arab Emirates Tel: (02)
Safekeeping and Administration Agreement Dated National Bank of Abu Dhabi PJSC and National Bank of Abu Dhabi PJSC PO Box 4, Abu Dhabi, United Arab Emirates Tel: (02) 4105675 Table of Contents Page 1.
More informationICC INTERNATIONAL CHAMBER OF COMMERCE ARBITRATION RULES
APPENDIX 3.7 ICC INTERNATIONAL CHAMBER OF COMMERCE ARBITRATION RULES (as from 1 January 2012) Introductory Provisions Article 1 International Court of Arbitration 1. The International Court of Arbitration
More information1. Date and Place of Agreement: DAILY HIRE AGREEMENT S A L V H I R E
1. Date and Place of Agreement: DAILY HIRE AGREEMENT S A L V H I R E 2 0 0 5 P A R T I 2. Hirer; Place of Business: 3. Owner; Place of Business: (Part II - Clause 1.3) 4. Detail and Specification of Vessel
More informationGeneral Conditions. The Supplier represents and warrants to Bayer that:
General Conditions 1. SCOPE OF APPLICATION These general terms and conditions of purchase of Services (these Conditions ) shall apply to, and be reflected in, each contract and/or order placed by Bayer
More informationICAP Securities Limited (DIFC Branch) Terms of Business for Market Counterparties
ICAP Securities Limited (DIFC Branch) Terms of Business for Market Counterparties 1. COMMENCEMENT 1.1 These terms of business (the "Terms"), as amended from time to time, define the basis on which we will
More informationTERMS OF BUSINESS INDIRECT CLEARING ADDENDUM INTL FCSTONE LTD AND [CLIENT]
TERMS OF BUSINESS INDIRECT CLEARING ADDENDUM INTL FCSTONE LTD AND [CLIENT] Dated. Page 1 of 8 1. Scope and definitions 1.1 This Addendum is incorporated into, and forms part of, the Agreement. 1.2 IFL
More informationStandard Form Project Agreement (hub DBFM Projects)
Standard Form Project Agreement (hub DBFM Projects) Version 2: June 20122.1: October 2013 . THIS STANDARD FORM PROJECT AGREEMENT MUST BE USED IN CONJUNCTION WITH THE STANDARD PROJECT AGREEMENTS USER S
More information1 In these Domestic Sub-Contract Conditions the following expressions and terms shall have the meanings given below:
DOMESTIC SUB-CONTRACT CONDITIONS These are the Domestic Sub-Contract Conditions referred to by the Articles of Agreement to which they are attached. In the event that these Domestic Sub-Contract Conditions
More informationMODEL DISCRETIONARY INVESTMENT MANAGEMENT AGREEMENT. Published by The Investment Association in cooperation with Norton Rose Fulbright LLP
MODEL DISCRETIONARY INVESTMENT MANAGEMENT AGREEMENT Published by The Investment Association in cooperation with Norton Rose Fulbright LLP May 2018 THE INVESTMENT ASSOCIATION The Investment Association
More informationAmendments to Core Clauses
Option Z: Additional conditions of contract Amendments to Core Clauses New z clause Core Clause Z2.1 The Core Clauses are amended, by reference to the core clause indiciated (and where relevant) as follows:
More informationOur Investment Services
Our Investment Services Nordea Bank S.A. 1 Our Investment Services General Provisions and Special Provisions for: Advisory Service Discretionary Portfolio Management Service Execution Services January
More informationInvestment Management Terms
Investment Management Terms Praemium Administration Limited The Select Service December 2016 Please read this document and the Initial Investment Form carefully. These terms and conditions (the Terms ),
More informationAtradius Media Policy - Sample
Atradius Media Policy - Sample Domestic: Dedicated Protection for a Dynamic Sector This is a sample of our Media Policy wording only and is not a legally valid insurance policy. Agreement 00100.00 Agreement
More informationWASTE MANAGEMENT AGREEMENT
WASTE MANAGEMENT AGREEMENT 1. DEFINITIONS 1.1 Equipment means the Equipment described in the Proposal Document as the equipment for the each of the Sites provided by or on behalf of the Company for the
More informationFORMAL COMMITMENTS CASE COMP/C-3/ IBM (MAINTENANCE SERVICES)
October 21, 2011 FORMAL COMMITMENTS CASE COMP/C-3/39.692 IBM (MAINTENANCE SERVICES) In accordance with Article 9 of Regulation 1/2003, International Business Machines Corporation ( IBM ) hereby voluntarily
More informationTerms of Business Agreement ( Agreement )
Terms of Business Agreement ( Agreement ) Howden Insurance Brokers (Singapore) Pte Limited 61 Robinson Road #07-01 Robinson Centre Singapore 068893 Main Line: (65) 62581919 Fax Line: (65) 65103799 Registered
More informationChancel Repair Indemnity Policy No Search Required
Chancel Repair Indemnity Policy No Search Required Policy Schedule Policy Number: Insured: Property Type: CCExample/Policy Mr Fred Example Mrs Wimla Example RESIDENTIAL Property Address: Flat 1 999 Example
More informationKINGDOM OF SAUDI ARABIA. Capital Market Authority INVESTMENT FUNDS REGULATIONS
KINGDOM OF SAUDI ARABIA Capital Market Authority INVESTMENT FUNDS REGULATIONS English Translation of the Official Arabic Text Issued by the Board of the Capital Market Authority Pursuant to its Resolution
More informationAn Agreement dated XX/XX/XXXX governing the conduct of Insurance Business between:
Terms of Business Agreement (Non Risk Transfer) An Agreement dated XX/XX/XXXX governing the conduct of Insurance Business between: and Seacurus Ltd (SEAC) (UK Regulator registration number 435893) a Lloyd
More informationTerms and Conditions Governing CPF Investment Account
Terms and Conditions Governing CPF Investment Account These Terms and Conditions govern the Customer's CPF Investment Account with the Bank and the services which the Bank may extend to the Customer under
More informationINDEMNITY Consumer Protection Act 68 of 2008 ( CPA )
Between: INDEMNITY Consumer Protection Act 68 of 2008 ( CPA ) Name of company Registration number VAT Reg no Physical address Postal address Contact number Fax number e-mail address Contact person (herein
More informationLim Kitt Ping Lynnette v People s Insurance Co Ltd and another
914 SINGAPORE LAW REPORTS (REISSUE) [1997] 1 SLR(R) Lim Kitt Ping Lynnette v People s Insurance Co Ltd and another [1997] SGHC 122 High Court Suit No 2235 of 1992 Kan Ting Chiu J 11, 12 February; 12 May
More informationFidelity Guarantee Insurance
Fidelity Guarantee Insurance Policy Wordings Please read this insurance Policy carefully to ensure that you understand the terms and conditions and that this Policy meets your requirements. If there are
More informationEMIR Reporting Service
EMIR Reporting Service Special Terms and Conditions Global Markets 1 Applicability The following special terms and conditions (these Special Terms and Conditions), annexed to the Bank s Terms and Conditions
More informationANNEX III INDIVIDUAL CONSULTANT GENERAL TERMS AND CONDITIONS
ANNEX III INDIVIDUAL CONSULTANT GENERAL TERMS AND CONDITIONS 1. LEGAL STATUS: The Individual contractor shall have the legal status of an independent contractor vis-à-vis the United Nations Development
More informationRULES AND BROKERAGE AGREEMENT
This Agreement is between Ruralco Water Brokers Pty Ltd ACN 154 594 019 and the Customer whose details appear within the customer account and / or on the BUY or SELL order form. Ruralco Water Brokers Pty
More informationReinsurance 101: an Overview Session 107
Reinsurance 101: an Overview Session 107 Monday, June 9, 2014 1:30pm 3:00pm IASA 86 TH ANNUAL EDUCATIONAL CONFERENCE & BUSINESS SHOW Introductions Tim Corley Tim is a Senior Solutions Executive for Inpoint
More informationDated 13 August 2009 THE INSOLVENCY FUND AGREEMENT. between MOTOR INSURERS BUREAU OF HONG KONG. and THE GOVERNMENT OF HONG KONG
Dated 13 August 2009 THE INSOLVENCY FUND AGREEMENT between MOTOR INSURERS BUREAU OF HONG KONG and THE GOVERNMENT OF HONG KONG Deacons Solicitors & Notaries 5th Floor Alexandra House 18 Chater Road Central
More informationLloyd s registered as an Admitted Reinsurer in Brazil
market bulletin Ref: Y4149 Title Lloyd s registered as an Admitted Reinsurer in Brazil Purpose To advise the market of Lloyd s registration as an Admitted reinsurer in Brazil and to explain operational
More informationLeased Line Charge Control (LLCC) Model
Leased Line Charge Control (LLCC) Model Review of financial model July 2012 DISCLAIMER NOTICE This report ( Report ) was prepared by Ernst & Young LLP for the Office of Communications (Ofcom), under Ofcom
More informationSTANDARD TERMS FOR SPARE PARTS AND/OR SITE SERVICES
STANDARD TERMS FOR SPARE PARTS AND/OR SITE SERVICES Definitions Term Contract Meaning the contract formed between Client and Contractor for the supply by Contractor of the Scope of Supply. Contractor 7
More informationTerms and Conditions
1. SCOPE AND DEFINITIONS Terms and Conditions 1.1 These Terms and Conditions shall apply to all contracts for the supply of Services by the Supplier to the Customer and shall prevail over any other documentation
More informationNational Water Company 2730 W Marina Dr. Moses Lake, WA AGENCY AGREEMENT
National Water Company 2730 W Marina Dr. Moses Lake, WA 98837 AGENCY AGREEMENT This Agency Agreement (hereafter "Agreement"), by and between National Water Company, LLC, a Montana registered company, ("NWC"),
More informationNordmann, Rassmann GmbH. General Terms & Conditions of Sale. Applicable only to businesses
Nordmann, Rassmann GmbH General Terms & Conditions of Sale Applicable only to businesses 1. Applicable terms and conditions and scope of application 1.1 Unless expressly agreed otherwise, all of our deliveries
More informationClient Agreement & Terms and Conditions for Business
Client Agreement & Terms and Conditions for Business Important Information Defined Terms Account means the account you open with us in connection with the provision of the Services, and which is accessible
More informationCIlent/ConsuItant MODEL SERVICES AGREEMENT
CIlent/ConsuItant MODEL SERVICES AGREEMENT General Conditions Fourth Edition 2006 FEDERATION INTERNATIONALE DES INGENIEURS-CONSEILS INTERNATIONAL FEDERATION OF CONSULTING ENGINEERS INTERNATIONALE VEREINIGUNG
More informationLEGAL INDEMNITY POLICY OF TITLE INSURANCE FOR RESIDENTIAL PROPERTY. Lack of Drainage / Service Media / Water Supply
Blackfriars Group Specimen Policy Wording LEGAL INDEMNITY POLICY OF TITLE INSURANCE FOR RESIDENTIAL PROPERTY COVERAGE FOR KNOWN RISK Lack of Drainage / Service Media / Water Supply For quotes on this product
More informationTerms of Business Agreement
Terms of Business Agreement HEATH LAMBERT LIMITED ( HLL/WE ) WHOSE REGISTERED OFFICE IS AT 133 HOUNDSDITCH, LONDON EC3A 7AH COMMENCEMENT AND TERM 1. This Terms of Business Agreement shall apply with effect
More informationCONTENTS The Group... 3 Introduction... 3 Definitions and Interpretation... 3 Fees, Billing & Disbursements... 5 Client Monies...
TERMS & CONDITIONS CONTENTS 1. The Group... 3 2. Introduction... 3 3. Definitions and Interpretation... 3 4. Fees, Billing & Disbursements... 5 5. Client Monies... 6 6. Methods of Communication... 7 7.
More informationLMA MANDATE LETTER JOINT ARRANGERS - BEST EFFORTS. [Mandated Lead Arrangers' Logos/Headed Notepaper] [Date] Dear Sirs,
For the avoidance of doubt, this document is a non-binding recommended form. Its intention is to be used as a starting point for negotiation only. Individual parties are free to depart from its terms and
More informationGeneral Conditions of Sale and Delivery of Stölzle Glass Group
General Conditions of Sale and Delivery of Stölzle Glass Group 1. Application These General Conditions of Sale and Delivery (the Conditions ) shall be an integral part of all business transactions between
More informationTERMS AND CONDITIONS GOVERNING IMMEDIATE PAYMENT SERVICES (IMPS) OF THE NATIONAL PAYMENT CORPORATION OF INDIA (NPCI)
TERMS AND CONDITIONS GOVERNING IMMEDIATE PAYMENT SERVICES (IMPS) OF THE NATIONAL PAYMENT CORPORATION OF INDIA (NPCI) These terms and conditions ( Terms ) apply to and regulate the provision of IMPS fund
More informationTrade Credit Insurance Policy Wording Page 1
Trade Credit Insurance Policy 1. SUBJECT OF THE INSURANCE 1.1. In consideration of the subject to the terms, conditions and definitions stipulated hereunder and in the Schedule, the Insurer undertakes
More informationCENTRALNIC TERMS AND CONDITIONS
CENTRALNIC TERMS AND CONDITIONS The following terms and conditions apply to the registration of domain names, provision of a domain name service and optional additional fees or paid services provided by
More informationData Transfer Policy Version 1.1 Last amended: 18 September 2014 Policy Owner: Governance Team
Data Transfer Policy Version 1.1 Last amended: 18 September 2014 Policy Owner: Governance Team The University of Nottingham ( the University ) Tri-Campus Data Transfer Policy Background and Statement of
More informationProfessional indemnity for chartered accountants Policy wording
The General terms and conditions and the following terms and conditions all apply to this section. Cover under this section is given on an each and every claim or loss basis unless otherwise specified.
More information1. PURPOSE OF THESE TERMS AND CONDITIONS 2. DEFINITIONS AND INTERPRETATION
1. PURPOSE OF THESE TERMS AND CONDITIONS These terms and conditions (these Terms) set forth in detail the basis on which the Bank may from time to time provide financial accommodation to the Borrower under
More informationINSURANCE MANAGERS (CONDUCT OF BUSINESS) RULES 2014
INSURANCE MANAGERS (CONDUCT OF BUSINESS) RULES 2014 1 The Insurance Managers (Conduct of Business) Rules 2014 The Principles of Conduct of Finance Business... 3 1. Introduction... 5 2. Interpretation...
More informationClaims Practice. Handling and Settlement
Claims Practice Handling and Settlement Topic Objectives Contents 6. Handling Personal Lines Claims Explain the impact of regulatory requirements on handling personal lines claims Explain the typical personal
More informationArbitration Rules of the Arbitration Institute of the Stockholm Chamber of Commerce
Draft for public consultation 26 April 2016 Arbitration Rules of the Arbitration Institute of the Stockholm Chamber of Commerce MODEL ARBITRATION CLAUSE Any dispute, controversy or claim arising out of
More informationTerms of Business. For United Kingdom independent financial advisers in respect of Legg Mason Funds ICVC
Terms of Business For United Kingdom independent financial advisers in respect of Legg Mason Funds ICVC June 2016 Terms of Business These Terms of Business set out the basis upon which the Company will
More informationKINGDOM OF SAUDI ARABIA. Capital Market Authority INVESTMENT FUNDS REGULATIONS
KINGDOM OF SAUDI ARABIA Capital Market Authority INVESTMENT FUNDS REGULATIONS English Translation of the Official Arabic Text Issued by the Board of the Capital Market Authority Pursuant to its Resolution
More informationRULES OF ARBITRATION 2016
RULES OF ARBITRATION 2016 CONTENTS Article 1 Scope of Application... 3 Article 2 Composition of the Arbitral Tribunal... 3 Article 3 Appointment of the Arbitral Tribunal... 3 Article 4 Appointment and
More informationVIRIDOR WASTE MANAGEMENT LIMITED TERMS AND CONDITIONS OF TRADE
VIRIDOR WASTE MANAGEMENT LIMITED TERMS AND CONDITIONS OF TRADE The Supplier will collect/accept Waste for disposal and will supply/deliver quarried or other material subject to the conditions set out below:
More informationTERMS AND CONDITIONS GOVERNING THE BLUE CHIP INVESTMENT PLAN
These terms and conditions ( Terms and Conditions ) shall apply to the Blue Chip Investment Plan ( BCIP ) accounts opened and maintained with Oversea-Chinese Banking Corporation Limited ( OCBC Bank ).
More informationTerms of Business Agreement. Arthur J. Gallagher Insurance Brokers Ltd
Terms of Business Agreement Arthur J. Gallagher Insurance Brokers Ltd Contents Arthur J. Gallagher Insurance Brokers Ltd 1 Scope and application... 4 Who are we?... 5 What do we do?... 5 Which insurers
More informationADDENDUM TO THE BROKER AGREEMENT BETWEEN COMMON GROUND HEALTHCARE COOPERATIVE AND BROKER
ADDENDUM TO THE BROKER AGREEMENT BETWEEN COMMON GROUND HEALTHCARE COOPERATIVE AND BROKER This Addendum ( Addendum ) to the Broker Agreement ( Agreement ) by and between [INSERT BROKER LEGAL ENTITY] ( Broker
More information