Re Insurance And The Law Of Aggregation

In excess of loss reinsurance, the reinsurer covers the amount of a loss exceeding the policy’s deductible but not piercing its cover limit. Accordingly, a policy’s quantitative scope of cover is significantly affected by the parties’ agreement of a deductible and a cover limit. Yet, the examination of whether a loss has exceeded deductible or cover limit necessitates an educated understanding of what constitutes one loss. In so-called aggregation clauses, the parties to (re-)insurance contracts regularly provide that multiple individual losses are to be added together for presenting one loss to the reinsurer when they arise from the same event, occurrence, catastrophe, cause or accident. Aggregation mechanisms are one of the core instruments for structuring reinsurance contracts. This book systematically examines each element of an aggregation mechanism, tracing the inconsistent usage of aggregation language in the markets and scrutinizing the tests developed by courts and arbitral tribunals. In doing so, it seeks to support insurers, reinsurers, brokers and lawyers in drafting aggregation clauses and in settling claims. Focusing on an analysis of primary sources, particularly judicial decisions, the book interprets each judicial decision to describe a system of inter-related rules, collating, organising and describing the English law of aggregation as applied by the courts and arbitral tribunals. It further draws a comparison between the English position and the corresponding rules in the Principles of Reinsurance Contract Law (PRICL).

Reinsurance is an important production factor of non-life insurance. The efficiency and the capacity of the reinsurance market directly regulate those of insurance markets. The purpose of this book is to provide a concise introduction to risk theory, as well as to its main application procedures to reinsurance. The first part of the book covers risk theory. It presents the most prevalent model of ruin theory, as well as a discussion on insurance premium calculation principles and the mathematical tools that enable portfolios to be ordered according to their risk levels. The second part describes the institutional context of reinsurance. It first strives to clarify the legal nature of reinsurance transactions. It describes the structure of the reinsurance market and then the different legal and technical features of reinsurance contracts, known as reinsurance ‘treaties’ by practitioners. The third part creates a link between the theories presented in the first part and the practice described in the second one. Indeed, it sets out, mostly through examples, some methods for pricing and optimizing reinsurance. The authors aim is to apply the formalism presented in the first part to the institutional framework given in the second part. It is reassuring to find such a relationship between approaches seemingly abstract and solutions adopted by practitioners. Risk Theory and Reinsurance is mainly aimed at master's students in actuarial science but will also be useful for practitioners wishing to revive their knowledge of risk theory or to quickly learn about the main mechanisms of reinsurance.

Designed to reduce, to the absolute minimum, the legal difficulties involved in UK reinsurance transactions, this book covers all the areas of reinsurance that are likely to give rise to problems. Paying special attention to the drafting and operation of the reinsurance contract, the book also deals in detail with dispute resolution, including arbitration and commercial court practice and procedure. It provides advice on how to identify, minimize, and resolve problems that may arise with reinsurance contracts, including: a clear explanation of the basics of reinsurance contracts, including the relationships between parties and the various types of contracts the principles of drafting and interpretation of contracts, including reaching agreement, contract wordings, and choice of law the details of operating a contract, including claims handling, offset and funding, inspection of records, and transfer and termination deviation guidance on dispute resolution, including choice of l

This practical guide offers a useful introduction to reinsurance, taking you step by step through the associated issues you really need to know about. An introduction is provided, setting the scene for further chapters on key topics such as the formation of agreements, terms, rights and obligations. The book covers the following areas: Nature of Reinsurance, Formation of Reinsurance, Agreements, Utmost Good Faith, Terms of Reinsurance Agreements, Rights and Obligations of the Parties, Follow the Settlements and Follow the Fortunes, Claims, Intermediaries, Jurisdiction and Applicable Law, Arbitration.

The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.

This is a comprehensive guide to both the law and practice in the increasingly complex and difficult area of the law of reinsurance. It covers the general principles of the reinsurance contract, examines particular reinsurance agreements in detail and covers all relevant areas of agency law.

In 1994 a Reinsurance Working Party was set up by AIDA (Association Internationale de Droit des Assurances) with the aim of producing a series of comparative reports considering how particular aspects of reinsurance law operate in a range of jurisdictions.