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1 Little Allercleugh,
Wearhead,
Bishop Auckland,
Co. Durham,
DL13 1PU.

Phone Number :: 01388 537755
Fax Number :: 01388 537733
info@reinsurance.me.uk

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1.5 Introduction to Reinsurance Wordings

An introductory course covering the essential aspects of drafting and interpreting reinsurance contract wordings, including the requirements of "contract certainty", and a review of some of the key legal decisions on the meaning of reinsurance wordings.

Content
Contract certainty; the FSA approach; the London Market "attributes" of contract certainty
Principles of interpretation of contract wordings: ordinary meaning of words; contract as a whole
Principles of drafting reinsurance wordings; perils of "cut and paste"
How to go about it - structure of a wording and essential clauses; standard and bespoke wordings
Different clauses for proportional and excess of loss business
London Market Wordings Database
Implied terms and incorporation of terms; "back-to-back"
Warranties and conditions precedent
"Event" and "occurrence" problems of definition
Key legal decisions, an overview
Proposed changes to reinsurance law - the current Law Commission proposals

Learning Outcomes
On completion of the course delegates will have an understanding of the drafting process for reinsurance, how to avoid some of the pitfalls, and the requirements of contract certainty, and an introduction to the legal precedents governing reinsurance contracts, and will be able to identify the key clauses required.

Intended Audience
The course will be appropriate for those, including brokers, underwrites and claims adjusters, with some knowledge of reinsurance principles and practice require a more detailed understanding reinsurance wordings and their legal basis, and responsible for drafting or checking reinsurance wordings.

Format
An interactive presentation including lecture and group exercises drafting and critiquing sample wordings based on specimen slips and clauses.

Duration
One day.

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