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Legal - What you must know about hours clauses disputes.
(From Reinsurance)
The scale of the devastation caused by Hurricane Katrina has been such that it is still only possible to guess at its financial impact.
Clearly the catastrophe will have huge ramifications for reinsurers worldwide.
This article examines the ways in which losses caused by Katrina might impact on reinsurers - with particular reference to 'hours' clauses in catastrophe treaties - and highlights the potential legal issues.
'Hours' clauses
Catastrophe treaties typically reinsure on an "each and every loss occurrence" basis. They provide layers of protection available in full (subject to aggregate limits) for each different 'loss occurrence' that falls within the policy period.
Knowing exactly what constitutes a loss occurrence is critical. Catastrophe treaties usually define the term 'loss occurrence' in an hours clause.
- Reinsurer seeks more precise `event' definition.
- Magazine article from: Business Insurance ALDRED, CAROLYN March 26, 2001 700+ words
...need for the so-called hours clauses that currently are used...relying on traditional hours clauses, where the primary focus...an event and not using hours clauses to define a loss occurrence, reinsurers and ceding...
- London sees Bermuda as a complementary market.(catastrophe insurance...
- Magazine article from: National Underwriter Property & Casualty-Risk & Benefits Management Howard, Lisa S. May 29, 1995 700+ words
...said there were aspects of the programs that catleads in London didn't like - technical things such as hours clauses." (Hours clauses define what is one event.) While the two markets may disagree on terms, Mr. Burbidge said he didn...
- Competition seen heating up in cat re market. (catastrophic reinsurance)
- Magazine article from: National Underwriter Property & Casualty-Risk & Benefits Management Howard, Lisa S. December 16, 1996 700+ words
...has been trying to address - the possible confusion over hours clauses in property excess-of-loss policies covering the perils...Kingdom have questioned the rationale behind the current hours clauses. Ceding companies point out that "if flood is one of the...
- Disasters deal body blow to reinsurance capacity.
- Magazine article from: National Underwriter Property & Casualty-Risk & Benefits Management Knowles, Robert G. November 2, 1992 700+ words
...to include as much as 144 or 168 hours as a single covered event. "We're going to want to be very cautious in changing hours clauses in catastrophe reinsurance contracts," he said. "We don't know what the effect [of such a change] would be...
- Officials complete draft document.
- News wire article from: PAC - Pacific Islands Broadcasting Association March 30, 2006 700+ words
...various regional agencies and governments, clauses of the draft were debated by all delegates in a session that lasted four hours. Clauses were continuously refined and redrafted with inputs coming in from almost every Pacific country present. The officials also...
- Floods raise defining issue.
- Magazine article from: Business Insurance ALDRED, CAROLYN March 26, 2001 700+ words
...more than once,'' the INSTRAT report stated. ``For these, and for any future losses, the application of different hours clauses will continue to vary from one loss circumstance to another.'' Altogether, last year's U.K. flood losses-which...
- 9/11 - An Occurrence That Changed The World.
- News wire article from: Mondaq Business Briefing November 1, 2006 700+ words
...physical cause of loss constituting a separate occurrence, so maximising the number of deductibles that an insured would be required to pay. He testified that otherwise insurers used "hours clauses" when they wanted to aggregate losses
- Test-case challenge to unpaid overtime.
- News wire article from: Australasian Business Intelligence September 4, 2001 700+ words
...suicide attempts and family breakdowns. The union will use the study as a basis for a legal push to have "reasonable hours" clauses added to collective bargaining agreements. Under its proposal, those who work more than one month of 60-hour weeks would...
