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Legal briefing - How to avoid contract uncertainty: Five things you must know now.
(From Reinsurance)
Few would argue that contract certainty is a bad thing. To those outside of the insurance industry, the willingness of reinsurers to write huge risks on the basis of no more than a few pages of documentation is little short of incredible. However, notwithstanding the clear improvements made in this area, the courts have made one thing clear: contract certainty does not equate with contract quality. The incorporation of standard market clauses will create a greater scope for dispute unless there is a clear understanding by both parties of the meaning of each individual clause and how these clauses interact.
In the context of claims ...
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