Basis Of Claims Agreement
When SCAP is integrated into a risk contract with multiple insurers, the lead insurer has the exclusive authority to manage and determine claims. Subscribing insurers will be significantly less involved in claims management, but will need to be kept informed with basic claims information and will have the right to request further information if necessary. Robust mechanisms to address damage issues and initiate dispute resolution proceedings should also ensure the safety of follow-up insurers who are concerned about the significant transfer of rights under the agreement. The LMA thanks all market practitioners and legal experts for their assistance in developing the agreement, including Walker Wilcox, Fields Howell and Ince & Co. If you have any questions about the agreement, please contact Tom Hamill directly: tom.hamill@lmalloyds.com or 0207 327 8377. Eder J. concluded that such clauses must be interpreted restrictively and that the clause at issue applied only to comparisons or approvals with respect to losses giving rise to “concordant” liability under the reinsurance contract. . . .
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