Holman Fenwick Willan
3 Experts
2 Contributions by Holman Fenwick Willan Experts
PRACTICE NOTES
Allocation
In the context of insurance and reinsurance, ‘allocation’ is the process of identifying which policy covers a loss, or a share of a loss. In many claims this point never surfaces. If a driver wrecks their car, the motor insurance policy in force on the date of the accident will respond. Yet, in the smaller number of cases where it does arise, the consequences can be substantial for a (re)insurer's inwards liability and the availability of its outwards reinsurance.
Consider a business that employs a worker for 40 years. During that period the worker is exposed to asbestos and, after retirement, develops mesothelioma and dies. The estate sues the former employer. The company had workers’ compensation/employers’ liability insurance throughout the employee’s service, but which policy, if any, should respond to the claim?
Or take an insurer that covers a power station which later
Insurance & Reinsurance
PRACTICE NOTES
An introduction to commodities arbitration
In commodities disputes, arbitration conducted pursuant to trade association rules is a defining feature. In some markets, sale contracts almost invariably stipulate that disagreements will be settled by arbitration under a trade association’s rules. This, in turn, supplies association arbitration departments with a steady flow of cases and supports a flourishing community of arbitrators, lawyers and trade representatives working within those bodies. A trade association is a membership organisation created to bring together the leading participants in a particular trade. For instance, the Grain and Feed Trade Association (GAFTA) is made up of traders, brokers, superintendents, analysts, fumigators, arbitrators and other professionals active in the international grain trade.
Note: guidance on arbitration under the GAFTA Arbitration Rules No. 125 is available in the following Practice
Arbitration
If you expected to see yourself on this page, click here.
