The following Arbitration practice note Produced in partnership with Ralph Morley of 7KBW provides comprehensive and up to date legal information covering:
Arbitrations arising from insurance and reinsurance disputes share many common features with other types of commercial arbitration. This Practice Note provides an introduction to ad hoc and institutional arbitration proceedings in the insurance context. It also looks at Bermuda Form arbitration proceedings which may arise from ‘Bermuda Form’ policies, a specific type of excess liability insurance policy.
References to ‘insurance’ in this Practice Note relate to ‘insurance and reinsurance’ unless otherwise indicated.
The Practice Note covers:
institutional and ad hoc arbitration, and
Bermuda Form arbitrations
Agreements to resolve disputes by way of ad hoc arbitration are very common in insurance disputes. Some standard form insurance wordings, which incorporate arbitration clauses, provide guidance on the procedure to be adopted. For example, one clause, which has been the subject of litigation: clause 15 of the Joint Excess Loss Committee, Excess Loss Clauses, provides a procedure for appointment of the arbitrators, their qualifications, their powers, the hearing, the award and the costs of the arbitration, effectively standing in place of the procedures which would be laid down by institutional arbitration rules. Clause 15 was considered in Axa Re v Ace Global Markets Limited and was also in issue in Allianz Insurance plc v Tonicstar Limited, see News Analysis: Court of Appeal finds insurance QC validly appointed arbitrator (Allianz v Tonicstar).
Other clauses (or wordings in
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