The following Insurance & Reinsurance guidance note Produced in partnership with Julia Dias QC of 7 King's Bench Walk provides comprehensive and up to date legal information covering:
This Practice Note provides guidance on notification provisions in liability insurance policies. It explains the purpose of notification clauses and provides guidance on how to notify claims or circumstances to insurers, including what to notify and when. It also provides guidance as to the potential consequences if a notification requirement is not complied with properly. This Practice Note also provides guidance on the rights and obligations of insurers and insureds in relation to the insured’s duty to mitigate its losses and on the defence and settlement of claims.
For information about liability insurance generally, see Practice Note: Liability insurance. The related documents pod on the right includes links to further guidance on liability insurance and to guidance on its particular forms.
Liability policies almost invariably include a condition (often a condition precedent) requiring the insured to notify the insurer within a stipulated time of any claims made against him. Furthermore, policies written on a claims made basis nearly all impose an obligation on the insured to notify the insurer of any events, accidents, facts or circumstances which could give rise to a claim in the future. The benefit of this to the insurer is that it receives early notice of potential claims and can take steps to investigate and manage them accordingly. It also minimises the risk of unanticipated losses occurring after expiry
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