The following Insurance & Reinsurance practice note provides comprehensive and up to date legal information covering:
This Practice Note provides a high level introduction to the functions and duties of insurance brokers and explains the roles of insurance brokers and their duties in relation to the placement of insurance policies. It also provides practical guidance as to how brokers can prevent or mitigate negligence claims against them and provides links to more specific related content.
For information and guidance on the regulation of insurance distribution, see Practice Notes: FCA Handbook—introduction for the insurance and reinsurance sector, Insurance conduct regulation—COBS and ICOBS, PRA Rulebook—introduction for the insurance and reinsurance sector, Insurance Distribution Directive (IDD)—essentials and Effecting and carrying out contracts of insurance.
The primary function of insurance brokers is to obtain agreement and understanding between insured and insurers in order to effect (or ‘place’) appropriate insurance cover pursuant to the instructions of its client.
This primary function is carried out as an agent of the insured but brokers also carry out various other tasks. Whether the broker is agent of the insured or insurer depends on the nature of the task. Brokers may also assume responsibility to underwriters under delegated authority arrangements, such as administering a binding authority or lineslip. In doing so, however, the broker will be acting as an agent of the insurer. For guidance as to the distinction between an insurance agent and an insurance broker, see Practice
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What are OFTOs?Offshore Transmission Owners (OFTOs) are the owners of offshore transmission assets which connect offshore wind farms to the onshore electricity network. The transmission assets comprise everything between the offshore point of connection with the generating wind farm assets and the
This Practice Note provides guidance on the interpretation and application of the relevant provisions of the CPR. Depending on the court in which your matter is proceeding, you may also need to be mindful of additional provisions—see further below.You should also consider if the proceedings will be
This Practice Note considers proprietary estoppel from a generic standpoint.For industry specific guidance on proprietary estoppel, see Practice Notes:•Estoppel and property law•Mortgages by estoppelProprietary estoppel—what is it?Unlike the other forms of estoppel (see Practice Note: Estoppel—what,
This practice note provides an introduction to tort law by addressing three questions:•what does the concept of being liable in tort mean? And how does tort relate to contract and criminal law•how has the law of tort developed?•what is the scope of tort, ie what interests does it protect? What
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