What is claims cooperation clause?

A cooperation clause is a passage in an insurance contract that requires the policyholder to work with the insurer if a policy claim occurs. Under this agreement, the policyholder must participate in and contribute to any investigation of the insurance claim.

What is a follow the settlements clause?

In the insurance industry, the phrase “follow the settlements” refers to a legal provision that is often included in reinsurance contracts. The purpose of the provision is to clarify that, if the reinsured party decides to settle a claim with one or more policyholders, the reinsurer will honor those settlements.

What is a Incontestability clause?

An incontestability clause is a clause in most life insurance policies that prevent the provider from voiding coverage due to a misstatement by the insured after a specific amount of time has passed.

What is a clause for insurance?

Clause — a section of a policy contract, or of an endorsement attached to it, dealing with a particular subject in the contract—for example, the “insuring clause” or the “coinsurance clause.”

What is the claims control clause in a reinsurance policy?

CLAIMS CONTROL CLAUSE Notwithstanding anything contained in the Reinsurance Agreement and/or the Policy wording to the contrary, it is a condition precedent to any liability under this Policy that:- a) The Reinsured shall, upon knowledge of any circumstances which may give rise to a

Where do you find a claims control clause?

Claims Control Clauses (referred to as CCC’s) are often found in facultative reinsurances where the reinsured, that is, the direct insurer, has a small or nil retention. The purpose of the clause is to give the reinsurer control over investigating and settling claims.

What is scope and effect of claims control clause?

Beazley Underwriting Ltd & others v Al Ahleia Insurance Company & others [27.03.13] High Court rules on scope and effect of claims control clause in reinsurance contract. Defendant insurers/reinsureds provided all risks cover for the construction of crude oil storage tanks for the Kuwait Oil Company (KOC).

Why is claims control important for reinsurers in London?

Claims control is one of the striking features of reinsuring through the London market. It brings with it a tension: the reinsured in the position of a go-between whilst London market reinsurers take charge of claims negotiation with the underlying insured. First, let’s be clear what we are dealing with.

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