FERMA and the insurance law association AIDA Europe welcomed leading jurists, risk managers and insurance practitioners from eight countries for the seminar on 3 June in Paris. They covered four topical issues: coinsurance, trade embargoes, serial claims and directors’ and officers’ coverage.
FERMA board member Günter Schlicht said: “Insurance law can be an enterprise-wide issue, so it’s essential that legal experts and risk managers understand what happens when the law is applied in business. It remains important for risk managers, even if they are not directly involved in placing the company’s programme.”
FERMA has now published a short report on the event which will
be available on the FERMA website.
In a nutshell:
An efficient practice for insuring large risks coinsurance, however,
has few harmonised definitions and regulations across Europe. It
can be a complex issue with legal uncertainty for risk managers
when it comes to claims.
- Serial claims
The policy wording is key and will determine most of the time if a
group of claims can be treated as one loss. Cases are very factspecific
and the courts will be looking for a unifying factor.
International trade embargoes change often, and it is hard and
costly to keep track of them and identify exposures to sanctions
Public order and wrongful intent are the main boundaries of D&O
insurance. Emerging risks like kidnap and ransom linked to piracy
or terrorism are generating uncertainties.