Airmic 2011: New contract clause seeks to prevent claim avoidance
Inadvertent omissions in underwriting information will no longer allow insurers to walk away from claims. At least, that is the hope of corporate buyers preparing to insist on the inclusion of a new model clause in contracts unveiled on Tuesday at the conference.
The long-awaited clause, drawn up for Airmic members by law firm Herbert Smith, is designed to relieve buyers of the "impossible disclosure burden" placed upon them by "outdated insurance laws"
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