Airmic 2008: Insurers back 90 day moratorium
Seven insurers have thrown their support behind an Association of Insurance and Risk Managers initiative to limit the potential use of ‘reservation of rights’, a device that puts the policyholder on notice that the insurer may not accept liability for a particular claim.
Under a voluntary agreement being negotiated with its insurer-partners, Airmic is pressing for a 90-day agreed timeframe between a claim being notified and any reservation of rights.
This would enable
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