- Contracts and insurance
This chapter focuses on the (inwards) facultative reinsurance provided by a Bermuda Form insurer of specific risks notionally or actually underwritten by captive insurers. It highlights a number of features of the reinsurance policies employed by the major insurers and certain of the issues that can arise therefrom. A definitive discussion is not possible, not least because of the wide varieties of wordings used by insurers. At one end of the spectrum, some established insurers have developed sophisticated pro forma reinsurance policy wording that they regularly use; at the other end of the spectrum, one finds policies drafted on an ad hoc basis that borrow extensively from the Bermuda Form — with varying degrees of success and comprehensibility.
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