Following the networking lunch, conference attendees heard from an experienced panel of reinsurance practitioners and attorneys on several foundational concepts that are critical to the reinsurance underwriting and claims process. Panelists Karen Borg, CNA Consulting Director for Reinsurance Contracts, Teresa Snider, Partner, Porter Wright Morris & Arthur, and Beth Stroup, Vice President at Resolute, discussed topics that every reinsurance underwriter, claim adjuster, billing analyst, or attorney is sure to encounter in their career.
In the first section, attendees learned about the importance and intricates of notice provisions. Paying close attention to these clauses can mean the difference between a smooth and collaborative claims process and a potentially difficult or even disputed one. Underwriters should take care to understand the nuances of different notice language to ensure their placements reflect the underwriting intent.
Next, the panelists provided an overview of the accumulation and aggregation of losses, and walked through examples of contract and policy language which allows (or in some cases prohibits) accumulation or aggregation of individual losses into a single reinsurance presentation or direct policy loss. Accumulation is a key foundational concept in many reinsurance presentations and the panel’s discussion is a worthwhile primer or refresher for any reinsurance claims handler or underwriter.
Finally, the panel explained the bedrock reinsurance principles of follow the fortunes, follow the settlements, and follow form, and walked the conference through sample clauses of each provision. They explained the important distinctions, and emphasized that this topic, like notice and accumulation, all serve to reinforce the “first rule” of any insurance and reinsurance question: “Read the contract.”
The full discussion is available for viewing on AIRROC On-Demand!
