London market bodies back contract certainty blueprint

By Stuart Collins

ALL insurers and brokers doing business in the London market will have to offer the same level of contract certainty that is currently the norm in the banking and capital markets. Yesterday the main market bodies all put their weight behind a blueprint that will see at least 85% of contracts written in the London market achieve contract certainty "by the complete and final agreement of all terms between the insured and the insurers before inception".