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CHAPTER 6 SETTLEMENT CLAUSES

Reinsuring Clauses

6

SETTLEMENT CLAUSES

SETTLEMENT CLAUSES

6.01 As was discussed earlier, facultative reinsurance contracts subscribed in the London Market usually consist of a cover page that typically provides only the full reinsurance1 clause by which the reinsurer undertakes to follow the settlements of the reinsured. The clause is widely used and has an important application in reinsurance practice. It has been a long process for the market to establish the practice of the follow the settlements clause, but there remain further issues to explore. In this part of the present work the historical development of the clause will be examined, followed by various issues that the English usage of the clause has established to date.

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