Liability Insurance in International Arbitration: The Bermuda Form

by Lorelie S. Masters, Paul Stanley, Richard Jacobs

Hart Publishing Ltd. | July 15, 2004 | Hardcover

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The Bermuda Form excess insurance policy covers liabilities for catastrophes such as serious explosions or mass tort litigation. It is an 'occurrence reported' policy developed in the 1980's by two Bermudian insurance companies,Ace and XL, and it is now widely used by other insurance companies as well. It includes a clause requiring disputes to be arbitrated under English procedural rules in London but, very unusually, subject to New York substantive law. This calls for an unusual mix of knowledge and experience on the part of the lawyers involved, each of whom will also be required to confront the many differences between English and US legal culture. A related feature of the Form is that the awards of arbitrators are confidential and not subject to the scrutiny of the courts. Therefore, while many lawyers have been involved in litigating on the Bermuda Form their knowledge remains locked away. Thus, despite its considerable importance, the Bermuda Form is not well understood, a situation not helped by the lack of publications dealing with it. Accordingly, those required to deal with the Form professionally are confronted with a lengthy and complex document, but with very little to aid their understanding of it. This unique and comprehensive work offers a detailed commentary on how the Form is to be construed, its coverage, the substantive law to be applied, the limits of liability, exceptions, and, of course, the procedures to be followed during arbitration proceedings in London. This is a book which will prove invaluable to lawyers, risk managers, and executives of companies which purchase insurance on the Bermuda Form, and clients, lawyers or arbitrators involved in disputes arising therefrom.

Format: Hardcover

Dimensions: 400 pages, 9.5 × 6.42 × 1.05 in

Published: July 15, 2004

Publisher: Hart Publishing Ltd.

Language: English

The following ISBNs are associated with this title:

ISBN - 10: 1841134678

ISBN - 13: 9781841134673

Found in: Reference and Language

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– More About This Product –

Liability Insurance in International Arbitration: The Bermuda Form

by Lorelie S. Masters, Paul Stanley, Richard Jacobs

Format: Hardcover

Dimensions: 400 pages, 9.5 × 6.42 × 1.05 in

Published: July 15, 2004

Publisher: Hart Publishing Ltd.

Language: English

The following ISBNs are associated with this title:

ISBN - 10: 1841134678

ISBN - 13: 9781841134673

Table of Contents

1 Legal and economic background to the Bermuda form 2 New York law applied in a London arbitration: the legal consequence 3 The Bermuda Form: its basic structure 4 The coverage clause (Clause 1) 5 The occurrence definition 6 Fortuities,expected and intended and the maintenance deductible 7 Notice of Occurrence 8 The Limits of Liability Clause (Clause 2) 9 The Exclusions (Clause 4). 10 The Conditions (Clause 5/ 6) 11 Misrepresentation and Non-Disclosure 12 Waiver, estoppel and reservation of rights 13 The course and conduct of a London arbitration: English and American cultural differences 14 Discovery, privilege and waiver of privilege Appendix 1 Pro-forma documents: notice of occurrence, and notice of commencement of arbitration Appendix 2 Copies of the policy forms used over the years by Bermuda insurers, ACE and XL

From the Publisher

The Bermuda Form excess insurance policy covers liabilities for catastrophes such as serious explosions or mass tort litigation. It is an 'occurrence reported' policy developed in the 1980's by two Bermudian insurance companies,Ace and XL, and it is now widely used by other insurance companies as well. It includes a clause requiring disputes to be arbitrated under English procedural rules in London but, very unusually, subject to New York substantive law. This calls for an unusual mix of knowledge and experience on the part of the lawyers involved, each of whom will also be required to confront the many differences between English and US legal culture. A related feature of the Form is that the awards of arbitrators are confidential and not subject to the scrutiny of the courts. Therefore, while many lawyers have been involved in litigating on the Bermuda Form their knowledge remains locked away. Thus, despite its considerable importance, the Bermuda Form is not well understood, a situation not helped by the lack of publications dealing with it. Accordingly, those required to deal with the Form professionally are confronted with a lengthy and complex document, but with very little to aid their understanding of it. This unique and comprehensive work offers a detailed commentary on how the Form is to be construed, its coverage, the substantive law to be applied, the limits of liability, exceptions, and, of course, the procedures to be followed during arbitration proceedings in London. This is a book which will prove invaluable to lawyers, risk managers, and executives of companies which purchase insurance on the Bermuda Form, and clients, lawyers or arbitrators involved in disputes arising therefrom.

About the Author

Richard Jacobs QC is a Barrister at Essex Court Chambers, specialising in commercial law, including insurance and arbitration law. Lorelie S. Masters is a Partner at Jenner & Block, LLP, in Washington, D.C. Paul Stanley is a Barrister at Essex Court Chambers specialising in commercial law.

Editorial Reviews

It's exciting to find something entirely new and innovativeThe authors have pioneered into an untrod regionThe book has a playful, spirited quality one does not often see in an insurance treatiseits distinguished authors have managed not only to keep the tone fresh and bright but also to pack in a lot of helpful information. Helen Anne Boyer The Insurance Coverage Law Bulletin March 2005