Caveat Reinsurer: Reinsuring Punitive Damages Under Eco Clauses

Topics:
Insurance
Tags:
Business Operations,
Corporate Insurance,
Finance,
Financial Planning,
Insurance,
Insurance Company,
Punitive Damage,
Reinsurance
Source:
LeBoeuf, Lamb, Greene & MacRae

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Overview: This paper gives details on reinsurance. When an insurance company finds itself on the wrong side of a bad faith case, a judgment awarding punitive damages often results. The insurance company must pay the judgment out of its own funds unless it has insured itself, through reinsurance programs or other means, against punitive damages awards. Many reinsurance agreements have a special provision called an extra contractual obligations clause which typically provides that the re insurer will pay some percentage of the re insured's liability for claims brought against it outside of the terms of underlying insurance contracts.

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Format: PDF | Size: 104KB | Date: Nov 2001 | Pages: 22

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