In what could be bad news for lawyers but a relief for insureds, evidence is mounting that London insurers are waving goodbye to their traditional "deal now, details later" culture.
What this means, for example, is that costly disputes over whether the Sept. 11 terrorist attack that destroyed the twin towers of New York's World Trade Center was one event or two might soon be a thing of the past.
The change in attitude among underwriters and brokers is being led by the Market Reform Group's "contract certainty" initiative, which is defined as achieving "the complete and final agreement of all terms (including signed lines) between the insured and insurers before inception."
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