Bermuda insurers and brokers have initiated a contract certainty code of practice, which will be in effect for July 1 renewals, said the president of a Bermuda reinsurers' organization.
Brad Kading, president of the Association of Bermuda Insurers and Reinsurers (ABIR), told National Underwriter in an e-mail that the contract certainty code is a voluntary effort to demonstrate commitment to excellent customer service. He said it also should help to protect against coverage disputes. A much publicized dispute was over coverage of the World Trade Center after the terrorist attacks of Sept. 11, 2001.
"We've just entered into a testing phase" with the code, Mr. Kading noted. "The belief is that Bermuda carriers perform very well on contract certainty, and this next six months affords us an opportunity to measure that performance."
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
