Reinsurance and the Law of Aggregation
In excess of loss reinsurance, the reinsurer covers the amount of a loss exceeding the policy’s deductible but not piercing its cover limit. Accordingly, a policy’s quantitative scope of cover is significantly affected by the parties’ agreement of a deductible and a cover limit. Yet, the examination...
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| Materialtyp: | Online |
| Språk: | engelska |
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Taylor & Francis
2025
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| Länkar: | ONIX_20250526T085745_9781000329063_100 |
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| _version_ | 1869528495789441024 |
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| author | William, Oliver D. |
| author_browse | William, Oliver D. |
| author_facet | William, Oliver D. |
| author_sort | William, Oliver D. |
| collection | Directory of Open Access Books |
| description | In excess of loss reinsurance, the reinsurer covers the amount of a loss exceeding the policy’s deductible but not piercing its cover limit. Accordingly, a policy’s quantitative scope of cover is significantly affected by the parties’ agreement of a deductible and a cover limit. Yet, the examination of whether a loss has exceeded deductible or cover limit necessitates an educated understanding of what constitutes one loss. In so-called aggregation clauses, the parties to (re-)insurance contracts regularly provide that multiple individual losses are to be added together for presenting one loss to the reinsurer when they arise from the same event, occurrence, catastrophe, cause or accident. Aggregation mechanisms are one of the core instruments for structuring reinsurance contracts. This book systematically examines each element of an aggregation mechanism, tracing the inconsistent usage of aggregation language in the markets and scrutinizing the tests developed by courts and arbitral tribunals. In doing so, it seeks to support insurers, reinsurers, brokers and lawyers in drafting aggregation clauses and in settling claims. Focusing on an analysis of primary sources, particularly judicial decisions, the book interprets each judicial decision to describe a system of inter-related rules, collating, organising and describing the English law of aggregation as applied by the courts and arbitral tribunals. It further draws a comparison between the English position and the corresponding rules in the Principles of Reinsurance Contract Law (PRICL). |
| format | Online |
| id | doab-20.500.12854ir-160478 |
| institution | Directory of Open Access Books |
| language | eng |
| publishDate | 2025 |
| publishDateRange | 2025 |
| publishDateSort | 2025 |
| publisher | Taylor & Francis |
| publisherStr | Taylor & Francis |
| record_format | ojs |
| spelling | doab-20.500.12854ir-1604782025-05-27T06:38:07Z Reinsurance and the Law of Aggregation William, Oliver D. Commercial Law Aggregation English law of reinsurance Engslih law of aggregation Insurance Law causal requirements cause-based aggregation arbitral tribunals PRICL aggregation mechanisms Reinsurance Contract Aggregation Clauses Municipal Mutual Insurance Ultimate Net Loss Loss Reinsurance Reinsurance Agreements Reinsurance Treaty Aggregation Mechanism Individual Losses Facultative Reinsurance Contract Reinsurer’s Liability Vice Versa Primary Insurance Contract Reinsurance Cover Axa Reinsurance thema EDItEUR::K Economics, Finance, Business and Management::KF Finance and accounting::KFF Finance and the finance industry::KFFN Insurance and actuarial studies thema EDItEUR::L Law::LN Laws of specific jurisdictions and specific areas of law::LNC Company, commercial and competition law: general::LNCB Commercial law thema EDItEUR::L Law::LN Laws of specific jurisdictions and specific areas of law::LNP Financial law: general::LNPN Insurance law thema EDItEUR::L Law::LB International law::LBD International law: transport, communications and commerce::LBDM International law, transport and commerce: maritime law In excess of loss reinsurance, the reinsurer covers the amount of a loss exceeding the policy’s deductible but not piercing its cover limit. Accordingly, a policy’s quantitative scope of cover is significantly affected by the parties’ agreement of a deductible and a cover limit. Yet, the examination of whether a loss has exceeded deductible or cover limit necessitates an educated understanding of what constitutes one loss. In so-called aggregation clauses, the parties to (re-)insurance contracts regularly provide that multiple individual losses are to be added together for presenting one loss to the reinsurer when they arise from the same event, occurrence, catastrophe, cause or accident. Aggregation mechanisms are one of the core instruments for structuring reinsurance contracts. This book systematically examines each element of an aggregation mechanism, tracing the inconsistent usage of aggregation language in the markets and scrutinizing the tests developed by courts and arbitral tribunals. In doing so, it seeks to support insurers, reinsurers, brokers and lawyers in drafting aggregation clauses and in settling claims. Focusing on an analysis of primary sources, particularly judicial decisions, the book interprets each judicial decision to describe a system of inter-related rules, collating, organising and describing the English law of aggregation as applied by the courts and arbitral tribunals. It further draws a comparison between the English position and the corresponding rules in the Principles of Reinsurance Contract Law (PRICL). 2025-05-27T06:38:06Z 2025-05-27T06:38:06Z 2025-05-26T07:22:31Z 2021 book ONIX_20250526T085745_9781000329063_100 https://library.oapen.org/handle/20.500.12657/102669 9781000329063 9780367502850 9781000329100 9781000329087 9781003080480 9780367688684 https://directory.doabooks.org/handle/20.500.12854/160478 eng Contemporary Commercial Law open access image/jpeg Attribution-NonCommercial-NoDerivatives 4.0 International https://library.oapen.org/bitstream/20.500.12657/102669/1/9781000329063.pdf Taylor & Francis Routledge 10.4324/9781003080480 10.4324/9781003080480 fa69b019-f4ee-4979-8d42-c6b6c476b5f0 4bb461ae-a887-4564-b3a7-29e6d7e08318 07f61e34-5b96-49f0-9860-c87dd8228f26 9781000329063 9780367502850 9781000329100 9781000329087 9781003080480 9780367688684 Swiss National Science Foundation (SNF) Routledge 236 Oxford [...] Schweizerischer Nationalfonds zur Förderung der Wissenschaftlichen Forschung ror.org/00yjd3n13 open access |
| spellingShingle | Commercial Law Aggregation English law of reinsurance Engslih law of aggregation Insurance Law causal requirements cause-based aggregation arbitral tribunals PRICL aggregation mechanisms Reinsurance Contract Aggregation Clauses Municipal Mutual Insurance Ultimate Net Loss Loss Reinsurance Reinsurance Agreements Reinsurance Treaty Aggregation Mechanism Individual Losses Facultative Reinsurance Contract Reinsurer’s Liability Vice Versa Primary Insurance Contract Reinsurance Cover Axa Reinsurance thema EDItEUR::K Economics, Finance, Business and Management::KF Finance and accounting::KFF Finance and the finance industry::KFFN Insurance and actuarial studies thema EDItEUR::L Law::LN Laws of specific jurisdictions and specific areas of law::LNC Company, commercial and competition law: general::LNCB Commercial law thema EDItEUR::L Law::LN Laws of specific jurisdictions and specific areas of law::LNP Financial law: general::LNPN Insurance law thema EDItEUR::L Law::LB International law::LBD International law: transport, communications and commerce::LBDM International law, transport and commerce: maritime law William, Oliver D. Reinsurance and the Law of Aggregation |
| title | Reinsurance and the Law of Aggregation |
| title_full | Reinsurance and the Law of Aggregation |
| title_fullStr | Reinsurance and the Law of Aggregation |
| title_full_unstemmed | Reinsurance and the Law of Aggregation |
| title_short | Reinsurance and the Law of Aggregation |
| title_sort | reinsurance and the law of aggregation |
| topic | Commercial Law Aggregation English law of reinsurance Engslih law of aggregation Insurance Law causal requirements cause-based aggregation arbitral tribunals PRICL aggregation mechanisms Reinsurance Contract Aggregation Clauses Municipal Mutual Insurance Ultimate Net Loss Loss Reinsurance Reinsurance Agreements Reinsurance Treaty Aggregation Mechanism Individual Losses Facultative Reinsurance Contract Reinsurer’s Liability Vice Versa Primary Insurance Contract Reinsurance Cover Axa Reinsurance thema EDItEUR::K Economics, Finance, Business and Management::KF Finance and accounting::KFF Finance and the finance industry::KFFN Insurance and actuarial studies thema EDItEUR::L Law::LN Laws of specific jurisdictions and specific areas of law::LNC Company, commercial and competition law: general::LNCB Commercial law thema EDItEUR::L Law::LN Laws of specific jurisdictions and specific areas of law::LNP Financial law: general::LNPN Insurance law thema EDItEUR::L Law::LB International law::LBD International law: transport, communications and commerce::LBDM International law, transport and commerce: maritime law |
| topic_facet | Commercial Law Aggregation English law of reinsurance Engslih law of aggregation Insurance Law causal requirements cause-based aggregation arbitral tribunals PRICL aggregation mechanisms Reinsurance Contract Aggregation Clauses Municipal Mutual Insurance Ultimate Net Loss Loss Reinsurance Reinsurance Agreements Reinsurance Treaty Aggregation Mechanism Individual Losses Facultative Reinsurance Contract Reinsurer’s Liability Vice Versa Primary Insurance Contract Reinsurance Cover Axa Reinsurance thema EDItEUR::K Economics, Finance, Business and Management::KF Finance and accounting::KFF Finance and the finance industry::KFFN Insurance and actuarial studies thema EDItEUR::L Law::LN Laws of specific jurisdictions and specific areas of law::LNC Company, commercial and competition law: general::LNCB Commercial law thema EDItEUR::L Law::LN Laws of specific jurisdictions and specific areas of law::LNP Financial law: general::LNPN Insurance law thema EDItEUR::L Law::LB International law::LBD International law: transport, communications and commerce::LBDM International law, transport and commerce: maritime law |
| url | ONIX_20250526T085745_9781000329063_100 |
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