Continuity clause for 'no-deal' Brexit
Saturday, 07 28 2018, Category: Insurance and Reinsurance, Country: United Kingdom
The International Underwriting Association (IUA) has published a new Brexit contract continuity clause with a supporting document for when risks are underwritten on a subscription market basis.
In June, the association issued a policy clause to help companies manage insurance contracts as the UK leaves the European Union.
The original Brexit clause allows a risk to be placed with both a UK domiciled insurer and a ‘contingent’ EU-based insurer. In the event of any Brexit difficulties, this contingent insurer will step in and fulfil any policy obligations that the original carrier is no longer able to cover.
Source: Intelligent Insurer