Thu 12 Feb. 2015
Surviving the subscription market: leaders, followers & agreement parties
The Insurance Institute of London's Young Members Committee, in association with Aviva and Hill Dickinson, held the first of its 2015 Educational & Networking Programme events to an audience at Aviva on 12 February. Two experienced insurance practioners - Andrew Schutte, Partner, Hill Dickinson and Richard Harding, Senior Claims Broker, AON - explored, from a practical as well as a legal perspective, what obligations leading underwriters owe to the following market, what rights do following underwriters have regarding the conduct of leaders, with practical suggestions and guidance.
During the lecture, Andrew & Richard reviewed the various versions of the Subscription Agreement in use in the market, the issues to watch out for when there are multiple slips and (re)insurers "lead their own slips", who is a leader, follower, or agreement party and what these terms really mean, the legal duties and rights of leaders and followers in the subscription market, tips and suggestions on how best to avoid running into difficulties, both as a leader and follower and where the current system works and where it could be improved.
By the end of this lecture members will have gained an insight into a practical legal and non legal perspective on:
- the various versions of the Subscription Agreement in use; who is the leader, follower, or agreement party and what these terms really mean
- the duties and rights of leaders in the subscription market
- strategies to avoid running into difficulties and practical suggestions and guidance
The views expressed and comments made by the speakers are intended to promote debate and do not constitute advice or the views of Aon or Hill Dickinson.
Download the podcast here.