Insurance-linked securities: cat bond, cat fight
In hindsight, 2013 may be seen as the year in which insurance-linked securities (ILSs) became truly mainstream. ILS products such as catastrophe bonds, industry loss warranties (ILWs) and collateralised reinsurance became more popular and, importantly, products that traditional P&C reinsurers started to actively engage with and underwrite.
ILS products are seen by investors as a simple and uncorrelated asset class yielding reliable returns, with the perceived advantage that their simplicity eliminates the risk of disputes. External reporting indices allow the parties to know precisely when a policy is triggered and for how much.
But is it really that simple? Disputes in the ILS arena are more prevalent than one might think. Many ILS contracts contain confidential arbitration provisions meaning that disputes are often kept out of the press…
Click on the link below to read the rest of the Ince & Co briefing.
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Briefings from Ince & Co
The commercial understanding of the phrases ‘as is’ or ‘as is where is’ has always been that a buyer must take a yacht in the condition in which she is found at the time defined in the contract.
Yacht brokers – or anyone else keen to know when a broker will or will not be due a commission – should read on…