Reinsurance lost in translation
The Court of Appeal's decision in Wise Underwriting Agency versus Grupo Nacional Provincial highlights the need for underwriters to exercise caution when accepting reinsurance
The Court of Appeal's decision in Wise Underwriting Agency versus Grupo Nacional Provincial SA (2004) is an important case for brokers.
Following the dissenting judgment of Rix LJ, brokers can expect to be asked more searching questions by the underwriter on presentation of the risk. The decision also provides a stark warning to underwriters and claims handlers that sending a contractual notice of cancellation after avoidance rights have arisen may have the effect of affirming the contract.
GNP
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