Insurance
Jul. 13, 2012
Should your company require arbitration in its insurance contracts?
Most often the matter is left to risk management personnel responsible for buying the company's insurance, who may pay little attention to arbitration provisions. By Donald W. Brown of Covington & Burling LLP
As contracts go, insurance policies are bizarre. One party fully performs its side of the bargain up front - the insured pays the premium. In exchange, the other party (the insurance company) provides nothing beyond a promise. Whether the insured ever calls on the insurer to honor its promise depends entirely on chance; in most cases the insurer is never called on to honor its promise because the insured-against misfortune does not occur. And i...
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