Marsh, Ace clarify insurance contract terms for U.K. and Ireland clients
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Marsh Ltd. on Thursday announced an agreement with Ace European Group Ltd. to offer its U.K.- and Ireland-domiciled customers improved insurance policy terms and conditions.
Through a set of principles, Marsh aims to make clear to customers the circumstances in which claims may be denied, the broker said in a statement.
The principles aim to:
• Require insurers to clearly label the warranties and conditions precedent, thereby preventing insurers from relying on breaches of implied warranties or conditions precedent.
• Prevent insurers from denying a claim resulting from the insured’s breach of condition or warranty precedent when the loss and the breach are unrelated.
• Mitigate the adverse effects of innocent nondisclosure and misrepresentation.
• Render basis-of-contract clauses, which turn customers’ representations into warranties, ineffective.
The principles apply to policies completely underwritten by Ace for lines of business including property, construction, boiler and machinery, casualty lines, commercial directors and officers insurance, financial institutions insurance, annually renewable environmental impairment liability insurance, and commercial professional indemnity cover, Marsh said.
“Marsh’s agreement with Ace is a major milestone in closing the gap between clients’ expectations in the event of a loss, and the results when less than clear policy language is applied,” Mark Weil, CEO of Marsh for the United Kingdom and Ireland, said in the statement.
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