Insurance Broking Practice and the Law
CHOICE OF LAW, JURISDICTION AND ARBITRATION
The London Market is the leading international market for insurance and reinsurance, and London brokers therefore handle more cross-border business than any other insurance professionals. A not atypical placement involving London brokers might be a risk situated in one Far Eastern jurisdiction, produced through a broker’s regional hub in Hong Kong or Singapore, placed into a market led in London, but with following underwriters worldwide. In an industry in which disputes are, regrettably, a fact of life, it is important that the law governing any disputes is defined as clearly as possible and the forum in which any dispute is to be decided (either in court or by arbitration) is also agreed upon, insofar as possible, in advance.