Following a 3 year project by the Joint Excess Loss Committee, Joint Excess Loss Clauses (JELC) CL432 have now been published and will replace the previous wording (CL400) with effect from 1st January 2018. As with the previous wording, parties are free to agree different terms and conditions if they wish.
The CL432 wording is designed for incorporation into excess of loss reinsurance contracts (primarily used in the marine and energy markets) and has an annex of optional additional clauses. The wording was last amended in 2003 and the latest amendments take account of the changes introduced by the Insurance Act 2015, but also extend well beyond.
To view the full article click here
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.