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Bermuda Form or Occurrence-Reported Policies
Since the mid-1980s, a substantial portion of the excess liability insurance purchased by large multinational companies has been written on occurrence-reported policy forms originally developed by Bermuda-based insurers ACE and XL. This form of coverage, which typically batches all claims for a particular mass tort into the year notice is given, is now also widely used by insurers in Europe, the United States and elsewhere, particularly for product liability risks. These policies are not nearly as well understood as those written on familiar “occurrence” and “claims made” forms that have been widely sold in the United States for decades. Because most occurrence-reported policies have clauses requiring private arbitration in Bermuda or England, there is not much in the way of reported law to guide policyholders facing coverage issues under these policies.
We have extensive and longstanding experience with these coverage forms and many of the insurers that use them. The firm’s work with these forms and the carriers that issue them over a period of more than fifteen years, coupled with the presence of our London office and the firm’s extensive background in international arbitration, has enabled us to bring an added measure of value to our representations in this area. In addition to our advocacy role, certain of our lawyers have served as arbitrators in international arbitrations concerning occurrence-reported claims.
Representative Matters
- Representation of several Fortune 500 policyholders in confidential London or Bermuda situs arbitrations against Bermuda or European insurers under such forms, including matters that were resolved before or after the rendering of a final award as well as other matters that are currently pending.
- Representation of a Fortune 500 policyholder in pending US litigation against European and US insurers under occurrence-reported policies.
- Counseling of clients on coverage under occurrence-reported policies, including advice on settlement issues, giving notice of integrated or batch occurrences and navigating the dispute resolution and choice-of-law clauses in such policies.
- Representation of “captive” insurers that are wholly-owned subsidiaries of our policyholder clients in disputes with Bermuda reinsurers.
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