Experience this live Mock Arbitration, based upon the Principles of Reinsurance Contract Law (PRICL) – enjoy an Esteemed Panel!

The PRICL Mock Arbitration, arranged by AIDA Europe, the PRICL Project Group, the AIDA Reinsurance Working Party and the AIDA Dispute Resolution Working Party, will examine the application of the Principles of Reinsurance Contract Law (PRICL) in a live environment with arguments being presented by the parties in front of a single arbitrator and with a legal opinion for the case, rendered by an Advocate General. You will thus witness the PRICL, live in action.

The event will include a moderated Q&A session, and participants may file questions during the event through an available chat facility.

The Case

“Commercial Lines Insurance (CLI) insures businesses in the UK against a variety of risks including property damage and business interruption. …………. CLI was reinsured by NatCat GmbH, a German company, under an excess of loss treaty stated to be governed by the Principles of Reinsurance Contract Law (PRICL). All disputes under the treaty were to be resolved by arbitration conducted by a sole arbitrator, the seat of the arbitration being England under the provisions of the Arbitration Act 1996………….. CLI and NatCat have jointly appointed Associate Professor, Dr Ozlem Gurses, as sole arbitrator. The parties and the Tribunal have scheduled the hearing for 17 September 2020.”

About PRICL

The Principles of Reinsurance Contract Law are the result of a Drafting Group comprising leading international law faculties from key common and civil law jurisdictions, supported by a number of insurance and reinsurance practitioners from leading global companies. They aim at providing a comprehensive legal framework for reinsurance contracts offered to parties in the reinsurance arena. Next to providing specific, reinsured geared, contract clauses they are connected with the UNIDROIT Principles of International Commercial Contracts and are thus intending to offer an overarching framework, aiming at contract certainty.  For further details please click this link.

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