This article is an orphan, as no other articles link to it. Please introduce links to this page from related articles; try the Find link tool for suggestions. (December 2022)
Form of insurance policy
The term Bermuda Form refers to various types of insurance policy.
In the 1980s, American companies found it increasingly difficult to buy large amounts of casualty (liability) insurance, partly because American courts interpreted policies in ways which gave coverage to policyholders which was wider than the insurers had anticipated, causing insurers large losses particularly in relation to asbestos and pollution. To meet the needs of corporate insurance buyers, new insurance companies were set up in Bermuda, notably ACE, XL, and Starr Excess Casualty. Each of these insurers produced its own standard-form policy (which has been revised and re-issued over the years), and collectively these policies are loosely described as the "Bermuda Form".
Bermuda Form standard policy wordings stipulate that they are governed by New York law, although sometimes the parties have agreed to change this to Bermudian or another governing law. To reduce the perceived risks of the American jury system and United States procedural rules,[1] the policies usually provide for disputes to be resolved by arbitration, often in London, and for punitive damages to be excluded. Bermuda Form arbitrations are confidential and therefore rarely reported; the reported case of C v. D ([2007] EWHC 1541 (Comm)) is an example of a Bermuda Form arbitration which was the subject of an appeal to the High Court. Arbitrators appointed under UK arbitration legislation also operate neutrally, whereas US party-appointed arbitrators are expected to lean towards supporting the party who appointed them.[1]
Bermuda Form policies share certain similarities: for example, they exclude liability for asbestos and pollution. They also provide for multiple losses to be batched together into a single claim called an "Integrated Occurrence": batching claims in this way can allow a policyholder to make claims which would otherwise have been barred by the policy deductible (for example, in mass product liability litigation, each claim individually might be too small to exceed the deductible, but all claims taken together might exceed it).
^ abLaw-Now, Insurance/Reinsurance: Bermuda Form Arbitration Clause, CMS Cameron McKenna, published 23 July 2007, accessed 20 May 2024
The term BermudaForm refers to various types of insurance policy. In the 1980s, American companies found it increasingly difficult to buy large amounts...
west-northwest. Bermuda is an archipelago consisting of 181 islands, although the most significant islands are connected by bridges and appear to form one landmass...
The Bermuda Triangle, also known as the Devil's Triangle, is an urban legend focused on a loosely defined region in the western part of the North Atlantic...
The flora and fauna of Bermudaform part of a unique ecosystem due to Bermuda's isolation from the mainland of North America. The wide range of endemic...
Bermuda (officially, The Bermuda Islands or The Somers Isles) is an overseas territory of the United Kingdom in the North Atlantic Ocean. Located off the...
The flag of the British Overseas Territory of Bermuda as a red ensign was first adopted on 4 October 1910. It is a British Red Ensign with the Union Flag...
infantry battalion that was formed on the amalgamation in 1965 of two originally voluntary units, the mostly black Bermuda Militia Artillery (BMA) and...
other vessels with the triangular Bermuda rig, which may have multiple masts or may not have evolved in hull form from the traditional designs. Jamaica...
including the Caribbean. These territories include those forming modern-day Canada and Bermuda, having also ceded what became all or large parts of six...
The Bermuda Garrison was the military establishment maintained on the British Overseas Territory and Imperial fortress of Bermuda by the regular British...
abbreviated BD$; informally called the Bermuda dollar) is the official currency of the British Overseas Territory of Bermuda. It is subdivided into 100 cents...
The culture of Bermuda reflects the heritage of its people, who are chiefly of Native American, African, and European descent. A small percentage of Asians...
Cynodon dactylon, commonly known as Bermuda grass, and also known as Couch grass in Australia & New Zealand is a grass found worldwide. It is native to...
in Bermuda, the Bermuda Cadets Pipe Band and the Bermuda Police Pipe Band. Both bands formed in 1955 and disbanded in 1992, the same year the Bermuda Islands...
This is a demography of the population of Bermuda including population density, ethnicity, education level, health of the populace, economic status, religious...
Bermuda is the oldest British Overseas Territory, and the oldest self-governing British Overseas Territory, and has a great degree of internal autonomy...
Bermuda was first documented by a European in 1503 by Spanish explorer Juan de Bermúdez. In 1609, the English Virginia Company, which had established...
parks of Bermuda Wildlife of Bermuda Flora of Bermuda Fauna of Bermuda Birds of Bermuda Mammals of Bermuda Energy in Bermuda Fjords of Bermuda Glaciers...
Volunteer Rifle Corps. Bermuda: The Island Press. ISBN 0969651716. Harris, Edward C. (1997). Bermuda Forts 1612–1957. Bermuda: The Bermuda Maritime Museum Press...
headsail and a fore-and-aft mainsail. In this form, the sloop is the commonest of all sailing rigs – with the Bermuda sloop being the default rig for leisure...
construction vessels and fabrication facilities around the world. Incorporated in Bermuda, It is headquartered in the Energy Corridor area of Houston, Texas. In...
in Bermuda. Bermuda has a three-party system, which means that there are three political parties: the Progressive Labour Party (PLP), the One Bermuda Alliance...
seats at the 1968 election and formed the first government and Tucker was appointed Bermuda's first Premier. under Bermuda's new constitution and universal...
The Bermuda Pedestal is an oval geological feature in the northern Atlantic Ocean containing the topographic highs of the Bermuda Platform, the Plantagenet...
Bermuda College is a Public community college in Paget Parish, Bermuda. The only post-secondary educational institution in Bermuda, Bermuda College offers...
runners to be traded at Bermuda for the war materiel), and Bermuda played important roles (as a naval base, trans-Atlantic convoy forming-up point, as a connecting...