VP Contract Wordings

Not specified
11 Mar 2019
10 Apr 2019
Jamie France
Contract Type
Vice President, Contract Wordings

Description of Position:

Reporting to the COO – London & International, the principal mandate of the Vice President, Contract Wordings is to work closely with our London broking teams to develop,  document  and implement contract wordings.  The VP will manage, understand, verify, interpret, review and approve all types of insurance and reinsurance contract wordings prevalent in the London Market for both London and overseas clients.  The VP will also be responsible for related legal, industry, market and regulatory research relating to contracts and the development and implementation of contract drafting templates and training.
  • Work with the broking teams globally to develop the structure of placements and work with the teams to draft appropriate wordings to meet client needs and meet contract certainty.  Assist brokers in preparing wordings and manuscript clauses. Review, amend, or approve draft and final contracts (to include open market MRC, MRCE, binding authorities, lineslips, declarations and consortia) and their respective addenda and endorsements. 
  • Provide support for the subsequent interpretation of contract wordings, and advise senior management and brokers on contractual wording changes and their implication. Address individual placement contract issues and work towards resolving these in a timely, accurate and fair manner through correspondence, conference calls or meetings with brokers, clients and markets.
  • Proactively monitor and research industry related and legal, regulatory and market developments.  Interact with clients, and network with markets, industry and legal professionals to keep abreast of contractual matters. Alert COO to developments affecting contract wording clauses and recommend and implement a course of action where appropriate.
  • As requested, review and advise the claims department on claims collections with contract wordings issues. Liaise with clients and brokers to assist with the resolution of contractual disputes in order to avoid any possible arbitration or litigation.
  • Identify training requirements within the company and assist in the development of a training program to provide staff with improved understanding of insurance / reinsurance structures and the contract drafting skills to meet company wording excellence needs and objectives.
  • Assist in the development, rollout and training of standard sets of wordings for various types of placements across all the company’s offices.  Assist with process improvement and professional standards.
  • Manage special projects and other related tasks as assigned.

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