Contract Of/for Insurance

Sep 1, 2016

  1. Insuco

    Insuco New Member

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    I have encountered in many insurance related agreements (UK oriented) the following stipulation :

    "This Agreement shall not override the terms of any underlying contract for or of Insurance Business".

    Clearly there's a difference between these terms, however i can't seem to find any supporting explanatory reference.

    Another similar clause is the following " A SLip: A document which is or is to form the basis of either a contract for insurance or reinsurance or contract of insurance or reinsurance. A Slip may incorporate details of administrative arrangements pertinent to the processing of the contract for or of insurance or reinsurance".

    Or even this "An Insurance Business is : Any insurances or reinsurances falling within the definition of “contract of insurance” in Article 3(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 or as amended together with insurances concluded under any contracts for insurance made by the Managing Agent where the Broker is the coverholder or the placing broker."

    I have checked the Law above, it gives no hint as to the distinction i am inquiring about.

    Many thanks in advance.
    Insuco, Sep 1, 2016