Insurance and reinsurance markets around the world have developed their own practices and conventions, including the use of terms and phrases that have specialised meanings. However, these can be confusing for people unfamiliar with the insurance market and its customs.
Insurance market practices are relevant to insurance lawyers for several reasons:
it is necessary to be aware of market practices relating to terms, phrases, abbreviations and shorthand conventions in order to apply the principles of contract interpretation properly and to construe insurance documents, including insurance proposals and contracts of insurance. It is a necessity for lawyers to understand relevant terms of an insurance policy,
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