Financial Institutions Underwriting Handbook


For those that work in London’s financial institutions insurance market, it is well known that the most commonly used policies were drafted some years ago and remain and remain heavily embedded in a market where clients enjoy their familiarity. These policies have been subject to many changes (proposed and accepted) and developments over the years as clients, brokers and underwriters continue to shape them to the bespoke needs of individual financial institutions. Many changes have been reviewed by underwriters, brokers and legal teams, yet knowledge surrounding this process often remains with senior market practitioners and is not widely available.

In an effort to codify much of this key knowledge for market practitioners in a central location, the IUA and its Banks Underwriting Group have developed the Financial Institutions Underwriting Handbook - a live webpage hosting documents, focussing on key clauses and issues in the market. The documents on this page explain why clauses have been drafted the way they are. They are illustrated with commonly seen variations and highlight areas to consider in respect of drafting. Some also provide high profile, publicly available examples of claims or claims scenarios that could emerge if drafting of the clauses is not carefully considered.

It is intended that this service will be of benefit both to junior practitioners looking to develop their knowledge of market practices and senior practitioners seeking a reference resource. The IUA would like to thank those members of the Banks Underwriting Group that have contributed to the project so far.

The Financial Institutions Handbook remains a work in progress. Any IUA members wishing to become involved in its activities or suggest areas for future focus are invited to email Jonathan Reed

DISCLAIMER
The information contained within this web-page and the documents within have been drafted for information purposes only and is strictly non-binding in nature. IUA takes no responsibility for the accuracy of this information, which does not constitute legal advice. As such, IUA members and other third parties should take legal advice as they deem appropriate on any of the issues raised in the documents. Reproduction of the information in this publication is permitted provided that this is accompanied by a statement in the following form: “IUA Financial Institutions Underwriting Handbook…[File Name] (Year Drafted)”