Moore Stephens: Contract Certainty Gaps Must be Filled

Monday, January 15, 2007
Moore Stephens say there are big gaps in the U.K. insurance industry’s application and understanding of FSA requirements on contract certainty. While acknowledging that a lot of work has been put in by the London Market Reform Group, among others, Moore Stephens says the target of achieving between 75 and 80 percent compliance looks optimistic, at best. The FSA is to review the industry’s performance and it is understood that later this month it may decide to adopt a more rigorous approach to enforcement. Moore Stephens Insurance Industry Group partner Simon Gallagher says that firms should be monitoring their progress in terms of trying to meet contract certainty targets. Writing in the firm’s Insured Interest newsletter, he says, “Firms should have systems in place whereby any failure to achieve contract certainty is reported. They should be confident that they have adequate training procedures to educate their staff in this respect, and to help staff manage the process rather than being exclusively target-driven.
Maritime Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Fuels & Lubes

Marquette Transportation Reportedly for Sale

Marquette Transportation Company LLC, a U.S. towboat operator, is exploring a sale that could value it at more than $1 billion and has attracted the interest of

Tohoku Electric's LNG Buy Sets Asian Spot Level

Japanese utility Tohoku Electric has purchased an LNG cargo for delivery in the third week of March at a price in the low $7 per million British thermal unit (mmBtu) range,

Cosco Profits Boosted by Low Fuel Prices

China Cosco Holdings ended 2014 in profitable territory, growing its net earnings by 50 percent to $56 million on the back of cost cuts, improved revenue and lower bunker fuel prices.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Port Authority Ship Repair Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1060 sec (9 req/sec)