Insurance Covered
The arbitration of insurance disputes (With Jonathan Wood)
Jul 15, 2024
Jonathan Wood, President of the Chartered Institute of Arbitrators, discusses arbitration in insurance disputes. Topics include: arbitration vs litigation, benefits for insurers and insured, future developments in arbitration, and the importance of fairness in the arbitration process.
30:40
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Quick takeaways
- Arbitration offers efficient, enforceable resolution, attracting parties for its economy and expertise benefits.
- Insurance disputes often favor arbitration, especially in reinsurance, due to coverage interpretation challenges.
Deep dives
Arbitration as a Means of Dispute Resolution
Arbitration is a private mechanism for resolving disputes between parties, providing an adjudication in the form of an award that can be enforced like a judgment. It can be institutional or ad hoc, with the option for a sole arbitrator or a panel of three in insurance disputes. Parties choose arbitration for its economy, efficiency, expedition, and enforceability, with the presence of experts in the subject matter enhancing its appeal.
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