First advised clause

Term · Insurance and risk management · MLC-T-INS-001526

A clause in some reinsurance contracts providing that claims arising from a common cause are covered only if they were first advised to the reinsurer during the contract period. A claim first reported in a later period falls outside that contract, so the clause works like a claims-made reporting limit. The wording appeared in the 1967 and 1968 London market contracts at issue in the Arrowood and Equitas asbestos reinsurance dispute.

Table 1. Record
Identifier	MLC-T-INS-001526
Field	Insurance and risk management

Record as JSON

{
  "id": "MLC-T-INS-001526",
  "term": "First advised clause",
  "field": "Insurance and risk management",
  "definition": "A clause in some reinsurance contracts providing that claims arising from a common cause are covered only if they were first advised to the reinsurer during the contract period. A claim first reported in a later period falls outside that contract, so the clause works like a claims-made reporting limit. The wording appeared in the 1967 and 1968 London market contracts at issue in the Arrowood and Equitas asbestos reinsurance dispute.",
  "url": "https://mlchart.com/terminology/insurance/first-advised-clause/"
}

Record 1,390 of 3,708 in Insurance and risk management terminology (MLC-0106). Request the full dataset.