There’s been an uptick in insurance industry arbitrations in recent years. These proceedings involving corporate insureds can raise complex and time-consuming issues. But early and focused efforts by the insurer and the insured can help provide for a fair and efficient process.
Arbitration works best when all parties have a clear meeting of the minds on important provisions contained in the arbitration clause and work together to avoid unnecessary complications. The best time to address management of the arbitration process is not after a disagreement has arisen, but when the insurance policy is being negotiated. While insurance companies typically draft the arbitration clause contained in the policy, an informed risk manager or in-house counsel for the insured may be able to negotiate specific and important changes to the provision. The following are a few important areas that should considered.
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