Lloyd’s insurers advised to prepare for Eurozone split
Insurers and London brokers should consider amending contracts
with clients in countries they consider to be at risk of exiting
the euro to include "continuity" and
"re-denomination" clauses to prevent arguments over
premium payments in a new currency, the London Market Association
(LMA) advocated in an advisory paper.
The LMA paper noted that an exit from the euro would not in itself
be cause to terminate an insurance contract, but that if premiums
were not paid on time the carriers...
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