MacTavish report

MacTavish launches new report critical of current placement practices.

We issued to our members, around 18 months ago, the first MacTavish report on critical placement issues in the commercial insurance market.
MacTavish, in conjunction with PwC, issued a new report which is very critical of the legal framework and current practices around the placement of commercial insurance. This was reported in the press (including the FT).
 
Avaialble for download (below) is a copy of the Executive Summary and we would be happy to arrange for you to have the full report – please contact georgina.oakes@airmic.co.uk if you wish to have this emailed to you. A commentary from Herbert Smith is also available for download.
 
We have broadly supported these findings and this ties in with our own initiative to produce a guidance document for members on their disclosure obligations and what represents best practice. We are also working with Herbert Smith to produce a policy clause to overcome some of the worst pitfalls of the current legal framework encompassed in the Marine Insurance Act 1906.
 
We would welcome any comments on this report or your own observations on the situation – please get in touch...

View the Airmic press release...