| Holborn provides comprehensive administration of the contract documentation and signing process. At each renewal, or new placement, contract professionals analyze the placement requirements to ensure regulatory and accounting compliance.
The firm maintains an extensive library of standard clauses (BRMA, NMA, etc.) and various other reference materials, including internet links to several state insurance departments, to aid in the development of new wordings in response to client needs and reinsurance market demands. Holborn also participates in several reinsurance industry forums (BRMA, RAA), keeping its clients’ interests on the agenda.
Prior to sending a new or renewal submission to reinsurers, draft contracts and reinsurance summaries are sent to clients for approval. This procedure helps expedite the signing process. For catastrophe contracts, Holborn’s goal is to return to the client the completed I&Ls from the reinsurers within 30 days from inception. For more complex covers, the goal is to return completed contracts within 60 days from inception.
Holborn’s contract files are maintained in accordance with Regulation 98 of the New York State Insurance Law. The firm’s archives contain all key contractual documents for every client.
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