arbitration clause
Language providing a means of resolving differences between a reinsurer and
the reinsured (or an insurer and an insured) without litigation. Usually, each
party appoints an arbiter. The two arbiters select a third, or an umpire, and
a majority decision of the three becomes binding on the parties in the arbitration
proceedings.
Links for IRMI Online Subscribers Only:
PLI VII.D;
PRMI 5.F