Extract to table

Article 16 of the Treaty provides that the Treaty shall be governed by and construed in accordance with the laws of the State of New York, without regard to its conflict-of-laws provisions

Unlike direct insurance, where notice provisions may be treated as conditions precedent under certain circumstances, New York courts have consistently held that a reinsurer seeking to avoid payment based on late notice must demonstrate actual prejudice resulting from the delay

To avoid following the cedent's settlement, Pinnacle Atlantic must demonstrate that the settlement was made in bad faith, through fraud, or with gross negligence