2. claims

8/10/2019 2. CLAIMS

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Bcnpter 7

B@NMHR

QCE @MNIM@MQ] LF QCE YEMDRUYEY

_rlini`y lde lf tce wmaest remdsurndbe pl`mby wlramdgs ms tcnt lfQllheyv. Engè Rtnr Mdsurndbe Blhpndy @mhmteaZ>==2X > @`lyasYep. 19=wcere tce remdsurer ngreea tl pny n`` b`nmhs returds, remdsurndbe prehmuhs nda ltcer lutglmdgs pnyniè iy tceremdsurea md respebt lf tce >=65 Udaerwrmtmdg Nbbludt wcmbc ales dlt requmre tce sydambnte tl prlve tl Engè Rtnr tcnt tcey wereègn``y `mniè tl pny tce b`nmhs udaer tce terhs lf tcemr mdsurndbe pl`mby. Clwever, md prnbtmbe, remdsurndbe bldtrnbts nre hubcdnrrlwer tcnd tcms.

Wced ales tce remdsurea ieblhe `mniè tl pny tce mdsurea=21X 1= @`. @. Yep. 959

Md tcms bnse, mdvl`vmdg n prlplrtmldn` bldtrnbt, tce blurt ceà tcnt prlvmaea tce remdsurea bnd prlve tl cms remdsurers tcnt ce ms `mniè flr n spebmfmb

nhludt tl cms mdsurea nda tce `lss ms blverea udaer tce pl`mby tce remdsurer ms li`mgea tl remhiurse tce remdsurea eved tclugc tce remdsurea cns dlt

nbtun``y pnma tce `lss. Qce bnse mdvl`vea fmre mdsurndbe nda remdsurndbe md @ntvmn. Ld >> Nprm` >=2? n fmre lbburrea nt tce fnbtlry wcmbc wns sermlus`y

anhngea. Qce Alugnvn blhpndy pnma tcemr lrmgmdn` mdsurea nda hnae n b`nmh ngnmdst tcemr remdsurers nda tce plmdt tl ie aebmaea wns, wced wns tce

`lss pnyniè< Qce mdsurndbe nda remdsurndbe pl`mbmes were md tce @ntvmnd burredby (@nts). Nt tce ante lf tce fmre tcere were 95.99 @nts tl tce pluda.

Alugnvn pnma tcemr lrmgmdn` mdsurea md Kndunry >=29, wcmbc wns nfter Irmtnmd cna glde lff tce glà stndanra nda tcere were >7.>= @nts tl tce pluda.

Qce Blurt lf Nppen` ceà tcnt tce ante lf settèhedt nda pnyhedt iy tce mdsurer md Kndunry >=29 ms tce blrrebt ante nt wcmbc tce rnte lf exbcndge ms tl

ie npp`mea. Qce Blurt lf Nppen` were jeed tl edsure tcnt tce remdsurea wns dlt lver-blhpedsntea wmtc Rbruttld @.K. blhhedtmdg; Mf tce rnte lf

exbcndge ms fmxea nt n ante ieflre tce mdsurers `mnim`mty tl pny ms qundtmfmea nda sntmsfmea, tce mdsurer hny, ns md tce presedt bnse, reblver hlre tcnd nd

mdaehdmty, wcmbc ms bldtrnry tl n`` prmdbmpès lf mdsurndbe mdaehdmty (nt p. 952).

Qce ènamdg bnse ld tce suikebt ms;

Bcnrter Yev. FngndZ>==7X N.B. 2>2

Qce p`nmdtmff remdsurea md tcms bnse wns mdsl`vedt nda wns remdsurea wmtc @`lyas Rydambntes 51? nda 519. Udaer twl exbess lf `lss trentmes tce

remdsurers udaertllj tl mdaehdmfy tce mdsurers ngnmdst n`` `lsses clwslever nda wcereslever nrmsmdg aurmdg tce permla lf remdsurndbe ld ndy mdterest

udaer pl`mbmes nda bldtrnbts lf mdsurndbe lr remdsurndbe udaerwrmtted iy tce remdsurea md tcemr wclè nbbludt. Qce tcmra pl`mby wns nd nvmntmld rmsjs

pl`mby. N`` pl`mbmes prlvmaea tcnt tce remdsurer wns tl ie `mniè flr tce `lsses lf tce mdsurers md exbess lf nd u`tmhnte det `lss lf n spebmfmea nhludt. Qce

terh det `lss wns aefmdea ns tce suh nbtun``y pnma iy tce remdsurea md settèhedt lf `lsses lr `mnim`mty nfter hnjmdg aeaubtmlds flr n`` reblvermes, n``

sn`vnges nda n`` b`nmhs upld ltcer remdsurndbes wcetcer bl`èbtea lr dlt nda scn`` mdbùae n`` nakusthedt expedses nrmsmdg frlh tce settèhedt lf

b`nmhs. Qce mdsurers were md prlvmsmldn` `mqumantmld nda slugct aeterhmdntmld lf tce mssue lf wcetcer lr dlt mt wns debessnry flr tce mdsurers tl cnve

hnae pnyhedts md respebt lf tce b`nmhs ieflre tce remdsurers iebnhe `mniè. Qce flbus lf tce bnse wns ld tce hendmdg lf nbtun``y pnma. Nt fmrst

mdstndbe Hndbe K. ceà tcnt nbtun``y pnma wns dlt edlugc tl mhplse n bldamtmld prebeaedt lf pnyhedt. Qce Blurt lf Nppen` upceà tce vmew lf

Hndbe K. wmtc tce exbeptmld lf Rtnugctld @.K., wcl mdsmstea tcnt tce wlras scluà ie gmved tcemr `mtern` hendmdg. Ce snma; Qce `mtern` hendmdg lf tce

wlras md tce bldtrnbt requmres tcnt tce mdsurers scn`` cnve pnma ieflre tce remdsurers nre `mniè (nt p. 263). Qce Cluse lf @lras edalrsea Hndbes

aebmsmld nda gnve tce wlras n tebcdmbn` hendmdg, wcmbc wns bldsmaerea npprlprmnte flr tcms spebmn`msea flrh lf remdsurndbe.

MDQEY_YEQNQMLDEVEDQR, BNURER NDA LBBUYYEDBER

N GUMAE QL YEMDRUYNDBE @NW - >st Eamtmld, 9??7

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Lfted tce remdsurndbe bldtrnbt bldtnmds tce wlras evedt, `lss lr lbburredbe wcmbc bnd ie very vngue nda wcmbc bnd bnuseamffmbu`tmes wced b`nmhs nrmse. Mt ms dlt surprmsmdg tcnt tcere cns ieed n grent aen` lf `mtmgntmld md tcms nren ns remdsureas try tl hnxmhmsetcemr reblvermes nda remdsurers nttehpt tl hmdmhmse tce pnyhedts tcey cnve tl hnje.

EvedtNs hedtmldea enr`mer mdHudmbmpn` Hutun`v. Ren Mdsurndbe Blhpndy @mhmteaZ>==6X @[email protected]. 965, nbts lf vndan`msh lver nd>3-hldtc tmhe permla were regnraea ns lde evedt, wmtc tce evedt iemdg tce `nbj lf supervmsmld.

Bnuaèv. RcnrpZ>==5X @[email protected]. 122

Qcms bnse m`ùstrntes tce amffmbu`ty lf mdterpretmdg tce wlra evedt. Qce remdsurea wns tce Rcnrp Rydambnte nt @`lyas, wcmbc wns tce Ehp`lyee nda

Lffmbers mdsurers lf Lutcwnmte. Lutcwnmte, wcl wns n @`lyas udaerwrmter, wrlte 29 rud-lff remdsurndbe bldtrnbts wcmbc were suikebt tl cuge `lsses

iebnuse lf edvmrldhedtn` pl`ùtmld nda nsiestls b`nmhs. Ns n resu`t tce @`lyas Dnhes ld tce Lutcwnmte sydambnte sufferea edlrhlus `lsses nda suea

Lutcwnmte flr deg`mgedbe. Rettèhedt wmtc tce Dnhes wns ngreea nt >>6 hm``mld. Qce Rcnrp sydambnte ns mdsurers lf Lutcwnmte pnma n `nrge

prlplrtmld lf tce settèhedt nda slugct n reblvery frlh tcemr remdsurers, Bnuaè. Rcnrp nrguea tcnt mts bldtrmiutmld md respebt lf tce Lutcwnmte nbtmld

nhludtea tl lde `lss nda smdbe tce exbess cna ieed irenbcea tce remdsurers scluà remhiurse tceh. Qce remdsurers nrguea tcnt enbc lf tce 29 rud-lff

remdsurndbe bldtrnbts bldstmtutea n sepnrnte `lss, wcmbc hendt tcnt tce exbess cna dlt ieed irenbcea nda remdsurers were dlt requmrea tl hnje ndy

pnyhedts. Qcey n`sl bldtedaea tcnt tce hehiers ngedts b`nmhs ama dlt fn`` wmtcmd tce blver permla lf tce remdsurndbe bldtrnbt.

Qce exbess lf `lss remdsurndbe bldtrnbt bldtnmdea nd nrimtrntmld b`nuse. Qce nrimtrntlrs ceà tcnt tce pnyhedts hnae iy Rcnrp tl tce Lutcwnmte

sydambnte re`ntea tl n sermes lf `lsses nrmsmdg lut lf lde evedt. Qce evedt iemdg Lutcwnmtes fnmùre tl npprebmnte lr mdvestmgnte tce nsiestls prlièh.

Qce blurt lf fmrst mdstndbe ngreea wmtc tce nrimtrntlrs aebmsmld.

Qce Blurt lf Nppen` reversea tce fmrst mdstndbe aebmsmld nda aebmaea tcnt tcere were 29 evedts. Evnds @.K. snma tcnt Qcere were 29 sepnrnte lbbnsmlds

wced Hr Lutcwnmtes fnmùre hndmfestea mtse`f nda cms mgdlrndbe gnve rmse tl nd lbburredbe lf deg`mgedbe, wcetcer nd nbt lr lhmssmld, wcmbc mtse`f

gnve rmse tl n b`nmh nda n `lss udaer tce lrmgmdn` pl`mby ((>==5) @[email protected]. 122 nt p. 12=).

Nxn Ye v. FmeàZ>==6X > @`lyas Yep. 96

Md tcms bnse tce aefedandt @`lyas sydambnte wns `mniè tl pny b`nmhs flr tce deg`mgedbe lf tce udaerwrmters fl``lwmdg tce Blx v. Indjsmae aebmsmld.

Qce sydambnte tced slugct remhiursehedt frlh mts remdsurers. Qce remdsurndbe pl`mby wns nd exbess lf `lss bldtrnbt wmtc lde evedt `ndgunge. Qce

lrmgmdn` mdsurndbe pl`mby bldtnmdea tce wlramdg sermes lf evedts lr lbburredbes nttrmiutni e tl lde lrmgmdntmdg bnuse nda tce remdsurea nrguea tcnt

tcms wns tce snhe ns sermes lf lbburredbes nrmsmdg lut lf lde lbburredbe md tce remdsurndbe bldtrnbt nda tcnt tcereflre tce remdsurers scluà nbbept

tcnt tce `lsses nrlse lut lf kust tcree evedts.

Nt fmrst mdstndbe _cm``mps K. tclugct evedt nda bnuse were tce snhe tcmdg. Qce Blurt lf Nppen` ceà tcnt tce remdsurers were iluda ns tl tce resu`t

md tceBlxv. Indjsmaeaebmsmld nda tcnt md tcms bnse mt wns sedsmiè tl bldbùae tcnt tcere were tcree bnuses.

Qce Cluse lf @lras bnhe tl n blhpète`y amfferedt aebmsmld. Mt aebmaea tcnt lrmgmdntmdg bnuse nda evedt hendt tltn``y blhpète`y amfferedt tcmdgs.

@lra Hustm`` blhhedtea tcnt nd evedt ms slhetcmdg wcmbc cnppeds nt n pnrtmbu`nr tmhe, nt n pnrtmbu`nr p`nbe, md n pnrtmbu`nr wny. N bnuse ms tl hy

hmda slhetcmdg n`tlgetcer èss bldstrmbtea. Mt bnd ie n bldtmdumdg stnte lf nffnmrs, mt bnd ie md tce nisedbe lf slhetcmdg cnppedmdg (nt p. 92=). Ce n`sl

hnae mt bènr tcnt mf tce remdsurea p`nddea cms remdsurndbe blver tl ie tce snhe ns cms blver flr cms mdsurea tced ce wluà cnve usea tce snhe wlras md

enbc bldtrnbt. Qcereflre, mt wm`` ie pruaedt flr remdsureas tl bcebj tcnt tce wlramdg lf tcemr remdsurndbe bldtrnbts ms blhpntmiè wmtc tce wlramdg usea

md tcemr lwd pl`mbmes.

BnuseMdBlxv. IndjsmaeZ>==5X 9 @`lyas Yep. 127tcere were cudareas lf @HS bldtrnbts, wcmbc were deg`mgedt`y udaerwrmtted iy tcreeudaerwrmters. Qce blurt ceà tcnt tcms nhludtea tl tcree lrmgmdntmdg bnuses.

Lbburredbe


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Juwnmt Nmrwnys Blrplrntmld v. Juwnmt Mdsurndbe Blhpndy @mhmteaZ>==6X > @`lyas Yep. 661

MdJuwnmt Nmrwnys Blrplrntmldv. Juwnmt Mdsurndbe Blhpndy @mhmteaZ>==6X > @`lyas Yep. 661(wcmbc mdvl`vea tce semzure lf nmrbrnft frlh Juwnmt

iy Mrnqm flrbes), tce Juwnmt Nmrwnys Nutclrmty cna blver md respebt lf wnr rmsjs wcmbc bnrrmea n $2?? hm``mld `mhmt md respebt lf ndy lde lbburredbe,

ndy lde `lbntmld flr grluda rmsjs. Nbblramdg tl Ymx K. tcere wns ld`y lde lbburredbe, nda tcnt wns tce mdvnsmld lf Juwnmt nda tce bnpture lf tce

nmrbrnft. Ce snma tcnt tce questmld lf wcetcer lr dlt tcere wns lde lbburredbe hust ie sbrutmdmsea frlh tce plmdt lf vmew lf nd mdflrhea liserver

p`nbea md tce plsmtmld lf tce mdsurea, nda tcere hust ie n aegree lf udmty md re`ntmld tl bnuse, `lbn`mty nda tce mdtedtmlds lf tce cuhnd ngedts bldberdea.

Md tcms bnse tce cuhnd ngedt wns Rnaanh Cussemd nda cms mdtedtmld wns tl rehlve n`` nssets frlh Juwnmt. Ce n`sl aebmaea tcnt tce edtmre nmrplrt

bldstmtutea lde `lbntmld md tce bldtext lf wnr rmsjs mdsurndbe. Qce Cluse lf @lras gnve semzure mts dlrhn` hendmdg md nd mdsurndbe nda remdsurndbe

pl`mby sl tcnt mt mdbùaea flrbmiè semzure ns md tcms bnse. Md re`ntmld tl tce spnres extedsmld tce Cluse lf @lras fluda tcnt tce wlras useamt ms dltea

nda ngreea tcnt tce mdaehdmty prlvmaea iy tcms pl`mby ltcer tcnd pnrngrnpc (n) lf sebtmld lde ms extedaea tl mdbùae `lss lf lr anhnge tl nmrbrnft spnres

hnae mt bènr tcnt mt wns nd extedsmld b`nuse. Rmdbe tce wnr perm`s were dlt exbùaea udaer tce b`nuse tcms hendt tcnt udaer tce usun` prmdbmpès

Juwnmt Nmrwnys bluà reblver. @lra Clicluse ehpcnsmsea tcnt tce blurts wm`` dlt blrrebt ina`y wlraea b`nuses nda snma mf, ns cere tce pnrtmes cnve

usea p`nmd `ndgunge tl express tcemr mdtedtmld tced tcnt scluà ie nd eda tl mt: tce blurts scluà edflrbe tce bldtrnbt md nbblrandbe wmtc mts terhs.

YEMDRUYNDBE BLDQYNBQRGLVEYDMDG @NW NDAKUYMRAMBQMLD

Wcmbc `nw glverds tce remdsurndbe bldtrnbt==?, wcmbc snys tcnt bldtrnbts nre glverdea iy tce `nw bclsed iy tce pnrtmes emtcer express`y lr nsaehldstrntea wmtc rensldniè bertnmdty iy tce terhs lf tce bldtrnbt lr tce bmrbuhstndbes lf tce bnse.

Mf tcere ms dl spebmfmb bclmbe lf `nw md tce bldtrnbt tced Nrtmbè 1 stntes tcnt tce `nw lf tce bldtrnbt scn`` ie tce `nw lf tce bludtrywmtc wcmbc mt ms hlst b`lse`y blddebtea, wcmbc ms presuhea tl ie tce bludtry wcere tce pnrty wcl ms tl effebt tce perflrhndbewcmbc ms bcnrnbtermstmb lf tce bldtrnbt resmaes.

Qce mssues lf glverdmdg `nw were amsbussea md tce fl``lwmdg twl bnses;

Gnd Mdsurndbe Blhpndy @mhmteav. Qnm _mdg Mdsurndbe Blhpndy @mhmteaZ>===X @`lyas Yep. MY 99=:Ylyn`

Mdsurndbe Blhpndyv. Bedtrn` Mdsurndbe BlhpndyZ>===X @`lyas Yep. MY 99=

Qce p`nmdtmffs md iltc lf tcese bnses were fnbu`tntmve remdsurers lf Qnmwndese mdsurers wcl cna wrmtted n``-rmsjs blver flr n fnbtlry md Qnmwnd. N fmre

lbburrea nt tce fnbtlry bnusmdg extedsmve anhnge. Qnm _mdg Mdsurndbe bllramdntea tce nbtun` cnda`mdg lf tce b`nmh. Qce amrebt mdsurers resbmdaea tce

bldtrnbts nrgumdg tcnt tce pl`mby terhs md respebt lf fmre prltebtmld cna ieed irenbcea, nda md naamtmld Nrtmbè 63 lf tce Qnmwndese Mdsurndbe @nw cna

ieed irenbcea wmtc regnra tl amsb`lsure requmrehedts.

Qce remdsurers refusea tl pny tce b`nmhs nda blhhedbea prlbeeamdgs md Edg`nda seejmdg aeb`nrntmlds tcnt tcey were dlt `mniè tl tce remdsureas

iebnuse tce remdsureas cna irenbcea tce b`nmhs bllperntmld b`nuses wcmbc were bldamtmlds prebeaedt tl `mnim mty nda tcey bluà nvlma tce bldtrnbts

iebnuse lf hmsrepresedtntmld. Qce bldtrnbts ama dlt stnte wcmbc glverdmdg `nw scluà npp`y.

Qce remdsureas nrguea tcnt Qnmwndese `nw glverdea tce bldtrnbt iebnuse tce rmsjs were Qnmwndese, tcey were md respebt lf n Qnmwndese fnbtlry lwdea

iy n Qnmwndese blhpndy nda mdsurea iy Qnmwndese mdsurers udaer n pl`mby glverdea iy Qnmwndese `nw. Qcey nrguea tcnt tce remdsurndbe bldtrnbt wns

glverdea iy Qnmwndese `nw iebnuse mt bldtnmdea ns lrmgmdn` wlramdg nda tce mdsurndbe pl`mby wns glverdea iy Qnmwndese `nw.

Qce remdsurers nrguea tcnt tce bldtrnbts were glverdea iy Edg`msc `nw iebnuse tce fnbu`tntmve s`mps bldtnmdea severn` stndanra @ldald hnrjet b`nuses,

mdbùamdg b`nmhs bllperntmld wlramdg. Qcey nrguea tcnt tce ns lrmgmdn` wlramdg ld`y re`ntea tl tce dnture lf tce rmsj, tce permla lf blver nda tce

gelgrnpcmbn` `mhmts. Qcey snma tcnt tce use lf @ldald hnrjet b`nuses mdambntea nd mhp`mea bclmbe lf Edg`msc `nw ns tce glverdmdg `nw. Furtcerhlre,

tce bldtrnbts were hlre b`lse`y blddebtea wmtc Edg`nda smdbe tce remdsurndbe wns p`nbea md @ldald usmdg @ldald hnrjet flrhs nda wmtc remdsurers


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lperntmdg md tce @ldald hnrjet.

Bresswe`` H.K. ceà tcnt tcere wns nd mhp`mea bclmbe lf Edg`msc `nw nda tcnt Edg`msc `nw wluà npp`y iebnuse tce bldtrnbts were hlre b`lse`y

blddebtea wmtc Edg`nda nda ce blhpète`y ngreea wmtc tce nrguhedts lf tce remdsurers. Qce Blurt lf Nppen` supplrtea tcms vmew.

Mt nppenrs frlh tcese bnses tcnt mf n remdsurndbe bldtrnbt ms hnae iy Edg`msc remdsurers lperntmdg md tce @ldald hnrjet tcnt tceEdg`msc blurts wm`` aebmae tcnt Edg`msc `nw ms tce glverdmdg `nw. Qce ld`y wny tl reiut tcms presuhptmld ms flr tce remdsurea tl bcebj

tce remdsurndbe bldtrnbt very b`lse`y ieflre ngreemdg tl mt nda edsure tcnt tce glverdmdg `nw ce wmsces tl npp`y ms express`y stntea mdtce bldtrnbt.

Udaerwrmters nre lfted s`lppy wced wrmtmdg n rmsj nilut tce mssues lf glverdmdg `nw nda amspute reslùtmld, nssuhmdg tcntprlièhs wm`` dlt nrmse. Devertceèss, mt ms mhplrtndt tcnt tce glverdmdg `nw nda sent lf nrimtrntmld nre stntea md tce remdsurndbebldtrnbt smdbe, mf mssues al nrmse nt n `nter stnge lver n b`nmh lr n sermes lf b`nmhs, tced iltc pnrtmes jdlw exnbt`y tce prlbeaure nda`nw wcmbc wm`` npp`y.

Wcmbc kurmsambtmld glverds tce remdsurndbe bldtrnbt=3= Exxld Vnàezlm` spm`` mdN`nsjn, Jmdg re`mea ld n servmbe lf sumt b`nuse md tce pl`mby wcmbc prlvmaea tcnt tce mdsurea cna nd lptmld tl seèbt tce kurmsambtmld lfDew ]lrj, nrgumdg tcnt Dew ]lrj wns tce prlper `nw lf tce bldtrnbt. Qce blurt amshmssea tcms nrguhedttce rmsjs blverea iy tcepl`mby were wlràwmae, ns wns n smgdmfmbndt plrtmld lf tce fl``lwmdg hnrjet, nda @ldald hnrjet wlramdgs were mdblrplrntea lrreferrea tl md tce pl`mby. Qcese fnbtlrs n`` plmdtea tl Edg`msc `nw iemdg tce prlper `nw lf tce pl`mby.

Md Qrnveèrs Bnsun`ty nda Rurety v. Rud @mfe Nssurndbe Blhpndy lf Bndnan (UJ) @ta Z9??1X EWCB >7?1 (Blhh) tce blurtaebmaea tcnt mt wluà ie bcenper nda ensmer flr tce trmn` tl tnje p`nbe md Edg`nda. Md Hnrje` Mdterdntmldn` Mdsurndbe Blhpndy @tav.

@n Yepui`mbn Blhpndmn Nrgedtmdn ae Regurls Gedernès RN Z9??1X EWCB >396 tce blurt aebmaea tcnt n`tclugc tce udaer`ymdg rmsjnda tce aefedandt mdsurers were insea md Nrgedtmdn, tce fnbt tcnt hlst lf tce wmtdesses were Edg msc-spenjmdg, tcnt hlst

blrrespldaedbe wns md Edg`msc nda tcnt tce remdsurndbe bldtrnbts were glverdea iy Edg`msc `nw wns suffmbmedt flr tce blurt tl aebmaetcnt tce npprlprmnte flruh flr tce amspute wns Edg`nda.

MdQldmbstnr @ta (t/n @`lyas Rydambnte >36>) v. Nhermbnd Clhe Nssurndbe Bl. Z9??1X EWCB >921 (Blhh) mt wns ceà tcnt tcednturn` flruh flr amsputes bldberdmdg mdsurndbe bldtrnbts hnae md @ldald, p`nbea tcrlugc @`lyas Irljers nda mdblrplrntmdgstndanra @`lyas terhs wns Edg`nda.

QCE @MHMQNQMLD MRRUEMd tce UJ tce `mhmtntmld permla re`ntmdg tl remdsurndbe bldtrnbts ms stntea md sebtmld 5 lf tce @mhmtntmld Nbt >=3? ns nd nbtmldfludaea ld smhpè bldtrnbt scn`` dlt ie irlugct nfter tce expmrntmld lf 6 yenrs frlh tce ante ld wcmbc tce bnuse lf nbtmld nbbruea.Flr tce purplses lf remdsurndbe tce tmhe permla stnrts tl rud frlh tce ante tcnt tce remdsureas `mnim`mty ms estni`mscea iy ngreehedt,kuaghedt lr nwnra.

Qce ènamdg bnse ld tcms suikebt ms Alugnvnv. Cedaersld(>=21) 1= @`. @. Yep. 959 (amsbussea enr`mer), wcere tce Blurt lf Nppen`ceà md re`ntmld tl n fmre pl`mby tcnt tce bnuse lf nbtmld lf tce remdsurea ama dlt stnrt ruddmdg udtm` tce remdsureas `mnim`mty wns nd

nsbertnmdea suh. Rbruttld @.K. put mt subbmdbt`y ns M al dlt udaerstnda clw tce remdsurer bnd ie `mniè tl pny nd nhludt udtm` mt cnsieed fmxea ietweed mdsurer nda mdsurea (nt p. 952). Md Cn`vndld Mdsurndbe Blhpndy v. Blhpndcmn ae Regurls al Estnal ae Rnl_nl`l (>==5) @[email protected]. 2?2 tce p`nmdtmff remdsurea nrguea tcnt n bnuse lf nbtmld ama dlt nrmse udtm` nd nbbludt wns redaerea tl tceremdsurer udaer tce remdsurndbe bldtrnbt. Qcms wns rekebtea iy tce Blurt lf Nppen`.

Qcereflre usun``y tce remdsurea cns smx yenrs frlh tce ante upld wcmbc tce b`nmh cns ieed qundtmfmea md wcmbc tl hnje n reblveryfrlh cms remdsurers. Qcms ms rensldniè smdbe slhetmhes mt tnjes n `ldg tmhe flr tce qundtuh lf tce b`nmh tl ie estni`mscea nda mf tcetmhe flr `mhmtntmld purplses iegnd wced tce `lss lbburrea tced tmhe wluà stnrt ruddmdg ngnmdst tce remdsurea ieflre ce jdew tcenhludt lf cms `mnim`mty nda tce extedt lf tce reblvery ce deeas tl hnje frlh remdsurers.

Qcere nre, clwever, bertnmd smtuntmlds md wcmbc tce tmhe permla hny ie n`terea. Qce hlst blhhld lf tcese ms iy ngreehedtietweed tce pnrtmes md tce remdsurndbe bldtrnbt. Flr exnhpè, tce pnrtmes bluà stnte md tcemr remdsurndbe bldtrnbt tcnt flr `mhmtntmldpurplses tmhe wm`` dlt iegmd tl rud udtm` tce remdsurea presedts nd nbbludt tl tce remdsurers flr pnyhedt. Usmdg nd exnhpè frlh tce


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mdsurndbe bldtext, md Wn`jerv. _eddmde Mdsurndbe Blhpndy Z>=3?X 9 @`lyas Yep. >56tce blurt ceà tcnt n b`nuse stntmdg tcnt tcemdsurea cna kust lde yenr md wcmbc tl edflrbe tce pl`mby ngnmdst tce mdsurer wns rensldniè.

Qce `mhmtntmld permla wm`` stlp ruddmdg mf prlbeeamdgs nre blhhedbea, lr nd nrimtrntlr ms npplmdtea md respebt lf tce hntterietweed tce remdsurea nda remdsurer.

Mf tce remdsurer nahmts `mnim`mty udaer tce bldtrnbt md n very bènr wny tced ce wm`` dlt ie niè tl re`y upld tce `mhmtntmld plmdt tlamspute tce qundtuh lf tce b`nmh.

Rmhm`nr`y, n smgdea wrmtted nbjdlwèagehedt lr pnrt pnyhedt lf tce b`nmh wm`` stnrt tce `mhmtntmld permla ruddmdg frlh tceiegmddmdg ngnmd.

Rlhetmhes tce remdsurea nda remdsurer hny ie mdvl`vea md `ldg, prltrnbtea degltmntmlds regnramdg tce b`nmh nda tce `mhmtntmldpermla hny ie rnpma`y npprlnbcmdg. Md tcms smtuntmld tce pnrtmes hny edter mdtl n stndastm`` ngreehedt wcmbc wm`` serve tl stlp tce`mhmtntmld permla ld tcnt ante wcmè tce degltmntmlds bldtmdue.

Qce prlièh lf `mhmtntmld bnd ie espebmn``y nbute md tce bnse lf remdsurndbe udaerwrmtmdg pll`s, wcmbc wns cmgc`mgctea md tcefl``lwmdg bnse;

Blhpndcmn ae Regurls Mhpermlv. Centc (YEIS) @taZ>===X @`lyas Yep. MY 57>(^.I. Blh. Bt.):Z9??>X @`lyas

Yep. MY >?=(B.N.)

Mhperml pnrtmbmpntea md n pll`, wcmbc wns rud iy Centc ietweed >=77 nda >=7=. Md >==5 Mhperml mssuea n wrmt ngnmdst Centc b`nmhmdg flr irenbc lf

bldtrnbt, deg`mgedbe nda irenbc lf fmaubmnry auty. Mhperml nrguea tcnt tce pll` cna ieed ud`nwfu``y lperntea iy Centc iebnuse Centc cna bclsed

Mhperml tl frldt flr tce pll`, tcereiy explsmdg mt tl >??% lf tce rmsj wced mt wns uddebessnry tl al sl. N duhier lf pll` hehiers cna ieblhe

mdsl`vedt nda Mhperml mdsmstea tcnt mt wluà ld`y pny mts det `mde. Rmdbe tce bnuses lf nbtmld md bldtrnbt nda tlrt nbbruea wced Mhperml were blhhmttea

tl frldt n pnrtmbu`nr rmsj tce b`nmhs were stntute-inrrea. N`tclugc ae`miernte bldben`hedt iy Centc servea tl suspeda tce blhhedbehedt lf tce

`mhmtntmld permla ns n resu`t lf flur yenrs lf mdvestmgntmld, tcere wns dl glla rensld flr Centc tl use Mhperml ns n frldt md >=33 nda tce b`nmh wns

stntute-inrrea iebnuse n`` lf tce fnbts were jdlwd tl Mhperml frlh tce lutset. Md respebt lf tce fmaubmnry auty, tce `mhmtntmld permla wluà dlt npp`y mf,

md naamtmld tl nbtmdg ns nd ngedt flr Mhperml, Centc nbtea ns n trustee lf tce pll`s hldey udaer n trust. Qce Blhherbmn Blurt ceà tcnt tce smx-yenr

`mhmtntmld permla npp`mea tl tce fmaubmnry b`nmh ld tcms lbbnsmld nda tcus mt wns tmhe-inrrea.

Rlhe pelpè ie`meve tcnt nd cldlurniè edgngehedt b`nuse, wcmbc perhmts nrimtrntlrs tl lpt lut lf tce strmbt ruès lf `nw, n``lwstceh tl amsnpp`y tce `mhmtntmld permla. Clwever, tcms nppenrs tl ie mdblrrebt. Flr exnhpè, md Lrmld Blhpngdmn Espndl`n ae Regurls

v. Ie`flrt Hnntsbcppmk Vllr Versejgrmdgeed Z>=69X 9 @`lyas Yep. 957n Ie`gmnd Mdsurndbe blhpndy npp`mea tl set nsmae nd nwnrahnae iy nd uhpmre md fnvlur lf tce Rpndmsc Mdsurndbe Blhpndy (Lrmld). Qce nrimtrntmld nrlse frlh n amspute nilut n qultn scnredld-hnrmde remdsurndbe trenty. Hegnw K. nrguea tcnt nrimtrntlrs nre iluda iy tce usun` ruès ld `mhmtntmld.

Qce dew `mhmtntmld regmheQce @nw Blhhmssmld cns reblhhedaea tcnt tce amfferedt `mhmtntmld permlas, wcmbc burredt`y npp`y tl amfferedt bnuses lf nbtmld, ienil`mscea nda rep`nbea iy n dew blre regmhe. Udaer tcms blre regmhe, ndy b`nmhndt wcl wmsces tl blhhedbe nd nbtmld hust al slwmtcmd tcree yenrs lf tce ante upld wcmbc tcey jdew lr lugct rensldni`y tl cnve jdlwd tcnt tcey cna n smgdmfmbndt bnuse lf nbtmldnda jdew tce maedtmty lf tce aefedandt. Md tce remdsurndbe fmeà remdsureas nre presuhea tl jdlw wced tce nbtmld ngnmdst tcemrremdsurers nbbrues nda tce ante wced tcey cnve n b`nmh ngnmdst tcemr remdsurers wm`` ie tce snhe. Qcms effebtmve`y hends tcnt flrremdsureas tce permla md wcmbc tcey cnve tl irmdg n b`nmh ngnmdst tcemr remdsurer wluà ie reaubea frlh smx yenrs tl tcree yenrs. Mdnaamtmld tcere wm`` ie n >?-yenr `ldg stlp `mhmtntmld permla, wcmbc wluà iegmd tl rud frlh tce ante lf tce nbt lr lhmssmld wcmbc gnvermse tl tce b`nmh. Qce @nw Blhhmssmld prlplses tcnt tce dew regmhe scluà cnve retrlspebtmve effebt, sl tcnt mt wm`` npp`y tl n``bnuses lf nbtmld wcmbc nbbrue ieflre mt blhhedbes, exbept wcere tce nbtmld ms n`renay tmhe-inrrea lr wcere tce nbtmld cns n`renayieed blhhedbea. Flr tce remdsurndbe mdaustry tcms wm`` hend tcnt n`` b`nmhs, wcmbc nre burredt`y làer tcnd tcree yenrs wm``mhheamnte`y ieblhe tmhe-inrrea udèss tce b`nmhndt blhhedbes prlbeeamdgs lr n stndastm`` b`nuse ms ngreea ietweed tce pnrtmes. Qcedew prlplsn`s wm`` ie pnrtmbu`nr`y prlièhntmb wcere tcere nre bcnmds lf remdsurndbe md lperntmld iebnuse mt bnd tnje n `ldg permla lftmhe flr b`nmhs tl fm`ter tcemr wny tcrlugc tce hnrjet tl tce eda lf tce remdsurndbe bcnmd. Qcms wluà hend tcnt mf tce lrmgmdn`mdsureas b`nmh wns settèa lr aeterhmdea >? yenrs ngl nda tce remdsurer cns dlt yet hnae n reblvery udaer cms lwd remdsurndbe blvertced ce wm`` ie udniè tl al sl.

QCE YMGCQR LF QCE YEMDRUYEY

_nyhedt lf prehmuhQce bnse lfFedtld Mdsurndbe Blhpndyv. Gltcner VersmbcerudgZ>==>X 9 @`lyas Yep. >79estni`msces tcnt tce fnbt tcnt tceremdsurea ales dlt pny tce remdsurer tce prehmuh ales dlt hend tcnt tce bldtrnbt cns ieed nindaldea, nda tce remdsurea hnytcereflre stm`` presedt b`nmhs tl tce remdsurer flr remhiursehedt udèss tce bldtrnbt spebmfmbn``y prlvmaes tcnt tce bldtrnbt bnd ie


BCN_QEY 7 B@NMHR

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bndbe`èa mf tce prehmuh ms dlt pnma. Ltcerwmse, tce ld`y lptmld nvnm`niè tl tce remdsurer ms tl sue tce remdsurea lr pny tce b`nmhs èsstce prehmuh nhludt. Mt ms blhhld flr remdsureas tl ae`ny pnymdg tce remdsurndbe prehmuh udtm` tcey cnve rebemvea tce mdsurndbeprehmuh frlh tcemr mdsurea. Devertceèss, nt `nw tce remdsurea ms li`mgea tl pny tce remdsurndbe prehmuh regnraèss lf wcetcer lr dltce cns rebemvea tce mdsurndbe prehmuh frlh mts lrmgmdn` mdsurea.

Qcere nre n duhier lf wnys md wcmbc remdsurers bnd prltebt tcehse`ves frlh remdsureas wcl fnm` tl pny tce prehmuh. Qcese hlst`ymdvl`ve tce mdbùsmld lf npprlprmnte`y wlraea prehmuh pnyhedt wnrrndtmes slhe lf wcmbc nre amsbussea ie`lw;

@nte _nyhedt B`nuse

Md tce evedt tcnt tce Mdsurea fnm`s tl pny ndy prehmuh aue cereudaer wmtcmd 6 hldtcs tlgetcer wmtc ndy mdterest aue tcereld md nbblrandbe wmtc tce

prlvmsmlds lf tcms ngreehedt, tced tce Mdsurer cns tce lptmld iy wrmtted dltmbe servea wmtcmd =? anys lf expmry lf tce snma smx hldtcs tl reaube tce `mhmt

tl >95% lf tce prehmuh nbtun``y pnma.

Ndltcer lptmld ms flr tce remdsurer tl bcnrge mdterest ld tce udpnma prehmuh.

@nte _nyhedt B`nuse

Md tce evedt tcnt tce Mdsurea fnm`s tl pny ndy prehmuh aue cereudaer ld tce any tcnt mt fn``s aue tced mdterest scn`` nbbrue ld tce nhludt lutstndamdg nt

tce rnte lf % per hldtc.

Rlhetmhes tce pnyhedt lf naamtmldn` mdterest ms smhp`y dlt edlugc smdbe tce remdsurea hny cnve dl mdtedtmld lf pnymdg tce

remdsurndbe prehmuh. Mf tcms ms tce bnse tced n b`nuse subc ns tce twl lut`mdea ie`lw wm`` ie hlre npprlprmnte wcmbc wm`` edniè tceremdsurer tl terhmdnte tce remdsurndbe bldtrnbtni mdmtmlmf tce remdsurea cns dlt pnma tce prehmuh wmtcmd n spebmfmea tmhe permla.

Dld _nyhedt lf _rehmuh B`nuse

Md tce evedt tcnt tce Mdsurea fnm`s tl pny ndy prehmuh aue cereudaer tlgetcer wmtc mdterest tcereld ns npprlprmnte wmtcmd hldtcs/anys lf tce

mdbeptmld ante lf tcms ngreehedt tced tcms ngreehedt scn`` ie nutlhntmbn``y terhmdntea nda tce Yemdsurer scn`` ie reènsea frlh n`` `mnim`mtmes, pnst,

presedt nda future, wmtc regnra tl tcms ngreehedt.

_rehmuh Wnrrndty

Qce Yemdsurea wnrrndts tcnt mt scn`` pny tce prehmuh aue cereudaer wmtcmd hldtcs/anys lf tce mdbeptmld ante lf tcms ngreehedt. Md tce evedt tcnt tce

Yemdsurea fnm`s tl sl pny tced tcms ngreehedt scn`` ie nutlhntmbn `y terhmdntea ni mdmtml nda tce Yemdsurer scn`` ie reènsea frlh n`` `mnim`mtmes, pnst,

presedt nda future, wmtc regnra tl tcms ngreehedt.

Qce type lf b`nuse wcmbc tce remdsurer bldsmaers npprlprmnte tl mdbùae md tce remdsurndbe bldtrnbt wm`` aepeda upld tce hnrjetprnbtmbe md tce kurmsambtmld nda tce iusmdess re`ntmldscmp tcnt tce remdsurer cns wmtc tce remdsurea.

Mt ms mhplrtndt tl rehehier tcnt remdsurers scluà ie bènr lf tcemr mdtedtmlds ieflre aehndamdg pnyhedt lf tce prehmuh smdbe iyalmdg sl tcey hny prekuambe tcemr plsmtmld. Flr exnhpè, md Blhpngdmn Qmrredn Am Nssmburnzmldm Rpn v. Grnda Udmld MdsurndbeBlhpndy Z>==>X 9 @`lyas Yep. >12 tcere wns n prehmuh wnrrndty, wcmbc stntea prehmuh nda b`nmhs tl ie settèa md nbbludt._rehmuh wnrrndty ld aue antes. Qce remdsurea ama dlt redaer nd nbbludt lr pny tce prehmuh nda tcereflre irenbcea tce wnrrndty.Clwever, tce blurt ceà tcnt iy aehndamdg pnyhedt lf tce prehmuh tce remdsurers cna subbeeaea md nffmrhmdg tce bldtrnbt.

Qce mdspebtmld lf reblrasGedern``y, mt ms blhhld flr remdsurers tl mdspebt tce reblras lf tcemr remdsurea n`tclugc tcms prnbtmbe ms hlre wmaesprena md tce URNnda tce UJ tcnd md bldtmdedtn` Eurlpe. Aurmdg nd mdspebtmld tce remdsurer wm`` ie bcebjmdg tl edsure tcnt tce remdsurea ms sett`mdgb`nmhs prlper`y nda ms dlt hnjmdg pnyhedts wcmbc ce scluà dlt ie hnjmdg. Nd mdspebtmld ms n glla lpplrtudmty flr tce mdspebtlrs(usun``y expermedbea b`nmhs prlfessmldn`s) tl feea inbj mdflrhntmld tl udaerwrmtmdg ld b`nmhs cnda`mdg prlbeaures nda `lss

aeve`lphedts, wcmbc bnd prlve mdvnùniè ld redewn`.Yemdsurndbe bldtrnbts dlrhn``y express`y prlvmae tcnt tce remdsurer cns tce rmgct tl mdspebt tce remdsureas reblras nda mf mt ms dlt

exp`mbmt tced mt wm`` ie mhp`mea mdtl tce bldtrnbt. Md _cledmx v. Cn`vndld Z>=35X 9 @`lyas Yep. 559 Clicluse K. ceà tcnt tceremdsurer cna nd mhp`mea rmgct tl mdspebt tce remdsureas reblras, iut tcms wns dlt n prlièh md tcms bnse iebnuse iltc pnrtmes ngreeatcnt tcere exmstea nd mhp`mea rmgct tl mdspebt ndywny.

Clwever, slhetmhes tce blurts hny dlt ie prepnrea tl mdfer n rmgct lf mdspebtmld ns md Rlbmt Ndldyhe Mdterheamnrmes@uxehilurgelmsv. Fnrex Gmn nda ltcers Z>==5X @[email protected]. >>6, wcere Clffhndd @.K. snma tcnt tce rmgct tl mdspebt aepedas upld tceterhs lf tce bldtrnbt nda smdbe tce bldtrnbt md tcms amspute bldtnmdea dl mdspebtmld b`nuse tce remdsurers cna dl nbbess tl tceremdsureas illjs. Mt ms tcereflre hubc ietter flr remdsurers tl mdbùae nd mdspebtmld b`nuse md tce bldtrnbt tl hnje sure tcnt tcey cnvetce rmgct tl mdspebt tce remdsureas reblras mf tcey deea tl.


BCN_QEY 7 B@NMHR

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7/7

Bènr`y tcere ms `mttè vnùe md mdspebtmdg albuhedts mf ylu nre udniè tl pcltlblpy lr use tce albuhedts. Qcms mssue wns amsbusseamdHutterv. Ensterd nda Hma`ndas Ynm`wny Blhpndy (>333) 23 Bc.A. =9 wced tce Blurt lf Nppen` snma tcnt n persld cnvmdg n rmgcttl mdspebt n albuhedt cna n bldsequedtmn` rmgct tl tnje n blpy lf mt lr lf sl hubc lf mt ns ce requmres flr slhe ègmtmhnte purplse.Qcms ms very vngue nda hny èna tl niuse lf tce mdflrhntmld. Mt ms tcereflre very mhplrtndt tcnt n bldfmaedtmn`mty ngreehedt ms smgdeaiy tce pnrtmes prmlr tl grndtmdg tce remdsurer nbbess tl mdflrhntmld sl tcnt tce mdflrhntmld ms dlt niusea.

Md tce Mrmsc bnse lfWmdtertcur Rwmss Mdsurndbe v. Qce Mdsurndbe Blrplrntmld lf Mre`nda p`bZ>=3=X [email protected]. >2 tce fmrst mdstndbeblurt aebmaea tcnt tce mdspebtmlds b`nuse md tce remdsurndbe bldtrnbt nutclrmsea tce remdsurer tl blpy albuhedts ègmtmhnte`y requmreaflr tce purplses lf mdspebtmld.

Qce remdsurer hust ie bnrefu` dlt tl prekuambe mts ègn` plsmtmld iy mdspebtmdg tce beandts reblras. Md Mrld Qrnaes MdsurndbeBlhpndy @mhmteav. Blhpndcmn ae Regurls Mhperml Z>==>X > Ye @.Y. 9>2 b`nmhs were hnae iy Mrld Qrnaes nda ltcers ngnmdst tcemrremdsurers flr pnyhedts hnae md respebt lf twl hnrmde qultn scnre trentmes. Md >=39 tce remdsurers were nwnre tcnt tcere cna ieedhmsrepresedtntmlds iy tce remdsurea iut tcey wnmtea udtm` `nte >=32 ieflre exerbmsmdg tcemr rmgct tl mdspebt tce remdsureas reblras.Clicluse K. ceà tcnt iebnuse tce remdsurers cna dlt reservea tcemr rmgcts udaer tce bldtrnbt nda cna ae`nyea ieflre bnrrymdg lut tcemdspebtmld mt cna nffmrhea tce bldtrnbt. Qcereflre, mf tce remdsurer cns evmaedbe lf hmsrepresedtntmld mt scluà reserve mts rmgcts udaertce bldtrnbt mhheamnte`y, iut mf mt ld`y cns suspmbmlds tced mt scluà bnrry lut nd mdspebtmld mhheamnte`y tl litnmd furtcermdflrhntmld.

Lfted tce mdspebtmld lf reblras iy tce remdsurer bnd èna tl tedsmld ietweed tce remdsurer nda tce remdsurea. Mt ms tcereflremhperntmve tcnt tce mdspebtmld ms bnrrmea lut md nd effmbmedt nda prlfessmldn` hndder. Rlhe remdsurers bcllse tl use tcemr lwd md-clusemdspebtmld tenh, wcerens ltcers prefer tl use nd exterdn` bldsu`tndby. Qce amffmbu`tmes lf mdspebtmlds lf reblras were cmgc`mgctea md;

]nsuan Fmre nda Hnrmde Mdsurndbe Blhpndy lf Eurlpe @mhmteav. Lrmld Hnrmde Mdsurndbe Udaerwrmtmdg Ngedby

@mhmteaZ>==5X > @`lyas Yep. 595

Qcms bnse, n`tclugc mt nbtun``y mdvl`vea ngedby ngreehedts, cns equn` npp`mbntmld tl remdsurndbe hntters. Qce p`nmdtmffs were mdvl`vea md n duhier lf

rud-lff remdsurndbe pll`s, wcmbc were hndngea iy tce aefedandts. Qce udaerwrmtmdg ngedby ngreehedts, wcmbc were smhm`nr tl remdsurndbe bldtrnbts,

bldtnmdea aetnmèa express b`nuses perhmttmdg tce mdspebtmld lf reblras. Yepresedtntmves lf tce p`nmdtmffs bnrrmea lut n very aetnmèa mdspebtmld lf tce

aefedandts fmès, wcmbc mdbùaea tce revmewmdg lf >6,??? rmsj fmès. Clwever, prlièhs nrlse wced tce p`nmdtmffs wndtea nbbess tl tce aefedandts

blhputer reblras iebnuse tce aefedandts jept bldfmaedtmn` reblras ld tce blhputer nilut ltcer pll` hehiers tl wcmbc tce p`nmdtmffs scluà dlt ie

grndtea nbbess. Md Blèhnd K.s vmew tce blhputer antninse represedtea pnrt lf tce reblras, wcmbc scluà ie hnae nvnm`niè tl tce p`nmdtmff flr

mdspebtmld purplses. Ce snma; Mf tcey (tce aefedandts) nre tl perflrh tcemr li`mgntmlds tl prlvmae mdspebtmld lf n`` subc reblras ns nre reèvndt, iut

likebt tl amsb`lsure lf tcnt wcmbc ms mrreèvndt, mt ms flr tceh tl fmda slhe hends lf emtcer bldben`mdg tce mrreèvndt lr lf extrnbtmdg tcnt wcmbc ms

reèvndt frlh tce hnss lf tce hntermn` (nt p. 597).

Qce bnse wnrds blhpndmes tcnt tcey scluà ie bnrefu` nilut clw nda wcere tcey stlre mdflrhntmld wcmbc tcey hny ie requmrea tlhnje nvnm`niè flr mdspebtmld. Qce resu`t bluà ie cnrsc ld shn`` blhpndmes, smdbe mt hny requmre n grent aen` lf wlrj tl sepnrnte tcereèvndt frlh tce mrreèvndt nda tce bldfmaedtmn` frlh tce dlt bldfmaedtmn`. Clwever, mf mdspebtmld ales dlt hend n fu`` mdspebtmld,tced hntermn` bluà ensm`y ie bldbenèa md blhputers iy udsbrupu`lus remdsureas tl prevedt tcemr remdsurers nbbessmdg mt.

Md naamtmld tl tce remdsurndbe mdspebtmlds mt ms ieblhmdg mdbrensmdg`y plpu`nr flr remdsurers tl perflrh nuamts lf tcemr remdsureas.Qce nuamts fn`` mdtl tcree bnteglrmes;

Qce fmrst jmda lf nuamt ms tce pre-bldtrnbt nuamt. Md subc nd nuamt tce remdsurer wm`` exnhmde tce udaerwrmtmdg stndanras ndab`nmhs cnda`mdg prlbeaures lf mts prlspebtmve remdsurea tl bcebj tcnt mt ms sntmsfmea tcnt tce stndanras nre nbbeptniè ndatcnt tce prehmuh qultea iy tce remdsurer ms blrrebt flr tce rmsj.

Qce seblda type lf nuamt ms tce udaerwrmtmdg nuamt, wcmbc mdvl`ves nd exnhmdntmld lf tce remdsureas udaerwrmtmdg

pcm`lslpcy.Qce fmdn` type lf nuamt ms tce b`nmhs nuamt. Qce remdsurers wm`` bcebj tcnt naequnte reserves nre iemdg ceà md respebt lfb`nmhs, tcere ms dl step reservmdg nda tcnt tce remdsurea ms tnjmdg n ren`mstmb nda prlnbtmve stndbe md tce b`nmhs cnda`mdg.Qce remdsurers wm`` n`sl `llj nt tce b`nmhs wcmbc cnve dlt ieed dltmfmea tl tce remdsurers iebnuse tcey cnve dlt irenbceatce retedtmld fmgure, tl see mf tcese b`nmhs scluà ie replrtea tl remdsurers iebnuse tcere ms n `mje`mclla tcnt tce b`nmhs wm``cnve n sermlus pltedtmn`. Mt edsures tcnt tce remdsurer cns n ren`mstmb vmew lf cms `mje`y `mnim`mtmes nda tce prlfmtnim`mty lf tceiusmdess: mt ms n`sl hnrjetea iy tce remdsurer ns nd navndtnge tl tce remdsurea smdbe mt gmves tce remdsurea feeainbj ld tcemrb`nmhs cnda mdg nda lffers tceh tce lpplrtudmty lf n fresc revmew lf tce fmès iy dew persldde`.


BCN_QEY 7 B@NMHR

Yliert Herjmd

2. claims

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