Reinsurance - M97（Dip级30学分，选修）-《再保险》
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（前述章节【Dip系列课程】M97-第七章-合同措辞D10）
D11 Liability clauses（责任条款）
D11A Index clause（指数条款）
The index clause adjusts the limit and deductible by reference to an index, to take into account inflation over a period of time.
指数条款参考指数调整限额和免赔额，以考虑一段时间内的通货膨胀。
The key elements of the clause that the:
• index is identified and is usually an earnings or wages or retail prices index;
• base date of the index, that is, the start date for the purposes of the claim(s) under the policy (this date may predate the inception of the treaty); and
• agreed variation of the clause. A franchise may apply in which case no adjustment is made until the index has increased by, for example, 15% over the relevant period. Alternatively, an excess may apply and this type of clause is usually known as a severe inflation clause (SIC).
该条款的关键要素是：
• 确定指数，通常是收入或工资或零售价格指数；
• 指数的基准日期，即保单索赔的起始日期（该日期可能早于条约生效日期）；以及
• 商定的条款变更。在这种情况下，可以适用相对免赔，在指数在相关期间内增长 15%等之前不作调整。或者，也可以适用绝对免赔额，这类条款通常称为严重通货膨胀条款（SIC）。
All this is best explained by looking at an example. A liability excess of loss reinsurance contract has a limit and deductible of £5m. Payments of £6m are made in settlement of a serious bodily injury claim In this situation, the reinsured would ordinarily recover £1m. However, the limit and deductible are indexed to take account of retail price inflation. Therefore, the recovery must be adjusted for the rise in the index over the relevant period. Assuming the index rose from 125 to 150 from the base date to the payment date and applying the standard clause, the calculation of the adjusted payment value is as follows: £6m × 125/150 = £5m
所有这些都可以通过一个例子来最好地解释。责任超额损失再保险合同的责任限额和免赔额为 500 万英镑。严重人身伤害索赔需支付 600 万英镑。在这种情况下，分保人通常会收回 100 万英镑。然而，限额和免赔额是指数化的，以考虑零售价格通胀。因此，收回（再保险赔款）必须根据相关时期指数的上涨进行调整。假设指数从基准日至支付日从125升至150，并应用标准条款，则调整后的支付价值的计算如下：600万英镑×125/150 = 500万英镑
To adjust the deductible it must be multiplied by the actual payment divided by the adjusted payment value: £ 6m × £ 5m / £ 5m = £ 6m
要调整免赔额，必须乘以实际付款除以调整后的付款价值：£ 6m × £ 5m / £ 5m = £ 6m
The amount recoverable is the actual payment less the adjusted deductible: £6m–£6m = Nil
可收回的金额是实际付款减去调整后的免赔额：600万英镑–600万英镑 = 无
A related clause is the London Market severe inflation clause (CA2003/SIC03). This clause, as the title suggests, only responds in the event of severe inflation. For the limit and deductible to be adjusted, the index must have increased by a specified percentage of the base index. This result is achieved by replacing ‘base index’ with ‘base index times 1.25’, so that only increases in excess of 25% are taken into account. On the other hand, the clause may operate as a franchise applying the full value of the increase in the index above a specified figure.
相关条款是伦敦市场严重通货膨胀条款（CA2003/SIC03）。正如标题所示，该条款仅在严重通货膨胀的情况下做出反应。要调整限额和免赔额，该指数必须增加基本指数的指定百分比。这一结果是通过将“基本指数”替换为“基本指数乘以 1.25”来实现的，因此仅考虑超过 25% 的增长。另一方面，该条款可以作为相对免赔，应用指数高于指定数字的增量的全部价值。
D11B Aggregate extension clause (AEC)（合计扩展条款）
The aggregate extension clause (AEC) allows a reinsured to present as one loss, for the purposes of the reinsurance contract, separate and unrelated losses, which it covered on an aggregate basis under the terms of the original – usually products’ liability – policy.
合计扩展条款 (AEC) 允许分保人在再保险合同中将其根据原始保单（通常是产品责任保单）条款合计承保的独立且不相关的损失列为一项损失。
The operative part of the clause provides: If required by the Reinsured this Agreement shall be extended to cover on an aggregate basis that liability which the Reinsured incurs from any one risk for any one insured covering on an aggregate basis. The Reinsured shall combine all their interests which emanate from the same original insured Policy to comprise an original insured aggregate loss.
该条款的执行部分规定：如果分保人提出要求，本协议的范围应扩大到包括分保人对任何一个被保险人的任何一种风险所承担的责任的总和。分保人应将其源自同一原始被保险人保单的所有利益合并为原始被保险人的总损失。
In short, the usual ‘each and every loss’ limit is deemed to apply ‘in the aggregate each original insured aggregate loss’. The date of loss is taken to be the inception date of the original policy.
简而言之，通常的 “每项损失 “限额被视为适用于 “每项原保险合计损失”。损失日期被视为原始保单的生效日期。
An insured provides UK product liability cover on an aggregate basis (i.e. the limit of indemnity applies to all losses occurring in the period of insurance, irrespective of the cause of loss or the number of products giving rise to a loss).
被保险人提供的英国产品责任保险以总额为基础（即赔偿限额适用于保险期间内发生的所有损失，无论损失原因或造成损失的产品数量如何）。
The AEC allows all of the losses to be aggregated as one for the purposes of the reinsurance contract, thereby extending the aggregate basis of the original cover to the reinsurance. In other words, the limit and retention of the reinsurance no longer apply to each and every loss, but instead to all losses in the aggregate arising from the same original insurance.
AEC 允许为再保险合同的目的将所有损失合并为一个损失，从而将原保险的合计基础扩展到再保险。换句话说，再保险的限额和自留额不再适用于每一项损失，而是适用于由同一原始保险引起的所有损失的总和。
The clause also has the effect of changing the way in which losses attach to the reinsurance contract. As the date of loss is the inception date of the original contract, reinsurance contracts agreed on a ‘claims made’ or ‘losses occurring during’ basis are, in effect, converted to a ‘policies incepting during’ basis. The original contract must incept during the reinsurance period in order to be covered. In the mid-1980s, following severe US liability losses, the AEC was largely replaced by claims series clauses.
该条款还具有改变损失附加到再保险合同的方式的作用。由于损失发生日期是原合同的生效日期，因此，以 “索赔发生”或 “损失发生期间 “为基础商定的再保险合同实际上被转换为 “保单生效期间 “为基础。原合同必须在再保险期限内生效，才能得到承保。20 世纪 80 年代中期，在美国发生严重的责任损失之后，AEC 在很大程度上被下一节的“连带索赔条款”所取代。
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