Reservation of Rights Definition

GLOSSARY

/rɛzəˈveɪʃ(ə)n/ /ɒv,(ə)v/ /rʌɪt/

Published by a ��Ӱ�� Insurance & Reinsurance expert

What does Reservation of Rights mean?

An express indication by insurers stating that rights are reserved or there is a reservation of rights under the policy, means that indemnity under the insurance policy has not been confirmed. Any continued assistance provided by insurers is not to be deemed as waiving the position on insurance coverage.

View the related checklists about Reservation of Rights

Professional indemnity insurance—notification—checklist for insurers [Archived]

Professional indemnity insurance—notification—checklist for insurers [Archived] ARCHIVED: This checklist has been archived and is not maintained. Name of insured Name Name of (potential) claimant Name Policy number Policy number Policy period Policy period Previous policies Previous policies Date of notification Date Is the person/entity submitting the notification on the policy schedule or included in the proposal? Yes/No Does the subject matter of the notification fall within the insured’s professional business? Yes/No Has the notification been made in the policy period? Yes/No Has the notification been made within the required time? Yes/No Is there an extended reporting

Drafting an agency agreement—checklist

Drafting an agency agreement—checklist This Checklist sets out the key commercial and legal issues to be considered when drafting an agency agreement. The Checklist distinguishes the approach for commercial agents (as defined in the Commercial Agents (Council Directive) Regulations 1993, SI 1993/3053 (Commercial Agents Regulations)) and standard agency arrangements, and covers exclusive, non-exclusive and sole agency appointments. Although drafted from the perspective of the principal, this Checklist considers areas that may be important to agents, as well as the principal. It is anticipated that this Checklist will be used when drafting and reviewing agency agreements relating to the appointment of agents for territories in the UK, although consideration is given to issues that may arise where the agent is appointed for an overseas territory. Where an agency agreement covers an international territory and/or is entered into with a principal or agent located in another territory, consider whether local law advice is required. For guidance relating to agency generally, see Practice Notes: • Nature and types of...

US—duty to defend and duty to indemnify—checklist

US—duty to defend and duty to indemnify—checklist This checklist addresses the major duties an insurer commits to under an insurance policy. The duty to defend describes an insurer's obligation to provide an insured a defence to claims made under a policy. The duty to indemnify describes an insurer's obligation to pay a claim for loss or damage against an insured. For additional insight into these concepts, see Practice Note: Duty to defend and duty to indemnify. The starting point Counsel giving advice to clients, whether the policyholder or the insurer, must start by obtaining the insurance contract. Insurers draft special contracts, called insurance policies, providing certain coverages to insureds and certain duties by insurers in the event of a covered loss. Covered loss will be defined in each type of policy and will vary based on the type of policy sold to an insured. The two major duties that an insurer finds itself obligated to an insured for are the duty to defend and the duty to indemnify. Finding the...

Misrepresentation—rescission as a remedy

Misrepresentation—rescission as a remedy This Practice Note sets out when and how an innocent party can rescind a contract for misrepresentation, why they would wish to do so and when rescission is not permissible. For guidance on when a party may recover damages for a misrepresentation or seek to limit/exclude liability for misrepresentation, see Practice Notes: • Misrepresentation—damages as a remedy • Misrepresentations—excluding and limiting liability for them Restitutionary payment consequent upon rescission The consequentials judgment of Baker J in Pisante v Logothetis considers in some detail the award of financial payment consequent upon the rescission of a transaction which the claimant had been induced to enter into by the defendants’ misrepresentation. In so doing the judge observed that: ‘28. [...] The complete undoing of the rescinded contract (restoration to the status quo ante) is a just response to the claimant’s proof that it was misled into giving its consent to that contract. It is not unfair or inequitable that, in certain circumstances, that can leave the claimant...

Discover our 67 Practice Notes on Reservation of Rights

Sales and marketing agency agreement for services—exclusive—pro-principal

Sales and marketing agency agreement for services—exclusive—pro-principal This Agreement is made on [date] Parties 1 [insert name of party] [of OR a company incorporated in [England and Wales] under number [insert registered number] whose registered office is at] [insert address] (Principal); and 2 [insert name of party] [of OR a company incorporated in [England and Wales] under number [insert registered number] whose registered office is at] [insert address] (Agent), (each of the Principal and the Agent being a party and together the Principal and the Agent are the parties). Background (A) The Principal supplies the Services (as defined below). (B) The Principal wishes to appoint the Agent as its exclusive agent in the Territory (as defined below) for the [marketing OR marketing and sale] of the Services on the terms of this Agreement. (C) The Agent has agreed to [market OR market and sell] the Services in the Territory on the Principal’s behalf on the terms of this Agreement. The parties...

JCT Management Works Contract 2016—Form of Agreement and Amendments

JCT Management Works Contract 2016—Form of Agreement and Amendments Agreement in relation to [insert brief details of the works/project] at [insert address of works] (incorporating (inter alia) the JCT Management Works Contract Agreement 2016 (MCWC/A 2016) and JCT Management Works Contract Conditions 2016 (MCWC/C 2016) as modified and supplemented in the manner indicated in this Agreement and the Schedules hereto). This Agreement is made on the [insert number] day of [insert month] 20[insert year]. Parties 1 [insert name of the Management Contractor] (company registration number [insert number]) whose registered office is situated at [insert address of the Management Contractor] (‘the Management Contractor’); 2 [insert name of the Works Contractor] (company registration number [insert number]) whose registered office is situated at [insert address of the Works Contractor] (‘the Works Contractor’). Now it is agreed that: 1 Interpretation In this Agreement words and expressions shall have the meanings that are respectively assigned to them in the JCT MCWC/A 2016 and the JCT MCWC/C 2016, referred to in and...

Dive into our 34 Precedents related to Reservation of Rights

What are the incidental powers available to a mortgagee when exercising its power of sale in relation to part of the mortgaged property?

What are the incidental powers available to a mortgagee when exercising its power of sale in relation to part of the mortgaged property? Section 101 of the Law of Property Act 1925 (LPA 1925) deals with the powers which are incident to estate or interest of mortgagee. Those powers include (LPA 1925, s 101(2)(ii)): 'A power to sell

On a remortgage, security is being registered over several parcels of land in common ownership but held under separate titles. If the bank did have to repossess and sell land which includes land which provides the only access to the borrower's retained land which is unsecured, would the bank be under a duty to ensure the TP1 reserved all necessary rights of access to the borrower's retained land? Alternatively, if the access route was excluded from the bank's security and the bank had to repossess and sell, could the bank grant rights over unsecured access land in the TP1 as mortgagee in possession?

On a remortgage, security is being registered over several parcels of land in common ownership but held under separate titles. If the bank did have to repossess and sell land which includes land which provides the only access to the borrower's retained land which is unsecured, would the bank be under a duty to ensure the TP1 reserved all necessary rights of access to the borrower's retained land? Alternatively, if the access route was excluded from the bank's security and the bank had to repossess and sell, could the bank grant rights over unsecured access land in the TP1 as mortgagee in possession? For commentary in relation to a mortgagee's power of sale, see Practice Note: Mortgages and land—enforcement of mortgages and legal charges over land. Notwithstanding the terms of any common law or implied duty, it would be open to the mortgagor and the mortgagee to provide within the mortgage deed that, if the power of sale is exercised and a sale is effected either: ...

See the 8 Q&As about Reservation of Rights

AI non-profit wins German court ruling in decisive copyright case on image scraping

MLex: A photographer's image, which has been downloaded for creating a database to be used for training artificial intelligence (AI) image generators, can be used under an exception in a German law implementing Directive (EU) 2019/790 (the EU Copyright Directive). The ruling by the Hamburg Regional Court handed down on 27 September 2024 could lead to creators, such as the photographer Robert Kneschke, having less control over the use of their work for AI training.

AI companies might need licensing agreements to use content protected by copyright in the EU for AI training

Artificial Intelligence (AI) companies such as OpenAI and Google DeepMind may soon need to secure licensing agreements with European rights holders to use content protected by copyright for training generative AI applications like ChatGPT and Gemini. The European Commission aims to develop a licensing market for training data by introducing a robust reservation rights mechanism, enabling rights holders to protect their content from data scraping.

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