By Robert Tomilson, Benjamin Blume, and Daisy Khambatta, Members, Cozen O'Connor
It might be said that while a reinsurer has only one duty, to pay covered claims, a cedent's duties are manifold. The cedent, usually without the consent or participation of the reinsurer, underwrites the risk, administers the business, determines the coverage, pays the claims, and allocates the losses. The reinsurer is bound...