It is appropriate that the (re)insurance market regularly returns to the debate over the available options for the resolution of disputes that inevitably arise. The choice of dispute resolution method is something which needs to be addressed and built into the contract when the prospect of dispute is furthest from the parties' minds, namely when a new and hopefully mutually beneficial business relationship is being forged.
Advantages Of Arbitration
Privacy
A fundamental difference between court-based litigation and arbitration is that the former takes place in public and therefore under the scrutiny of the press, the public at large and, more importantly for the parties, their customers, prospective customers and competitors. Imagine the situation: it is the morning of a key pitch for a new account, everything has been prepared to give the view of your company as an ideal business partner. You pick up the trade press and it is full of the lurid details of an acrimonious dispute
