The master/group policy wording should satisfy all contract certainty requirements as for any other insurance contract. Particular attention should be given to ensuring the following are clearly set out:
(a) The roles and responsibilities of each party (managing agent, master/group policyholder and any broker, coverholder or other administrator) including in relation to:
- Issuance of documentation
- Calculation and collection of premium
- Claims handling
- Complaints handling
- Production of bordereaux or other data
(b) The terms and conditions of coverage. This may be in an appendix.
(c) The remuneration agreement
(d) Termination provisions (ensuring they do not risk causing undue detriment to the Customer)