Baljit Rai has over 18 years' experience of acting in commercial litigation and arbitration disputes in relation to insurance and reinsurance matters, specialising in advising insureds on policy wordings and policy coverage issues.
Baljit also advises on non-contentious insurance issues including policy wordings (e.g. Directors and Officers, Political Risk, Trade Disruption Insurance, Political Risk and Credit Insurance) and insurance structures.
Baljit has particular specialisation in and regularly advises a number of major banks and other financial institutions on the use of credit insurance as a credit risk mitigant under the Basel Accords and the Capital Requirements Regulation.
- Regularly advising banks and other financial institutions on the use of credit insurance and Risk Participation Agreements as a credit risk mitigation tool under the Basel III/Capital Requirements Regulation framework in a number of contexts (e.g. loans, non-recourse receivables, etc.).
- Representing and advising a major European oil and gas company in LCIA arbitration proceedings in relation to its claim under a Trade Disruption Insurance Policy following the stoppage of its operations in North Africa.
- Acting for a client in relation to a claim made under a Non-Appearance and Cancellation Insurance Policy.
- Advising a major oil services company in relation to its claim under political risk and non-payment insurance policies following expropriation of assets in Venezuela and non-payment under a services contract.
- Representing a large Spanish multinational corporation in relation to its claim under a Trade Disruption Insurance Policy against London insurers concerning a Mexican waste disposal plant.
- Regularly advising insureds on their rights and obligations under policy wordings including ensuring that the insurance is properly tailored to the underlying risk.
- Advising and representing FTSE top 250 Company in relation to a claim exceeding £100 million on its product liability insurance policy.
- Advising on insurance aspects in a number of project financings and corporate transactions.
- Successfully representing a large Swiss reinsurance company against its reinsured in an arbitration dispute as to whether it was entitled to avoid the reinsurance contract on the basis that there had been a material change in the risk insured.
PRA publishes PS8/19 on eligibility of guarantees as unfunded CRM under CRR
14 March 2019
PRA consults on interpretation of eligibility criteria for unfunded credit risk mitigation
23 February 2018
Damages for Late Payment of Insurance Claims: Time for change
30 March 2017
Spring has Sprung: A New Remedy for Late Payment of Insurance Claims
9 May 2016
Career and qualifications
- St Hilda's College, Oxford University (BA MA Jurisprudence) 1996
- Joined Clifford Chance 1997
- Admitted as a solicitor in England & Wales 1999
- Secondment to one of the largest reinsurers worldwide 2004
- Secondment to a global bank 2009