InsuranceTerm insurance Principal Declaration Hull insurance Death Benefit Excess of loss reinsurance
Alternative dispute resolution (ADR)
When faced with a dispute, there are alternatives to the traditional route of heading straight to court. These methods, known as alternative dispute resolution (ADR), can provide a more efficient and cost-effective means of settling conflicts. One such method is arbitration, which involves both parties agreeing to abide by the decision of a neutral third party. Another option is mediation, where a third party acts as a facilitator to help the opposing sides reach a mutually agreeable resolution. Both ADR methods offer a less formal and more collaborative approach to resolving disputes.
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