The Rise Of Reps And Warranties Insurance In Upstream M&A

Law360 (October 1, 2020, 4:20 PM EDT) -- Representations and warranties insurance, or RWI, policies provide insurance coverage that either supplements or replaces indemnification provided by a seller for breaches of certain representations and warranties in a purchase and sale agreement.

These representations include fundamental corporate representations and warranties related to the operations of the assets or target company — for example, financial statements, intellectual property, material contracts, labor and employment, employee benefits, and tax matters. In the context of an upstream energy transaction, this might also include royalties, preferential rights, leases, bonding, plugging, imbalances and regulatory matters.

The benefits of RWI policies include longer survival periods than what...

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