The English Court has, for the first time, considered the meaning of a “catastrophe”, as well as how Hours Clauses work in the context of non-damage business interruption losses claimed under two Property Catastrophe Excess...more
2/14/2024
/ Appeals ,
Arbitration ,
Arbitration Awards ,
Business Interruption ,
Business Losses ,
Commercial Insurance Policies ,
Coronavirus/COVID-19 ,
Corporate Counsel ,
Denial of Insurance Coverage ,
Insurance Claims ,
Insurance Industry ,
Insurance Litigation ,
Occurrence ,
Policy Terms ,
Reinsurance ,
UK
On 17 October 2022, the English Commercial Court delivered three very significant, related judgments, which in part considered aggregation of business interruption losses arising from COVID-19....more
Since the Insurance Act 2015 (the “IA 2015”) came into force on 12 August 2016, the Courts have not been called upon yet to interpret its provisions. Jones v Zurich Insurance Plc handed down on 18 May 2021, considers the...more
On 15 February 2021 the FCA released the draft “declarations” that the parties are asking the Supreme Court to make following its judgment in January. The declarations are intended to neatly capture the decisions of the...more
The UK Supreme Court in the Test Case on Business Interruption Insurance brought by the FCA on behalf of policyholders has decided that the FCA’s appeal (on behalf of policyholders) should be substantially allowed, with...more
On 16 November all eyes will turn to the Supreme Court as a 4-day hearing commences to determine the appeals of the FCA, the Hiscox Action Group, and six of the original eight insurers who were party to the FCA’s Test Case. ...more
11/13/2020
/ Appeals ,
Business Interruption ,
Commercial Court ,
Contract Interpretation ,
Coronavirus/COVID-19 ,
Corporate Counsel ,
Financial Conduct Authority (FCA) ,
Insurance Industry ,
Insurance Litigation ,
UK ,
UK Supreme Court
Insurers seem confident that reinsurers will take their share of the impact of the Court’s judgment. So what are the immediate reinsurance issues arising from the decision?...more
The case between Equitas and Municipal Mutual Insurance (MMI) has been discontinued, bringing to an end a dispute that was due to be heard by the UK Supreme Court this week. Last year’s ruling by the Court of Appeal therefore...more
As has been reported widely in the press, policyholders are seeking damages from insurers for “late payment” due to insurers rejection of their Covid-19 BI related claims. In particular, many small and medium sized businesses...more
Reinsurers are generally bound to follow the fortunes of their reinsureds, but will these be the same fortunes that were priced, sold, and reserved at inception or post-contractual coverages that are mandated by state...more
A key question being asked in the markets is whether reinsurers are obliged to follow their cedants’ Covid-19 related settlements?
Covid-19 continues to dominate the headlines and the lives of people around the world....more
The Court of Appeal’s highly anticipated judgment in Equitas v MMI has been handed down today (17 April 2019). The decision is the latest ruling in the long running saga and represents an important victory for reinsurers....more
4/17/2019
/ Appeals ,
Arbitration ,
Asbestos ,
Asbestos Litigation ,
Insurance Industry ,
Legal History ,
Loss Allocation ,
Mesothelioma ,
Reinsurance ,
Toxic Exposure ,
UK
In Friends Life Limited v Miley, the Court of Appeal (CA) upheld a claim by Mr Miley under a group income protection insurance policy (the “Policy”) through a scheme operated by Friends Life Limited (“FL”). The CA did not...more
This is our pick of the key recent legal and regulatory issues affecting the insurance and reinsurance sector.
Non Party PI Insurers Liable for Costs -
In the January 2019 case of Various Claimants v Giambrone the...more
3/4/2019
/ Amended Legislation ,
Arbitration ,
Covered Agreement ,
Denial of Insurance Coverage ,
EU ,
Indemnity Insurance ,
Insurance Industry ,
Insurance Litigation ,
NAIC ,
Product Defects ,
Regulatory Standards ,
Reinsurance ,
SMCR ,
UK ,
US-EU Covered Agreement
In the January 2019 case of “Various Claimants v Giambrone” the English Court has awarded a non-party costs order against AIG, the law firm’s professional indemnity insurer. The Court’s decision appears to have applied a very...more