Improving Cyber Insurance Practice Should Be a Company’s Priority
The New York State Department of Financial Services recently issued guidance for New York-regulated property and casualty insurers to effectively manage the cyber insurance risk present in their insurance portfolio. The DFS’ guidance signals an effort to reduce overall volatility in the cyber insurance market, which has been compounded by […]
The Supreme Court Takes up the Cause – The Judgment in the FCA COVID-19 Test Case on Business Interruption Insurance
On 15 January 2021, the Supreme Court handed down its judgment in the FCA COVID-19 test case, heard on a “leapfrog” appeal (bypassing the Court of Appeal) from the first instance decision of Lord Justice Flaux and Mr Justice Butcher (see our previous blogs here and here ). The Supreme Court […]
Supreme Court Finds in Favour of Policyholders in FCA COVID-19 Test Case
This morning the Supreme Court handed down its judgment in the FCA COVID-19 test case, heard on a leapfrog appeal (bypassing the Court of Appeal) from the first instance decision of Lord Justice Flaux and Mr. Justice Butcher (see our previous blogs here and here). The judgment can be accessed […]
FCA Publishes Draft Guidance on Proving the Presence of COVID-19
On 11 December, the Financial Conduct Authority published draft guidance on how the presence of COVID-19 can be proved where that is a necessary element of establishing a business interruption claim on a property damage policy. The draft has been launched as a consultation exercise, with the period for comment […]
Halliburton v Chubb: Supreme Court Rules on Arbitrator Impartiality
In a long-awaited decision, the Supreme Court has recently handed down a judgment of critical importance addressing an arbitrator’s duty of impartiality and obligation to make disclosure. The case relates to the Deepwater Horizon incident and claims made by two insureds, Halliburton and Transocean, on their Bermuda Form policies with […]
Lloyd’s Part VII Transfer Approved by English High Court
With Lloyd’s syndicates due to lose their EEA passporting rights on 31 December 2020, on 25 November the English High Court sanctioned a Part VII transfer of all policies (or parts of policies) insuring EEA risks from the syndicates to Lloyd’s Insurance Company, Brussels (‘LIC’). From the end of the […]
Product Recall Insurance: Checking is the Best Policy
Over the last few years, a number of factors, including the introduction of a new UK regulator, the Office for Product Safety and Standards, and an increased international focus on enforcing product safety regulatory regimes, have led to an increase in the frequency of product recalls. This, and the fact […]
FCA Test Case: The Perils of Business Interruption Insurance and COVID-19
Richard Hopley and Sam Tacey have recently published an article in Zeitschrift für Versicherungswesen concerning the recent FCA test case. It can be read here. Since the article was published, the Supreme Court has confirmed it will hear a leapfrog appeal of the decision in a four day hearing commencing […]
UK Supreme Court to Hear FCA Business Interruption Test Case Appeal
On 2 November, the UK Supreme Court agreed to hear the appeals against the judgment of Lord Justice Flaux and Mr. Justice Butcher (sitting as a Divisional Court), handed down on 15 September in the Financial Conduct Authority’s COVID-19 business interruption insurance test case. The appeal will commence on 16 […]
Property Lost: TKC London Ltd v Allianz Insurance plc [2020] EWHC 2710
In TKC London Ltd v Allianz Insurance plc [2020] EWHC 2710, the Commercial Court considered the summary dismissal of TKC London Ltd’s claim against its insurer, Allianz Insurance plc, concerning certain business interruption losses that arose due the closure of its business in compliance with COVID-19 related governmental measures.
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