On 29 February 2012 the FSA published undertakings given by AXA Insurance UK plc under the Unfair Terms in Consumer Contracts Regulations 1999 in relation to terms in its home insurance policy (2011 edition) and home insurance policy booklet (January 2009 edition). The terms related to the provision of information and assistance to AXA by the policyholder when making a claim.
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On 1 December 2004, two men died when the tractor they were reversing along a towpath toppled into the river. The two men, father and son, were independent contractors in business as Mark Wells Fencing, supplying their services to the Claimant, a public corporation. The Claimant pleaded guilty at Swindon Crown Court and fined £100,000 but in turn the Claimant brought an action against their insurers under their Fleetshield Policy "Sub-Section 1 - Indemnity to Policyholder - The Insurers will ind ...
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On 1 March 2012 additional Lloyd's requirements for Managing Agents published in Market Bulletin Y4567 came into effect in respect of distribution costs, broker remuneration and additional charges. As well as the obligations under the Bribery Act, each managing agent must report to the Performance Management Directorate proposed arrangements involving additional payments and report the same on a quarterly basis.
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Professional indemnity insurers are seeking to cap cover by aggregating claims made in respect of one partner's activities as 'one claim' and refusing to pay sums exceeding the £2 million limit per claim. The High Court has granted permission to the Law Society of England and Wales and the Solicitors Regulation Authority to intervene.
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Following the collapse of Lehman Brothers the fund operated by the bank suffered a 4.8% fall prompting multiple complaints by customers and IFAs as the fund was marketed as a temporary home for short term funds. The bank considered that about 64% of customers by value had valid complaints. Rather than address the claims on a case by case basis the fund decided to restore the value of the fund by a cash injection of over £80 million and compensated those customers who had withdrawn their funds fo ...
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The effect of Barker v Corus UK Ltd was to create a tortious liability for an increase in the risk of contracting mesothelioma. This liability was a several liability. While the Compensation Act 2006 altered this to a joint liability with others responsible for exposures to asbestos (as the position had been initially following Fairchild) in other jurisdictions the position remained one of several liability. Accordingly a claim by an insured on a policy for damages paid out was limited to an ali ...
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Marine insurers refused indemnity on the basis of non-disclosure of previous problems with a vessel's motor. In 2004 the vessel's starboard motor had failed due to a loose stator. It was replaced. The old motor was repaired and kept in storage. The vessel was off-hire for 10 days. In 2005 vibrations in the port motor also thought to be caused by a loose stator led to repairs which required replacement of the rotor which was taken from old starboard motor. Claims had been made for both incidents ...
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An all-risks insurance policy for the construction of an hydro-electric facility provided that the law of the contract was Brazilian law with an arbitration clause with its seat in England. Arbitration proceedings were commenced by insurers in England. Court proceedings were instituted in Brazil by the insured. Anti-suit injunctions were sought by both parties in each set of proceedings. The Court held that the proper law of the agreement to arbitrate was that which had its closest and most real ...
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The bankruptcy of Sean Quin, the founder of Quinn Insurance was annulled on the basis that he had failed to disclose that he held an Irish passport and was a registered voter in the Republic of Ireland where he paid 20% of his taxes. This will permit his creditors to pursue him for debts alleged to be owed including Anglo Irish Bank which is claiming more than €2 billion.
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A car passenger could not claim under the Motor Insurers' Bureau Agreement after he had been injured while in possession of cannabis with an intent to supply, as the vehicle was being used in the course or furtherance of a crime within cl. 6 (1) (e) (iii) of the Agreement and "crime" was not restricted to "serious crime".
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