Insurance Notes

Update on FCA’s COVID-19 business interruption insurance test case

1. Headline summary A “consequentials hearing” in the FCA’s COVID-19 test case (The Financial Conduct Authority v Arch and others [2020] EWHC 2448 …

FCA consults on approach to authorising international firms

Practical implications of the ReAssure/Legal & General Part VII judgement

Judgment handed down in FCA's COVID-19 business interruption insurance test case

1. Headline summary The High Court has today handed down judgment in the COVID-19 Business Interruption insurance test case of The Financial Conduct …

Upcoming webinar: Financial services – Update and preparations for no-deal

With UK/EU deal negotiations in the balance and a no-deal scenario still possible, a panel of experts from Herbert Smith Freehills, the Financial Conduct …

UK Supreme Court confirms bank named as loss payee under assignment of insurance policy not bound by exclusive English jurisdiction clause under the Brussels Regulation Recast 1215/2012

In Aspen Underwriting Ltd & Ors v Credit Europe Bank NV (full judgment available here), the Supreme Court recently held that the High Court of …

Scottish Appeal Court revisits first Insurance Act 2015 decision on whether an insurer had waived its right to disclosure

The Scottish Inner House has dismissed the insured’s appeal in Young v Royal and Sun Alliance Insurance Plc [2020] CSIH 25. Upholding the Outer House …

COURT OF APPEAL CONFIRMS INDEMNITY TO BE AWARDED ON A REINSTATEMENT BASIS FOR DAMAGED PROPERTY WHICH HAD NOT BEEN REINSTATED

Endurance Corporate Capital Limited v Sartex Quilts & Textiles Limited [2020] EWCA Civ 308 The Court of Appeal recently dismissed the insurer’s …

W&I Policy claims – shining a light on the Australian case of UDP Holdings v Ironshore

Now that W&I has been so widely used for a number of years, a body of notifications and claims is building. Most insurers and brokers prepare claims …

Another recycling plant fire, another non-disclosure case

Summary In Niramax Group Ltd v Zurich Insurance Plc [2020] EWHC 535 (Comm) the High Court held it was material to the assessment of a risk under an all …

COVID-19: PRESSURE POINTS: PRACTICAL TIPS FOR RENEWING YOUR BUSINESS’ INSURANCE PROGRAMME DURING THE COVID-19 PANDEMIC (GLOBAL/UK)

Many businesses renew insurance programmes at this time of year or may do so over the coming months. Renewals this year will be undertaken against the …

COVID-19: Governance: PRA and FCA confirm expectations for regulated firms under SMCR (UK)

The PRA and FCA have set out their expectations for UK-regulated firms under the Senior Managers and Certification Regime ("SMCR") in the light of the …