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The High Court recently handed down a judgment in which a claims control clause in a reinsurance contract was held not to be breached by the conduct of the reinsured in agreeing to pay the insured their retention and the share of one reinsurer who had been involved in settling that part of the claim. …
Read More UK: Actions of Insurers in Respect of the Retention and One Reinsurer’s Share did not Breach Claims Control Clause

This case concerned which one of two insurers was liable for the losses caused by damage to economiser blocks which were to be incorporated in two boilers on a new energy-from-waste facility near Slough. The blocks were manufactured in Romania and transported by road or by road and sea. On installation at the facility, testing revealed cracking in the rows of tubing contained in the blocks. …
Read More UK: Causation and Inherent Vice: Court of Appeal Dismisses Appeal in Ace European Group Ltd v Chartis Insurance UK Ltd [2013] EWCA Civ 224

Earlier today, the UK Financial Services Authority fined two member companies of the Prudential Group a total of £30 million for failing to disclose its 2010 plan to bid for AIA, the Asian life and pensions arm of American International Group. Prduential plc was fined £14 million, and The Prudential Assurance Company Limited was fined £16 million, for failing to deal with the FSA in an open and cooperative manner. …
Read More UK FSA Fines Prudential £30m, Censures CEO for Failure to Disclose

In Bunga S.A. v. Kyla Shipping Company Limited [2012] EWHC 3522 (Comm), the Commercial Court considered whether an arbitrator had made an error of law under Section 69 of the Arbitration Act 1996. The court concluded that a continuing warranty to maintain hull insurance created an assumption of risk and responsibility, defeating the contention that a charterparty had been frustrated. …
Read More UK: Warranty to Insure Creates an Assumption of Risk and Responsibility