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Ace European Groups & Ors v Standard Life Assurance Ltd [2012] EWCA Civ 1713 concerned an appeal against a decision of the Commercial Court that Standard Life’s cash injection into its Pension Sterling Fund constituted an insured “mitigation cost” under the policy and that no apportionment of costs was required. Please see our previous blog on the Commercial Court’s decision here. …
Read More UK: Court of Appeal Upholds Standard Life’s £96m “Mitigation Costs” Victory Over Insurers

In Quadra Commodities S.A. v Ergo Versicherung AG & Ors [2012] EWHC 2687 (Comm) the Commercial Court refused the defendant cargo insurers leave to amend their Defence and submit a Counterclaim in respect of alleged non-disclosure on the claimants’ part. …
Read More UK: Commercial Court Refuses Insurers Permission to Amend Pleadings on Grounds of Non-Disclosure

The Financial Services Authority (FSA) recently published a series of papers relating to the proposed changes to the regulatory requirements needed to create the new rulebooks and policies for the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). …
Read More UK: FSA Issues Consultation Papers and Guidance on Proposed Changes to Regulatory System

The Court of Appeal in Valiant Insurance Co v (1) Sealion Shipping Ltd (2) Toisa Horizon Inc [2012] EWCA Civ 1625 has affirmed the High Court’s first instance decision that the insureds (the Respondents) were entitled to an indemnity under a loss of hire marine insurance policy issued by Valiant, the Appellant. The policy entitled the insureds to $70,000 per day, plus interest, for a maximum of thirty days in excess of twenty-one days. …
Read More UK: Valiant Appeal in Loss of Hire Case Dismissed

We have previously reported on the Joint Review of Insurance Contract Law Reform being undertaken by the Law Commission and Scottish Law Commission (the Commissions) (see our previous blog here). The Commissions’ second consultation paper, Post Contract Duties and other Issues, sought responses to, amongst other things, the issues of (i) Damages for Late Payment; and (ii) Insurers’ Remedies for Fraudulent Claims. …
Read More UK: Law Commissions Publish Responses to Second Consultation Paper

In Genesis Housing Association Ltd v Liberty Syndicate Management [2012] EWHC 3105 (TCC) Mr Justice Akenhead held that Genesis was in breach of warranty for failing correctly to identify the builder of a construction project in a proposal form which contained a basis of the contract clause. …
Read More UK: High Court Rules in Relation to Basis of the Contract Clause

In Turville Heath Inc v Chartis Insurance UK Limited [2012] EWHC 3019 (TCC), Mr Justice Edwards-Stuart in the High Court refused the defendant’s application for a stay of proceedings under s. 9 of the Arbitration Act 1996 (Arbitration Act) but granted a stay using the court’s inherent jurisdiction under s. 49 of the Senior Courts Act 1981 (SCA). …
Read More UK: Court Proceedings Stayed in Turville v Chartis