United Kingdom

Subscribe to United Kingdom via RSS

The High Court has ruled that a manufacturer claiming the “invoice value” of lost goods under an insurance contract governed by the Marine Insurance Act 1906 (the MIA), can claim the goods’ full retail value, notwithstanding that some of the lost goods were unfinished. …
Read More UK: High Court Considers the Insurable Value of Lost Goods Under an Insurance Contract Governed by the MIA

On 16 March 2012, Mr Justice Morgan handed down his judgment on an application for directions on the Part VII transfer of the UK insurance business of the Combined Insurance Company of America (CICA) to ACE European Group Limited (AEG) and ACE Europe Life Limited (AEL) (click here for a copy of the judgment). …
Read More UK: Part VII Transfers: Proactive, Judgment Led, Intrusive Regulation – the Beginning of a Trend?

On 6 March 2012, the UK Financial Services Authority (FSA) published guidance on the information which firms must provide when contacting customers who may have been missold payment protection insurance (PPI). The new guidance sets out what the FSA considers a customer contact letter should contain and how it should be presented so that it is clear, fair and not misleading. …
Read More UK: FSA Provides Guidance on Customer Letters Following PPI Misselling

In Sherdley & Anr v Nordea Life and Pension SA the Court of Appeal was asked to examine whether the English Court had jurisdiction to try a claim brought by British nationals who were not, at the time proceedings were commenced, resident in the UK. The judge at first instance, Mr Justice Vos, had held that the English Court did not have jurisdiction to try the claim. …
Read More UK: Court of Appeal Confirms it has no Jurisdiction to Hear Consumer Insurance Dispute

The Law Society of England and Wales and the Solicitors Regulation Authority (SRA) have been granted leave by the High Court to intervene in the case of Godiva Mortgage Limited v Travelers Insurance in which Travelers is arguing that it is entitled to cap cover by aggregating claims made against its insured, Willmett Solicitors, a Berkshire firm now in liquidation. …
Read More UK: Law Society and Solicitors Regulation Authority Join Forces to Intervene in a Landmark Professional Indemnity Insurance Case

In a market bulletin published on 14 February 2012, Lloyd’s announced a new Code of Practice and Guidance note in relation to the transfer of interests in Lloyd’s corporate members. Greater consideration is now being given to acquiring interests in corporate members as a means of acquiring underwriting capacity outside of the capacity auctions. …
Read More UK: Transfer of Interests in Lloyd’s Corporate Members