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In Guangzhou Dockyards Co Ltd v ENE Aegialii [2010] EWHC 2826 (Comm), the High Court recently upheld the well-established principle that under English law, appeals against arbitral awards cannot be made on issues of fact. The case did, however, present the novel argument that it would be permissible to bring such an appeal either under the Arbitration Act 1996 (the Act) or under the inherent jurisdiction of the court where there was an agreement between the parties that an appeal could be made on “any issue arising out of any award”. …
Read More The Decision is Final: English High Court Rules That There Can Be No Appeal Against Arbitration Awards on Issues of Fact

In Islamic Republic of Iran Shipping Lines v Steamship Mutual Underwriting Association (Bermuda) Limited [2010] EWHC 2661 (Comm), the English Commercial Court was asked to consider the effect on a contract of insurance of an order made by the UK Government for the purposes of preventing nuclear proliferation. …
Read More English Commercial Court Considers Application of Sanctions Order to Contract of Insurance

Edwards Angell Palmer & Dodge’s Insurance and Reinsurance Department recently published its latest Newsletter, Insurance & Reinsurance Review – March 2011, which contains nine articles about various topics in the insurance and reinsurance industry. …
Read More Insurance & Reinsurance Review – March 2011

As part of the Financial Services Authority’s (FSA) steps to strengthen the regime relating to client asset protection, in October 2010 it produced Policy Statement 10/16, which set out its policy on Client Money and Asset Returns (CMAR).  The policy requires all UK-authorised firms who hold client money or client assets to provide returns to the FSA on a regular basis (dependent on the size of the firm), showing what client assets are held and how they are held. …
Read More UK: FSA issues Consultation Paper on Implementation of Client Money and Asset Return Policy

In the case of Melinda Holdings SA v Hellenic Mutual War Risks Association (Bermuda) Ltd [2011] EWHC 181 (Comm) Hellenic provided Melinda with a war risks policy in relation to its vessel the SILVA (the War Risks Policy). That ship was arrested by the Port Suez Court in Egypt in December 2008 and, at the time of judgment, remains there. SILVA had been seized by the Port Suez Court in an effort to recover a fine levied on another vessel in 1996. …
Read More UK: English Court Finds Egyptian Court Knowingly Relied on Forged Documents to Recover Fine

In Aviva Insurance Limited v Roger George Brown [2011] EWHC 362 QB, Mr Justice Eder was asked to consider a claim by Aviva for the recovery of sums it had paid to an insured under a home insurance policy (the Policy) on the basis that the paid claims were fraudulent. …
Read More UK: English Court Considers Recovery by an Insurer of Sums Paid on Account of a Fraudulent Claim

We have reported previously on proposals for reform of the UK’s financial services regulatory structure (click here to see our most recent post, and here for a detailed introduction to the proposals in the December 2010 edition of our Insurance and Reinsurance Review). The UK Treasury has now issued a further consultation paper (dated February 2011) discussing its proposals in greater detail. …
Read More UK Treasury Issues Further Consultation on Regulatory Reform

In the recent case of Sharon’s Bakery (Europe) Ltd v (1) AXA Insurance UK PLC (2) Aviva Insurance Ltd [2011] EWHC 210 (Comm), the High Court was asked to consider whether the defendant insurers were entitled to avoid an insurance policy on the grounds of material non-disclosure by the claimant, Sharon’s Bakery, and whether all benefit under the policy had been forfeited due to the use of fraudulent means or devices to promote the claim. …
Read More UK: High Court Considers Whether False Invoices Used to Obtain Financing Entitles Insurer to Avoid Policy

On 17 February, Cotswold Geotechnical Holding (Cotswold) became the first company to be convicted and sentenced under the Corporate Manslaughter and Corporate Homicide Act 2007 (the Act). It was found guilty of corporate manslaughter and fined £385,000. Cotswold was prosecuted following an accident involving one of its employees, who died whilst investigating soil conditions in an unsupported trench which then collapsed on him. …
Read More First UK Company Convicted Under Corporate Manslaughter and Corporate Manslaughter Act