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In-sure July 2008
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In-sure 

This month's edition looks at the effect of the credit crunch on the insurance industry, Competition Commission's provisional findings into PPI, the proposed deregulation of freight insurance and plans to ban use of surplus......

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Newsletter provided by Addleshaw Goddard - www.addleshawgoddard.com

 
LG's The Angle - Summer 2008

ImageSummer 2008

The latest legal news on Insurance and Reinsurance

European Commission to investigate use of Insurance Block Exemption Regulation;

Extension of policy in the light of knowledge of an insured's non-disclsoure amounted to affirmation;

Reinsurers entitled to rely on claims co-operation clause;

Literal meaning of policy wording upheld;

Court has jurisdiction to add a party to proceedings even where no claim can be asserted against it;

Affinity arrangements;

Broker acquisitions: possible conflict of interest;

Agent not entitled to conduct run-off. 

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Provided by Lawrence Graham LLP - www.lg-legal.com

 
When Commutation Is Not Enough!

ImageExtracting Value For Smaller Captives 

Commutation, inwards or outwards, is probably the most frequently used tool in closing specific losses or contracts, complete insurance/reinsurance exposures and settling of disputes. The benefits of commutation are well known and understood. A commutation strategy can go a long way to closing an entire company, but finality can not always come from this alone. One such case is Mariner Reinsurance Company Limited (“Mariner”).

Read more... [When Commutation Is Not Enough!]
 
Reinsurance E-Alert June 17 2008

Reinsurance E-Alert

17 June 2008

"None of your business": English Court will not order disclosure of the defendant's insurance detail
West London Pipeline and Storage and ors v Total UK Ltd [2008] EWHC 1296

In a decision that will no doubt be welcomed by insurers, a first instance Court has held that in English legal proceedings defendants cannot be compelled to provide detail of their insurance cover to Claimants. This decision is in tune with the generally accepted principle that an insurance contract is a private matter between the insured and it insurer, although it runs contrary to a previous first instance decision on the same legal point: Harcourt v Griffin and ors [2007] (see previous http://www.runoffmarket.com/Reinsurance/Newsletter/Show-me-the-money-Defendants-ordered-to-disclose-insurance-cover-to-Claimant.html).

 

Read more... [Reinsurance E-Alert June 17 2008]
 
In-sure June 2008
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In-sure 

This month's edition looks at the new FSA Travel Insurance Regulation and the European Commission proposal for an EU-wide guarantee scheme. Also in this issue, the European Council's progress report on Solvency II, regulatory transparency......

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Newsletter provided by Addleshaw Goddard - www.addleshawgoddard.com

 
Reinsurance E-Alert June 5 2008

Reinsurance E-Alert

5 June 2008

Claims co-operation clauses: the duty to co-operate outlives rejection of the claim by Reinsurers
Lexington Insurance Company & ors v Multinacional De Seguros S.A. (2008)

This recent Commercial Court decision provides useful guidance on the application of claims co-operation clauses that operate as a condition precedent to reinsurers' liability. Amongst other things, the Court had to consider whether reinsurers can still require compliance with such a clause after claiming they are discharged from liability because of a breach of that clause.

As in the recent Court of Appeal decision in Kosmar Villa Holiday Plc v Trustees of Syndicate 1243 (2008) (see previous http://www.runoffmarket.com/Reinsurance/Newsletter/Insurer-can-take-over-the-conduct-of-a-claim-and-repudiate-liability.html), the Court took, in our view, the common sense decision and ruled that reinsurers should not be prevented from raising a number of defences whilst investigating the claim, and that it was in both parties' interest to encourage continued compliance with the co-operation clause during those investigations.

Read more... [Reinsurance E-Alert June 5 2008]
 
A Class Act Can Be Hard To Follow
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May 2008

A Class Act Can Be Hard To Follow : Recent Initiatives on "Collective Redress".

Where the US leads, Europe often follows, but not yet, at least, with class actions. There has been a great deal of legal discussion in Europe on the subject of class actions and collective redress. Collective redress enshrines the process whereby large groups of claimants band together to seek redress as a large group.

In the US, there have been numerous class actions brought against global companies with attempts by the US Claimant Bar to bring the actions on bahalf of shareholders based in Europe. Not many of these attempts have been successful, but what these attempts highlight is the difficulty for European claimants with legitimate claims to benefit from global settlements with defendant companies. 

 

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Provided by Davies Arnold Cooper - www.dac.co.uk

 
Window Pain - Damage or Defect?
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May 2008

Seele Austria GmbH & Co. v Tokio Marine Europe Insurance Ltd [2008] EWCA Civ 441.

In their Property & Construction Top Ten Isnurance Booklet 2007 Davies Arnold Cooper reviewed ten significant decisions during 2007, including the first instance decision of Seele Austria GmbH & Co. v Tokio Marine Europe Insurance Ltd. An appeal was heard in February 2008 and judgement was recently handed down. The decisions of both courts will be of interest to those concerned with contractor's all risks cover and the perennial issues of the interpretation of 'damage' and 'defect' under such policies.

 

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Provided by Davies Arnold Cooper - www.dac.co.uk

 
Data Loss and Fines by the FSA and the ICO
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May 2008

Last month the FSA published a large report into data security in financial services. The conclusion of the report is that poor data security is currently a serious, widespread and high-impact risk to the FSA's objective to reduce financial crime. This month Parliament has given the Information Commission new powers to impose substantial fines on firms that deliberately or recklessly commit serious breaches of the Data Protection Act. 

 

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Provided by Davies Arnold Cooper - www.dac.co.uk

 
In-sure May 2008
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In-sure 

This month's edition looks at the Commission's examination of the use of the Insurance Block Exemption, the FSA's interim report on the Retail Distribution Review. Also in this issue, OFT research reveals that the insurance industry tops consumer detriment in the UK, PMI on the rise....

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Newsletter provided by Addleshaw Goddard - www.addleshawgoddard.com

 
Joint Names Insurance - Relief From Liability?
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April 2008

JOINT NAMES INSURANCE - RELIEF FROM LIABILITY?

Tyco Fire and Integrated Solutions (UK) Ltd (formerly Wormald Ansul (UK) Ltd) v Rolls Royce Motor Cars Ltd (formerly Hireus Ltd) 2008 EWCA Civ 286 ("Tyco v Rolls Royce").

The Court of Appeal judgement in Tyco v Rolls Royce, handed down on 2 April 2008, highlights the importance of precise wording in construction contracts containing a provision for joint names insurance. Further, it calls into question whether the existence of a joint names insurance policy overrides a contractor's liability to an employer for damage caused by the contractor's negligence. 

 

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Provided by Davies Arnold Cooper - www.dac.co.uk

 
Insurance Law Quarterly Spring 2008
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Spring 2008

Insurance Law Quarterly

  • Conditions precedent - when must rights be reserved?
  • An Interest in your life?
  • Making clear contracts;
  • Keeping the premium in cases of fraud;
  • Personal injury and general damages;
  • Amending the Animals Act 1971 - what is to be done?

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Provided by Barlow Lyde & Gilbert LLP - www.blg.co.uk
 
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