The following Insurance & Reinsurance practice note provides comprehensive and up to date legal information covering:
ARCHIVED: This Practice Note covers the first instance decision of The Financial Conduct Authority v Arch Insurance. It has been archived and it is not maintained. For information concerning coronavirus (COVID-19) and business interruption insurance, including consideration of The Financial Conduct Authority v Arch Insurance, see Practice Note: Coronavirus (COVID-19)—FCA non-damage business interruption insurance test case.
STOP PRESS: The decision of The Financial Conduct Authority v Arch Insurance, was handed down on 15 January 2021. See: LNB News 15/01/2021 107.
Business interruption insurance has typically been sold as an extension to commercial property policies. Most business interruption cover requires that any such losses result from damage to insured property. There is, however, no standard form of business interruption insurance and some insurers offered policies with additional triggers for business interruption cover, such as denial of access or closure by a public authority.
Many businesses have sought to claim under their business interruption insurance for coronavirus (COVID-19) losses but few have been indemnified. Aggrieved policyholders were vocal and the mainstream press critical of the insurance industry’s response. Both have, however, overlooked the complex legal issues that have arisen in the context of coronavirus business interruption, which, unlike conventional perils such as fire or flood, cannot so easily be located at a particular place and time. These matters were clarified by the first instance decision
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Scotland: the Accountant in BankruptcyThe office of the Accountant in Bankruptcy (AiB) was created by section 156 of the Bankruptcy (Scotland) Act 1856 . Previously, the functions of the AiB were limited but since 1993, with the enactment of the Bankruptcy (Scotland) Act 1993 (B(S)A 1993), the role
IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘IP completion day’), key transitional arrangements come to an end and significant
Joint, several, and joint and several liabilityContractWhere a contract is made by two or more parties it may contain a promise or obligation made by two or more of those parties. Any such promise may be:•joint•several, or•joint and severalWhether an undertaking is joint, several, or joint and
Tort—the different types of tortThis Practice Note identifies the main torts (bar negligence and nuisance, which are covered elsewhere in our related content) and their key characteristics. Specifically:•trespass to land•trespass to the person•privacy/defamation•liability for animals•employers'
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