Q&As

Where an insurance policy is in dollars but a claim has been made, judgment given and the insured paid out in sterling, then what date is the exchange rate date for claiming under the insurance policy?

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Published on LexisPSL on 05/05/2016

The following Dispute Resolution Q&A provides comprehensive and up to date legal information covering:

  • Where an insurance policy is in dollars but a claim has been made, judgment given and the insured paid out in sterling, then what date is the exchange rate date for claiming under the insurance policy?

Where an insurance policy is in dollars but a claim has been made, judgment given and the insured paid out in sterling, then what date is the exchange rate date for claiming under the insurance policy?

Initially the insurance policy should be checked to ensure that there is no provision which covers this situation, ie a currency conversion clause. See by way of example Korea National Insurance Corp v Allianz Global Corporate & Specialty AG (formerly known as Allianz Marine & Aviation Versicherungs AG) (London Branch) (on its own behalf and on behalf of the re-insurers subscribing to Policy Number AJFM157 for the 2004 year of account).

In Travelers Casualty and

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