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- The UK FCA’s Test Case Concludes – What Next For Policyholders?
The UK FCA’s Test Case Concludes – What Next For Policyholders?
August 12, 2020, Covington Alert
In recent weeks, the English High Court has conducted a trial in an unprecedented test case that the UK Financial Conduct Authority (the “FCA”) commenced to resolve legal issues concerning the interpretation of common business interruption (“BI”) policy wordings (the “FCA Action”). The judgment in the FCA Action is likely to address issues that will be among the keys to policyholders’ ability to recover indemnities for their COVID-19-related BI losses. The FCA has estimated that the case could affect 60 insurers, 700 types of policy, and 370,000 policyholders. This alert considers the background to the FCA Action, the scope of the issues that we expect may be resolved by the FCA Action, the implications of the FCA Action for policyholders, and related steps that well-advised policyholders may want to consider.
May 10, 2018, Covington Alert
The Court of Appeal in London has handed down a judgment of significance to both the insurance and international arbitration communities in Halliburton v Chubb. The judgment raises serious questions about the apparent reluctance of English courts to police arbitrators for “apparent bias” and to set aside arbitrator appointments and awards in London-seated ...
March 6, 2018, Covington Alert
The Commercial Court in London has recently held that breach of a specific policy provision described as a warranty in a buildings insurance policy allowed an insurer to avoid coverage for a fire claim, but was not grounds for making the policy completely void from inception, as the insurer had argued. The case is BlueBon Ltd v Ageas (UK) Ltd [2017] EWHC 3301 ...
Roundtable: Insurance Act 2015
May 23, 2016, The Law Society Gazette
Alex Leitch and Carlo Kostka participated in a roundtable with The Law Society Gazette regarding the UK Insurance Act 2015. Leitch, pointing at “fair presentation,” a grey area in the new legislation, said a policyholder will want to make sure that they have “discharged the duty of giving a fair presentation of the risk which is going to be ...