In this court of appeal judgment the court was required to consider the judgment of the lower court previously discussed here.
The reinsurer’s grounds of appeal were that:
The United Kingdom High Court in the judgment of 13 April 2021 granted the excess reinsurer’s UK interim anti-suit injunction in respect of the insurer/defendants’ claims in South Africa under the excess reinsurance agreements. Those claims in the English courts to the exclusion of the South African courts will represent the bulk of the defendants’
If you haven’t already dusted off the business interruption, liability and event cancellation policies you have underwritten, or placed for an insured, and checked for coronavirus coverage, now is the time to do so.
Exposure and benefits of both business interruption coverage (covering the insureds losses from an abrupt shutdown) and contingent business interruption coverage
The FSB’s Reinsurance Regulatory Review Position Paper in September 2016 sketches a reinsurance regime by which foreign reinsurers wishing to reinsure South African risks will have to register as a licensed branch in South Africa unless the foreign reinsurer is regulated by a country with an equivalent regulatory framework according to the FSB. Presumably the
The Indiana Supreme Court in the US ruled that an insurer may be entitled to reinsurance coverage for nearly all its costs to defend and settle allegations that it failed to timeously or fully pay medical reimbursement claims.
It was held that even though the company was engaging in an improper, unfair, and deceptive scheme
It is worth reminding ourselves about the useful findings in the UK Tokio Marine v Novae Corporate Underwriting case in 2013 regarding follow the settlements clauses:
Insurers must remember that jurisdictions in which the world’s major insurers operate such as the EU, Switzerland and the USA have imposed sanctions against Russia. Russian corporations and shareholders may be named on a sanctions list which will affect the enforceability of any reinsurance of a policy where a listed person is indemnified.
There are
The English court of appeal has reminded us of two insurance principles that are worth remembering:
A UK court in Amlin Corporate Member Ltd v Oriental Assurance Corporation held that reinsurers were entitled to enforce an express warranty clause that provided that cargo on the carrying vessel would not be covered if the vessel sailed out of port when there was a typhoon warning.
The vessel did sail into a typhoon