The Financial Conduct Authority (FCA) has requested several insurers to clarify their position on COVID-19 related business claims before seeking guidance from the courts by way of declaratory judgment. The FCA aims to create authoritative case law in anticipation of a flood of disputes over policy wording and COVID -19 cover. This step will indeed […]
There has been a great deal in the press recently about insurers rejecting coronavirus claims and disappointed policy-holders. Some of those speaking publicly on behalf of the insurance industry have not done much to dispel the confusion and get to the nub of the issue. The issue is not one of what the insurer “intended” […]
With commercial air traffic at a historic low, airlines are as keen as ever to conserve cash to last out the crisis. Aircraft owners/lessors in heavy negotiations with distressed airlines/lessees are weighing competing factors: [Click here for more]
What is BI Insurance? BI Insurance covers losses which result from closure of business. BI Insurance is usually part of a commercial combined policy. What does BI Insurance cover? If cover exists: loss of income; fixed costs such as: payroll, operating expenses and business loan repayments; and costs of temporary relocation. What circumstances give rise […]
The Aviation (Enforcement and Recovery) team has been advising clients on issues arising from the current crisis. Three main themes emerge from the current challenges in the airline sector: 1.) Airline insolvency risk. A number of leasing companies have claims for unpaid rent and maintenance rent. These claims can be pursued by: applying security deposits […]
The recent decision in the Kamoto Copper Company SA v (1) Africa Horizons Investments Ltd and (2) Ventora Development SASU case highlights the challenges that a party subjected to US sanctions may face attempting to circumvent an exclusive jurisdiction clause in favour of the English courts. The Claimant, a subsidiary of the mining giant Glencore, […]
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