Tag Archives: damages

Are Repair Costs Covered Damages Under a Liability Policy?

Liability policies cover sums an insured becomes legally obligated to pay to a third-party as damages for a loss.  Typically, there is no coverage in a liability policy for expenses incurred by the insured to repair damage to the insured’s own property.  Additionally, nearly every liability policy has an owned-property exclusion.  In a recent case, … Continue Reading

Important New Law in the UK Relating to Payment of Insurance Claims

At the moment, English law says that insurers and reinsurers are not under a positive duty to pay valid claims within a reasonable time.  If an insurer/reinsurer delays in paying a claim, or fails to pay at all, an insured/reinsured can only claim the sums due under the policy and interest.  An insured/reinsured cannot claim … Continue Reading

Buying a Reinsurance Company Can Lead to Litigation

The capital markets seem to be in love with reinsurance. Capital from venture capitalists, private equity funds and hedge funds has been flowing into the reinsurance industry during the past several years. Many of these capital markets investors have focused on the property catastrophe reinsurance market. Others have focused on alternative reinsurance vehicles and sophisticated financial … Continue Reading