CILA SPECIAL INTEREST GROUP CONFERENCE. Tuesday 23 rd September 2008 “Recent legal developments affecting the insurance industry”. Richard Evans Partner Beachcroft LLP 30 Eastcheap London EC3M 1HD. RESERVATION OF RIGHTS. Why? Waiver, affirmation, election
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Tuesday 23rd September 2008
“Recent legal developments affecting the insurance industry”
London EC3M 1HD
“It would not be good practice for insurers to rush to
repudiate a claim for late notification, or even to
destabilise their relationship with their insured by
immediately reserving their position – at a time when they
were in any event asking pertinent questions about a
claim arising out of an occurrence about which they had
long been ignorant in absence of prompt notification”
See Micro Design Group v Norwich Union (2005)
WHAT IS BAILMENT?
Stored grain owned by
RAMCO trade in army surplus stock
Holds stock for
If R liable for loss then market value calculation
If not liable then R had to pay 2 % base price for stock
“stock…the property of the Insured or held by the Insured in trust for which the Insured is responsible”
But, beware the loophole provided by Lord Justice Waller In Ramco.
Sponsorship of CILA Property Special Interest Group
Case law updates on CILA website at www.cila.co.uk