Related content to Insurance Act 2015
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Fears that the implementation of an “economic substance” regime in Bermuda might dent its prominent captive industry appear to have been misplaced. If anything, recent developments look set to strengthen rather than undercut Bermuda’s global position in the captive arena.
Bermuda’s economic substance regime has been brought into closer alignment with the regimes implemented by other jurisdictions named in the European Union’s Code of Conduct Group’s call in 2018 for substance laws.
In this briefing we consider some recent decisions addressing issues including establishing the cause of damage to perishable cargo, actionable fault under the York-Antwerp rules, cancellation of seemingly back to back voyage charterparties, the Brillante Virtuoso and duty of fair presentation under the Insurance Act 2015.
Case review 11-12-2019
Brillante Virtuoso - Aden port limits and the application of Best Management Practices for protection against Somali piracy
In October, we reported on Mr Justice Teare’s findings that the Brillante Virtuoso was set on fire on the instructions of owners, and its beneficial owner, Mr Iliopoulos, in a failed attempt to defraud their underwriters.
Case review 06-12-2019
The Insurance Act 2015, which took effect from 12 August 2016, was heralded as a significant change in insurance law. What was expected to follow was a proliferation of litigation as parties fight over the meaning and effect of the new legislation. But, what have we really seen?
Case review 07-10-2019
Between 2008 and 2011, nearly 200 vessels were taken by Somali pirates around the Gulf of Aden. The hull market has been exposed to many such claims and the vast majority have been resolved successfully and efficiently (albeit not without some tragic loss of life and considerable distress for the crews).
The High Court have today handed down their highly anticipated judgment in a case that raised issues of the duty of fair presentation under the Insurance Act 2015.
New Codes of Conduct for insurance intermediaries will help maintain Bermuda’s reputation for regulatory excellence
In February 2019, the Bermuda Monetary Authority published its ‘Insurance Brokers and Insurance Agents Code of Conduct’. The Code was issued pursuant to powers under Section 2BA of the Insurance Act 1978 and will help underpin the jurisdiction’s claim to regulatory excellence and adherence to international standards.
With the new International Maritime Organisation (IMO) sulphur limit in marine fuels (IMO 2020) only a few months away, should the insurance market be braced for a flood of new claims?
Despite competition from other jurisdictions, Bermuda continues to be the domicile of choice for alternative capital capacity, with more than half of the share of the global alternative capital market.