Related content to Insurance Act 2015
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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.
Case review 12-06-2019
Supreme Court clarifies types of expense to be taken into account in calculating a constructive total loss
The Supreme Court has today held that salvage and other costs incurred prior to tender of Notice of Abandonment should be taken into account for the purpose of assessing whether a vessel is a constructive total loss, but Special Compensation Protection and Indemnity Clause expenses should not.
Israeli law is now more aligned to allow subrogated recovered by foreign insurers to be pursued in the insured’s name, but it will be some time before policy wordings catch up.
Following recent judgments in England and Wales moving in favour of insurance brokers and their professional indemnity insurers, this article provides an overview of the standards required of insurance brokers and other professionals who advise insured clients in several key jurisdictions.
The latest in a raft of new legislation affecting the insurance industry is the Directive on insurance distribution. The IDD is an example of yet another move towards the trend for the open and transparent placement of insurance.