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ADVERTISEMENT ADVERTISEMENT Underwriters Fight £52M Suit From Power Plant Over Delays Law360, London (March 12, 2021, 1:32 PM GMT) Six underwriters have told the High Court that they do not owe a renewable energy plant £51.5 million ($71.6 million) in lost revenue following a structural failure, arguing that the problems were a result of poor workmanship and not covered by the policy. A group of insurers, including Royal & Sun Alliance Insurance PLC and Swiss Re, said in a March 5 defense filing that has now been made public that they are not on the hook to cover losses suffered by Port Clarence Energy Ltd. when works on its power plant were suspended because of structural damage. ....
15 January 2021 Insurance – Business interruption insurance – COVID-19 The Financial Conduct Authority (FCA) commenced the present test case under the Financial Markets Test Case Scheme (the scheme) for the benefit of insurance policyholders, who held insurance policies which covered them against losses arising from interruption of business, to urgently clarify whether or not there was cover in principle under a variety of different standard insurance policies for COVID-19 related business losses. The defendants were eight insurers who were leading providers of ‘business interruption’ insurance. The aim of the proceedings was to achieve the maximum clarity possible for the maximum number of policyholders and their insurers by considering a representative sample of standard form business interruption policies. The proper interpretation of four types of clauses in particular were considered, namely; (i) ‘disease clauses’; (ii) ‘prevention of access clauses’; ....