The Technology and Construction Court (TCC) has ordered a civil engineering firm to obtain collateral warranties from a sub-contractor despite the fact that sub-contractor had gone bust. The court discovered that the sub-contractor held professional indemnity insurance which may back…read more
Securitised loan issuer wins negligent valuation claim
Colliers International has been found liable to an issuer of a securitised loan for the negligent valuation of a commercial property. This is the first time that an issuer of commercial mortgage backed securities (CMBS) has successfully pursued a negligence…read more
Insurance Bill: breach of irrelevant policy conditions should not invalidate cover
Policyholders will be able to challenge attempts by insurers to refuse to pay losses just because the policyholder had breached an irrelevant policy term under plans put forward by the Law Commissions.It is hoped that the new clause will be…read more
Negligence claims against solicitors triple in a year
High Court cases against solicitors for professional negligence almost tripled in a year according to City law firm RPC. Many of the claims involve property and conveyancing disputes with sub-prime mortgage lenders resulting from the 2008 financial crisis. RPC says…read more
More aggro over aggregation as day in court is postponed
A dispute over the amount a solicitor’s professional indemnity insurer must pay out for a series of similar claims lies at the heart of long awaited court case. Now solicitors and their insurers will have to wait a little longer…read more
Cyber liability: the unknown quantity
A year on from Brunel’s initial anticipation of strong growth in the demand for Cyber Liability Insurance, there has been a steep rise in the number of cyber attacks and data losses around the world. As the global economy begins…read more
Huge fine underlines importance of effective internal controls
The FCA has imposed a huge fine on a national advice firm for poor internal controls and misleading suitability letters. The case highlights the importance of effective risk procedures. Firms with poor regulatory records will find it hard to secure…read more
ICAEW warns tax accountants about securing PII cover
Accountancy firms which advise on tax avoidance schemes have been warned that their professional indemnity insurance renewal could take longer than before. The accountants’ professional organisation, the ICAEW, says that professional indemnity insurers are taking a cautious view of insuring…read more
