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Date: February 2015

Home » Archives for February 2015

Contractor ordered to obtain collateral warranties from defunct sub-contractor

21/02/2015

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

15/02/2015

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

14/02/2015

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

10/02/2015

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

09/02/2015

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

09/02/2015

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

01/02/2015

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

01/02/2015

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

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