Business Services Industry
Excess insurers can't deny claims for late notice absent policy clause.(International)
Business Insurance, June, 2005 by Cockburn, Barbara
Byline: BARBARA COCKBURN LONDON-Excess insurers must pay claims that penetrate their layers of coverage even if the insurers are made aware of the claims years after the primary insurers are notified, the U.K. Court of Appeal has ruled. Under the ruling, to avoid liability for late filed claims, insurers must include policy language stating that late notification is a breach of the policy terms, legal experts say.
The court late last month ruled that Stockholm, Sweden-based excess insurer Sirius International Insurance Corp.-which provided professional indemnity insurance to a unit of Friends Provident Life & Pensions Ltd. on a claims-made basis from Feb. 1, 1993, to Jan. 31, 1994-is potentially liable for its share of a claim of u5 million ($9.1...
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