In a case of first impression, Keyspan Gas East Corp. v. Munich Reins. Am., Inc., a New York appellate court reversed a lower court ruling and held that an insured, rather than its environmental cleanup insurer, must be allocated environmental cleanup costs for periods of time when the relevant insurance was not available in the marketplace. The … Continue Reading
We last reported on the Flood Re scheme on 17 July 2013 and commented that this was a new scheme aimed at providing affordable insurance for homeowners whose properties are considered to be at high risk of flooding. It was designed to replace the ABI Statement of Principles which expired on 31 July 2013 and … Continue Reading
Flooding has become an increasing widespread property risk in the UK in recent years. Flooding caused £400 million worth of damage in 2012 alone, and over 5 million properties in England and Wales are at risk of flooding (that’s almost 1 in 6 properties). The insurance industry’s 2008 Statement of Principles (Principles) set out a … Continue Reading
