Insurance insight

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• FOI requests continue to expose cyber weaknesses in the financial services sector

  Submitted: 11 July 2019

  The FCA has confirmed that in November 2018 four UK banks were targeted by hackers, further highlighting cyber weaknesses in financial services.

  

• Causation and scope of duty in auditor’s negligence case

  Submitted: 27 February 2019

  In AssetCo PLC v Grant Thornton UK LLP the court looked at questions of legal and factual causation, contributory negligence, and calculation of loss, in circumstances where a negligent audit had failed to uncover fraudulent activity.

• The PRA’s letter on cyber underwriting: ignore “silent” cyber exposures at your peril

  Submitted: 14 February 2019

  The PRA has written to insurance firms highlighting its concerns about both “affirmative” cyber cover and “non-affirmative” (or silent) cyber exposure.

  

• Extent of cover for ‘silent cyber’ losses - a novel approach

  Submitted: 15 January 2019

  A coverage dispute involving Zurich in the US highlights the importance both for insurers and insureds of understanding the extent of cover under insurance policies for cyber losses.

  

• The legality of cyber extortion payments

  Submitted: 14 December 2018

  Insurers need to be mindful of the risk of breaking the law when making payments in respect of extortion threats.

  

• Risk to insurers of non-party costs orders: Travelers Insurance Company Ltd v XYZ [2018] EWCA 10

  Submitted: 23 May 2018

  This blog post considers a judgment that will be of interest both to insurers and those who represent them.

  

• Failure of limitation defence to a contribution claim due to absence of binding payment agreement - RG Carter Building Ltd v Kier Business Services Ltd

  Submitted: 24 April 2018

  Clarification as to when time will start running under s. 10 Limitation Act 1980 in respect of contribution claims following settlement.

  

• D&O policies: potential triggers arising from failure to protect data

  Submitted: 23 March 2018

  Allegations that Facebook users' data was harvested and used by third parties highlights the potential issues for D&O insurers when their insureds fail to protect data.

• PRA consultation paper on the eligibility of guarantees as unfunded credit protection

  Submitted: 06 March 2018

  Under the Basel III reforms, can trade credit insurers offset their credit risk using a trade credit policy?

  

• Scope of notification of circumstances under a professional indemnity policy

  Submitted: 08 February 2018

  This blog post looks at the case of Euro Pools v Royal Sun Alliance. Tricky questions can arise around the scope of an insured’s notification of “circumstances” under claims-made policies, particularly in the context of an ongoing investigation and evolving facts.

  

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