Damages from Insurers for Late Payment of Claims - A Timely Update
May 2022 marked the fifth anniversary of the introduction in the UK of a new remedy for policyholders enabling them to recover damages for loss due to insurers unreasonably delaying paying insurance claims. It is now timely to see how this remedy has fared.
When the Law Commission proposed that this remedy should be part of the Insurance Bill there was consternation among many insurers who feared that such a reform would lead to a marked increase in litigation and higher pay outs against them. It was not initially part of the Insurance Act 2015 but came into force in 2017 through amendments to that Act by the Enterprise Act 2016.
During this webinar, Alison Green will consider this remedy in damages and the impact it has had in practice. In particular, she will consider the recent decision in Quadra Commodities v XL Insurance 2022, which is the first case where a High Court judge has considered in any depth the statutory provisions relating to this remedy.
What You Will Learn
This webinar will cover the following:
- Introduction - background to the reform and the case of Sprung v Royal Insurance
- The Enterprise Act 2016’s amendments to the Insurance Act 2015
- Implied term for insurers to pay sums due in a reasonable time
- What is a reasonable time to pay sums due in respect of a claim?
- When may insurers contract out of the remedy?
- The impact of this remedy on policyholders, insurers, lawyers and claims handlers
This webinar was recorded on 17th October 2022
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