Insurance Standards Body Urges Clarity Over Policy Wordings
Law360, London (September 15, 2020, 2:34 PM BST) -- Insurers should take proactive steps to ensure that something like the Financial Conduct Authority's test case on business interruption liability is never required again, a U.K. standards body for the sector said on Tuesday.
The Chartered Insurance Institute said there should be a consensus among professionals so that the same words used in different contracts mean the same thing.
The CII, which provides professional qualifications for the sector, is concerned that the legal dispute may have damaged trust in the industry.
The warning comes on the same day as the highly anticipated judgment in the test case brought by the FCA,...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!