Insurance Law Monthly

New Zealand’s earthquakes continue to lead to decisions which make new law. The most recent decision, that of Dobson J in Turvey Trustee Ltd v Southern Response Earthquake Services Ltd [2012] NZHC 3344, analyses the measure of indemnity under a new-for-old property policy.

The Financial Ombudsman Service, established under the Financial Services and Markets Act 2000, has jurisdiction to resolve disputes arising out of the supply of financial products to consumers and small businesses – including insurance policies – and to make an award of up to £150,000.

It is common for reinsurers to be faced with a claim from a reinsured against whom proceedings on the direct policy have yet to be concluded. Amlin Corporate Member Ltd and Others v Oriental Assurance Corporation (The Princess of the Stars) [2012] EWCA Civ 1341 raises the question whether it is appropriate for reinsurers to seek negative declaratory relief in England as regards the claim under the reinsurance.