MODE MANAGEMENT LTD AND ANOTHER V AXA INSURANCE UK PLC

[2025] EWHC 2035 (Comm), King's Bench Division, Commercial Court, Lesley Anderson KC, 31 July 2025

Insurance (property) – Limitation of actions – Specific performance – Damages for breach of ICOBS – Financial Services and Markets Act 2000, section 138D – Financial Services and Markets Act 2000 (Rights of Action) Regulations 2001

MM, owned by T, carried on business from three units on industrial premises in Brentwood. The premises were insured by MM under an AXA "Property Investors Protection Plan". The policy stated that "We agree that if any of the buildings shown in your schedule are damaged, we will pay you the value of the buildings at the time of its damage or at our option reinstate or replace the buildings or any part of it".