Rebecca Jacobs
Rebecca Jacobs is a commercial barrister at 7 King’s Bench Walk, specialising in insurance and reinsurance, jurisdiction and conflicts of laws, commodities, shipping, civil fraud and general commercial disputes.
Practice Area
Panel
- Contributing Author
1 Contributions by Rebecca Jacobs
PRACTICE NOTES
COVID-19 reinsurance disputes: coverage, proof and aggregation under English law, including quota share, excess of loss and catastrophe programmes, FCA v Arch implications, foreign-law exposures and arbitration strategy
Practice Note
The coronavirus (COVID-19) pandemic has significantly affected the insurance market and policyholders. The Financial Conduct Authority’s (FCA) widely publicised test case (The Financial Conduct Authority v Arch Insurance) on coronavirus business interruption cover has removed some obstacles to settling direct business interruption claims, yet important questions about interruption losses remain unanswered. A range of other insurance classes impacted by coronavirus are likewise generating substantial losses for insurers. Many such losses have been placed into reinsurance, including exposures arising from overseas jurisdictions. Challenging issues continue to emerge around how these losses respond under reinsurance, which remain to be determined at the reinsurance layer. The resolutions will identify which reinsurers ultimately meet the cost of coronavirus reinsurance claims and how much of the coronavirus insurance burden stays with direct insurers. This Practice Note explores several issues confronting cedants (the reinsured) and reinsurers stemming from the coronavirus pandemic. For guidance on the implications of the FCA test case for business interruption policies featuring non-damage extensions, see Practice Note: Coronavirus (COVID-19)—FCA non-damage business interruption insurance test case [Archived]. This...
Insurance & Reinsurance
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