Ayobami Babatunde
I am an Associate Solicitor at Fenchurch Law.
I completed my training contract at DAC Beachcroft LLP, joining Fenchurch Law in September 2023.
Practice Area
Panel
- Contributing Author
Qualified Year
- 2023
Experience
- DAC Beachcroft LLP (September 2021 - September 2023)
Education
- University of Nottingham, BA Philosophy, 1:1 (2016-2019)
- Nottingham Law School, Graduate Diploma in Law, Commendation (2019-2020)
- BPP Law School, Legal Practice Course, Distinction (2020-2021)
2 Contributions by Ayobami Babatunde
PRACTICE NOTES
General (Non‑Life) Insurance for Consumers and Businesses: Policy Classes, Statutory and Regulatory Frameworks, Exclusions and Claims/Notification Essentials for Lawyers
Consumer insurance and commercial insurance for businesses
This Practice Note sets out an overview of several widely used insurance types, who may require them, and how they operate. Broadly, insurance falls into two groupings:
cover for consumers
cover for businesses
For individuals purchasing as consumers, the governing statute is the Consumer Insurance (Disclosure and Representations) Act 2012 (CI(DR)A 2012). CI(DR)A 2012 describes a consumer as an ‘individual who enters into the contract wholly or mainly for purposes unrelated to that individual’s business trade or profession’. The Act addresses what a consumer is obliged to tell the insurer before making, or changing, an insurance contract. See Practice Note: A guide to the Consumer Insurance (Disclosure and Representations) Act 2012 for additional detail.
For business policyholders, the applicable legislation is the Insurance Act 2015 (IA 2015). IA 2015 signifies a paradigm shift away from what had been seen as an outdated and overly insurer-friendly regime, aiming to achieve a ‘better balance of interests between policyholders and insurers’. Under IA 2015, s 1, any insurance contract that is not a consumer contract is treated as a non-consumer contract...
Insurance & Reinsurance
PRACTICE NOTES
Reinstatement Clauses in Property Insurance: Election to Reinstate, Measure of Indemnity, Requirement to Carry Out Works, Intentions and Betterment—Key Principles and Case Law
This Practice Note outlines the key principles on reinstatement in property insurance.
What is reinstatement?
Reinstatement means repairing or replacing property so that it is restored to its pre-loss condition, or to a state that is materially equivalent. The drafting of reinstatement clauses differs from policy to policy and can lead to markedly different outcomes for the policyholder. Depending on the exact wording, the policyholder may or may not receive a cash settlement, may or may not be obliged to rebuild, and may or may not have to rebuild on the same site. Many policies also give the insurer the option to reinstate.
Who does it?
Typically, the policyholder undertakes the reinstatement. However, numerous policies allow the insurer, at its election, to carry out the reinstatement.
Why might an insurer choose to do so?
Insurers may have several reasons for electing to reinstate themselves rather than allowing the policyholder to do so or paying a sum equivalent to the reinstatement cost. One reason recognised by the courts is to avoid what might be ‘the temptation to an ill‑minded owner to set fire’...
Insurance & Reinsurance
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