This Practice Note offers guidance on applying limitation periods to insurance and reinsurance claims. It addresses how to determine when a cause of action arises and what follows once a limitation period has lapsed. It also explains routes to extend time, including the use of standstill agreements. In addition, it examines limitation periods and other key deadlines in special situations, such as contribution claims...
Introduction
In England and Wales, the Limitation Act 1980 (LA 1980) sets the time limits for specific claims. See Practice Note: Limitation-the principal limitation periods for a summary of that statute and how it has been read by the courts. Claims involving insurers and reinsurers face the same time bars, yet features of insurance and reinsurance contracts, and London market practice more broadly, have generated limitation questions addressed here...
This Practice Note covers:
Pinpointing accrual of the cause of action in insurer-related claims
Methods for extending limitation periods
Standstill arrangements
Contribution proceedings
Exceptional scenarios
Other significant time limits
Consequences of expiry of a limitation period
Calculating when the cause of action...