After the event insurance meaning

When considering an arbitration, you should consider: how the dispute will be financed and managed overall can the client realistically cover your professional fees together with the arbitration expenses? could another party or source be prepared to pick up the entire bill? is any relevant insurance already in place and available? would after-the-event insurance cover be an appropriate option? might your firm accept a conditional fee arrangement, a damages-based agreement, or some other funding structure? See Funding Arrangements—Overview (note: this link is not arbitration-specific) is the client open to exploring third-party funding? ...

Any resolution of a dispute should be set out in a signed, enforceable written agreement that precisely records the parties’ terms. This reduces the prospect of later misunderstanding and allows a party to commence proceedings if the other side does not comply. As the agreement is a contract, contract law governs its drafting and interpretation, so it must be written with clarity. This Checklist highlights the key considerations of particular importance to construction disputes. For illustrative clauses and deeper analysis (including drafting notes), see Precedent: Settlement agreement for construction dispute (long form). Ensure that settlement negotiations are conducted on a without prejudice basis State expressly that settlement discussions are conducted on a ‘without prejudice’ basis so that, if talks fail, any proposed concessions cannot be relied upon by the other party in subsequent legal proceedings. Do not assume that terms such as ‘confidential’ or ‘off the record’ offer comparable protection. For further detail, see Practice Note: Without prejudice communications. Who is entering into the settlement?...

High Court defence On 7 June 2024, the insurer contended in a High Court defence that it is not responsible for paying any portion of the amount sought by Rise Aviation 1 (Ireland) Ltd to compensate for the aircraft the Shannon-based company says is marooned in Russia after the invasion of Ukraine. In the recently issued defence, Fidelis stated that Rise Aviation, together with Deutsche Bank Trust Co. Americas acting as security trustee, are not insuring parties under Russian law. They are, instead, beneficiaries, the defence asserted, which means they have no right to seek an indemnity... The insurer further argued that no occurrence capable of triggering a payout has taken place. This, Fidelis said, is because the aircraft being held by the lessee, regional Russian airline Alrosa, does not amount to an insured risk. As the defence puts it, there has been no insured event, the happening of which is required for a successful claim under the policy as a matter of Russian law, and no insured...

Counsel for the insurance giant told the High Court that Endurance Worldwide Insurance Ltd — trading as Sompo International and part of Japanese insurer Sompo Holdings Inc — is liable for damages arising from various breaches by the defunct firms. Ben Elkington KC of 4 New Square Chambers argued that a substantial excess in the professional indemnity policies would ordinarily shield Sompo from low-value claims, but that does not apply where the insured has become insolvent. AmTrust has settled with Novitas Loans Ltd for £48.5m after the legal loans provider sued the insurer over a legal funding arrangement with Pure Legal Ltd and High Street Solicitors Ltd, both now in administration. According to court documents, participants in the scheme also took out after-the-event policies with AmTrust, while Novitas entered into a deed of indemnity with the insurer. After-the-event cover is intended to protect claimants if their cases fail and they are required to meet defendants’ legal costs under the UK’s ‘loser pays’ litigation model...

Judge Janet Bignell KC ruled that AIG UK Ltd is not obliged to meet damages awarded by an earlier judgment to investors pursuing claims against Giambrone Law LLP, which had acted for them on the failed Jewel of the Sea project in Calabria. According to Judge Bignell, this is because AIG's professional indemnity policy with Giambrone Law responded only to breaches of duty occurring after the limited liability partnership was incorporated in 2008. However, most of the 41 investors trying to recover their losses received negligent advice from the firm's predecessor, Giambrone & Law. Had the investors secured judgments against Giambrone & Law for losses stemming from its conduct, then those losses would have fallen to be indemnified under the policy subject to its terms and conditions, she said in that event...

Within this Practice Note, the Road Traffic Act 1988 is abbreviated to RTA 1988. Types of insurer and MIB liability In most claims, a motor insurer will extend complete indemnity to their insured under a valid policy. This signifies that the insurer accepts a contractual responsibility to discharge all damages imposed on the defendant driver. However, where the insured breaches the policy (whether before or after the event), the insurer may, under the contract, avoid liability to the insured. In that event, the insurer owes no duty to indemnify the insured thereafter...

What is a long-term incentive plan? As set out in the Practice Note: What is a long-term incentive plan?, the awards most frequently delivered under a long-term incentive plan (LTIP) typically comprise: conditional share awards (often referred to in the US as restricted stock units (RSUs)) nil-cost options share appreciation rights (SARs) forfeitable shares, sometimes described as restricted stock A brief summary outline of the likely capital gains tax (CGT) treatment on disposals of shares obtained on the vesting of each LTIP award type is set out below. For more detail and background on the different award types available under an LTIP, see Practice Note: Structure of a long-term incentive plan—Types of awards for further guidance. Please note that this Practice Note proceeds on the basis that, at acquisition of the shares or otherwise on vesting of the LTIP awards, the employee has been fully subject to income tax and, where the shares are readily convertible, national insurance...

JCT contracts include comprehensive rules on termination, explaining the grounds on which parties may end matters and the effects that follow. Under these forms, it is the Contractor’s employment that is brought to an end, rather than the contract itself. This distinction is intended to ensure the contract’s post-termination provisions remain operative after termination. This Practice Note addresses the termination clauses in the JCT Standard Building Contract (SBC) With Quantities 2011, 2016 and 2024 editions, found in section 8 of those agreements. Equivalent mechanisms also appear in other JCT contracts. It should be read in conjunction with Practice Note: Termination of a construction contract. Termination should always be approached with great care. If a termination is wrongful, or if the prescribed procedures are not followed precisely, the attempt to terminate may amount to a repudiatory breach of contract by the party seeking to do so. Furthermore, where the other party challenges the purported termination, the terminating party may find itself drawn into an expensive dispute...