Addresses current issues in interruption insurance contracts where there is no longer adequate or relevant comment on such matters. In particular, 'material damage' and 'the millennium bug' are fully discussed.
Section 1.
A reminder of the Principles of the basic UK policy cover
A. General policy
B. Specific factors
1. Problems relating to the use of figures
2. Variations of results between sections or separate activities of the
business
3. Outside events not arising directly from the damage but affecting
the results of the business.
(a) Events that arise only because of the insured damage
(b) Aspects that arise from damage to property surrounding
that insured but not involving damage to the insurer’s
own property
© An outside event that is excluded by the policy terms
i) a peril
ii) a type of event
iii) a class of property excluded
iv) a failure to meet a policy requirement
4. Interruption loss aggravated by further damage
(a) at the insured premises but not associated with an
existing insured loss
(b) at premises other that the insurer’s own but which
prejudices and existing insured loss
5. Losses arising from more than one event of which only one is
insured
6. Factors which affect the business in consequence of production
or other like changes
7. Government, public or other authorities regulations, tax
changes etc.
8. Weather or holiday period considerations
9. Lack of finance or ability to recover from the damage
10. Other miscellaneous items
(a) Payments on account
(b) Residual value
© Misunderstandings re savings
(d) Interest payable and revenue from claim payments
(e) Policy cover relative to employees and their rights
(f) So called “Consequential losses” and wherein
indemnity normally lies
C. Summary and Conclusions
Section 2.
The “Material Damage” provisions
Section 3.
The meaning of the term “Premises”
Section 4.
The application of “Non Disclosure”
Section 5.
The “Alteration of Risk” policy condition
Section 6.
The change in participation of insurers during the
currency of the policy
Section 7.
Contribution “Double Rent Covers”
Supplement
“M2K” or Millennium “bug” matters
APPENDICES
I The standard “recommended” U.K.Interruption Insurance Policy
II Extracts from a small business “packet” policy
III The legal meaning of the term “Market Policy”
IV Some general notes re “Disclosure” given by the author in a
Report to the High Court
TABLE OF LAW CASES
INDEX
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