#Acorn finance professional

#Acorn finance professional

UKAF issued a claim against Markel pursuant to s.1 and s.4 of the Third Parties (Rights Against Insurers) Act 1930 for indemnity under a professional indemnity insurance policy issued by Markel in favour of CLS. The Judgments were obtained against Westoe 19 (formerly named Colin Lilley Surveying Ltd (“CLS”)) who had entered into liquidation. UK Acorn Finance Ltd (“UKAF”) was a bridging finance lender who had obtained judgments in default in excess of £13m following allegedly negligent overvaluations on a number of agricultural properties.

This case considered the scope of contractual discretion exercised by an insurer under an Unintentional Non-Disclosure clause and whether that discretion had been exercised in a fair and arbitrary way when considering whether a misrepresentation made by the insured was fraudulent or intended to deceive. The next case selected for consideration from our collection of 100 Cases Every Policyholder Needs to Know is UK Acorn Finance v Markel. But we love policyholders just a little bit more. We put the hazard lights on those cases as The Ugly.Īt Fenchurch Law we love the insurance market. Those cases can trip up even the most honest policyholder with the most genuine claim. Other cases are bad for policyholders but seem (even to our policyholder-tinted eyes) to be correctly decided. Some cases are, in our view, bad for policyholders, wrongly decided, and in need of being overturned.

Some cases are correctly decided and positive for policyholders. An opinionated and practical guide to the most important insurance decisions relating to the London / English insurance markets, all looked at from a pro-policyholder perspective. Welcome to the latest in the series of blogs from Fenchurch Law: 100 Cases Every Policyholder Needs to Know.