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It is a sad fact that many SMEs do struggle to make progress past the first year of trading. Compounded by the bottleneck on borrowing, many SMEs also seem to forget to cover their business with adequate small business insurance in the event of a catastrophe.Two major issues exist: Obtaining Financing and Being Adequately Protected.Many simply do not have the adequate level of small business protection.For example, here is a list of reasons to be...more
Although it stands by itself, the contamination exclusion ties in quite closely with the processing exclusion. The text of the contamination exclusion varies considerably from one ARPI policy to another. Some exclusions define contamination by reference to pollution or change in texture, finish, colour or flavour. Some exclusions simply include contamination amongst a whole variety of perils in one clause such as "... corrosion, rust, change in temperature, dampness, dryness, wet or dry rot, shrinkage, evaporation, loss of weight, contamination, change in colour, flavour, texture or finish...". Most policies make no attempt to define contamination. There is no generally accepted definition of contamination and, in fact, the difficulty of defining contamination has resulted in AIRMIC setting up a special working party to study the problem. In the area of environmental liability, the Department of the Environment in 1991 issued a consultation paper and a proposal for public registers of land which may be contaminated. The paper stated that the government considered that contamination was a necessary but not a sufficient condition for pollution. Therefore, the...more
For example, a fire may occur in a frozen food packaging plant. As a result of the fire, the packaging of the stock becomes contaminated and has to be replaced. In those circumstances, the damage would be covered by the policy even though contamination may be excluded in that it was itself caused by a non-excluded peril, namely fire...more
All of the goods stored in the room became unfit for human consumption as a result of contamination from the ammonia. The ARPI policy excluded contamination unless caused by or resulting from loss of or to the property covered by explosion. It was argued that the contamination was caused by an explosion and the court adopted an...more
The assured argued that "contaminate" meant introducing foreign substance thus effectively creating a different substance. It conceded, however, that a product is also referred to as contaminated when the foreign substance merely injures its usefulness without affecting the original physical characteristics. It was argued that this created an ambiguity and therefore the policy should be read in favour of the assured. However, the court decided that if contamination had two equally familiar meanings then the clause excluded loss caused by the substance being materially altered by contamination and also where the usefulness of the property has been affected by the introduction of a foreign substance, and found against the assured. It is often a fine distinction to draw between whether the proximate cause is in fact the contamination of the insured property or the introduction of the foreign substance which may be caused by some accidental event—hence, the addition of the provision to some contamination and pollution clauses as referred to above. In the the case of Raybestos—Manhattan Inc. v. Industrial Risk Insurers (1981), the assureds heptane tank was...more
Some, but by no means all, ARPI policies contain a clause excluding spontaneous combustion, namely a fire brought about by the conditions produced within the substance itself. The key element to spontaneous combustion is the creation...more
There is a degree of overlap again between riot, civil commotion and terrorism, but terrorism is considered separately in that, again, it has a somewhat different history of coverage under All Risk Property Insurance (ARPI) policies....more
A dramatic change in the market took place following the massive explosion that had occurred in St Mary Axe in 1992 resulting in damage to the Commercial Union building and other buildings in the City. At the end of 1992 the reinsurance...more
The Chambers Concise Twentieth Century Dictionary defines terrorism as "an organised system of intimidation especially for political ends". Lastly, the Concise Oxford Dictionary describes a terrorist as "a person who uses or favours...more
Without such public declarations, the identity of the target may be an indication of whether the motive is specific or whether it has political motivation—is the intention to influence the individual or the government? If, for...more
When purchasing commercial vehicle insurance there are many different options to choose from, do you need breakdown insurance, towing insurance or windscreen insurance? These different commercial van insurance extras will affect how much you pay for...more