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RSA Sues Insurer Over Tower Block Repair Costs
Law360, London (May 13, 2021, 4:37 PM BST) Royal & Sun Alliance has sued another insurer in London for failing to contribute to the £6 million ($8.4 million) cost of repairing an apartment block in northern England after design defects led to chunks of cladding falling off.
RSA and the construction company, G&J Seddon Ltd., sued Axis Specialty Europe Ltd. and Axis Specialty Europe SE at the High Court on May 4 in connection with repair works on several apartment blocks in Wigan, Greater Manchester. RSA was forced to indemnify Seddon after rendering fell off one of the tower blocks in 2013, sparking complaints from residents.
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Hiscox and several other insurers have been contacting commercial customers saying they are now prepared to deal with coronavirus business interruption claims tha t until now have been denied.
The companies have told their customers, whose businesses have been forced to close due to the pandemic, that the claims are being reviewed in light of a January 15 ruling by the UK Supreme Court.
The judgement in that case, which was brought by the Financial Conduct Authority, found that thousands of businesses should be insured for billions in losses incurred due to Covid-19 lockdowns.
The insurers appear to be moving in advance of a judgement due Friday from the Commercial Court in a similar test case involving FBD Insurance, but with implications for the whole sector.