Many of the products people use every day are made in foreign countries - from coffee makers produced in China to cars built in Germany to cell phones manufactured in India. While many of these products fulfill their purpose without any complications, there are others that cause problems for their users. A coffee maker might spill boiling water or a car’s airbag might not open properly. These problems can be caused by manufacturing errors or flaws in product design.

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On December 12, 2007, there was a fire in an industrial plant in Turin that was owned and managed by ThyssenKrupp Acciai Speciali Terni S.p.a. (ThyssenKrupp), an Italian subsidiary of ThyssenKrupp Stainless group. The violent fire occurred in a cold annealing and pickling line, called APL5, where there is typically a significant amount of lubricant oil and paper, as well as sparks generated by the plant’s industrial process.

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According to many insured car holders in Poland, insurers have been underestimating compensation for losses, and the majority of auto insurance cases in Poland have been settled for amounts far below the actual costs of restitution. The most frequent reason is that the value of a loss has been determined based on the prices of used spare parts rather than new ones.

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The Insurance Contract Act (Versicherungsvertragsgesetz, VVG) contains provisions about risk exclusions and incidental obligations. A risk exclusion means the insurer does not provide insurance cover for a specified excluded risk, and in cases of an incidental obligation, the policyholder loses insurance cover if he/she does not observe the specified incidental obligation.

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Here we highlight recent GC Capital Ideas stories that have focused on casualty lines of business. 

Contingent Business Interruption: Life Support for Industry: Traditional insurance products are insufficient to address these increasingly complex challenges. The standard business interruption policy only indemnifies an insured for a reduction in revenue following damage at its own premises. Contingent business interruption is a generic term for extensions to the standard cover that provide for reduction in revenue as a result of damage at locations other than the insured’s own premises, whether it be suppliers or customers. In some cases insurers are providing cover on a “non-damage” basis, which protects against insolvency or political risk among an array of contingencies that might disturb the supply chain.

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Criminal Liability of Companies Under Spanish Law: What is the Real Impact on Directors & Officers Coverage? The financial crisis has triggered a number of criminal investigations against companies and their directors. In light of these developments, this section provides an overview of the recently introduced Spanish regulation concerning criminal liability of companies and the real impact this reform will have on directors and officers policies.

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Swiss Supreme Court: Scope of Ban on Retroactive Insurance: The current Swiss Insurance Contract Act (Versicherungsvertragsgesetz, VVG) prohibits retroactive insurance. Therefore, an insurance contract is usually void if the risk no longer exists or the feared event has already occurred before the contract is concluded (Article 9 VVG).

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The financial crisis has triggered a number of criminal investigations against companies and their directors. In light of these developments, this section provides an overview of the recently introduced Spanish regulation concerning criminal liability of companies and the real impact this reform will have on directors and officers (D&O) policies.

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Introduction

The current Swiss Insurance Contract Act (Versicherungsvertragsgesetz, VVG) prohibits retroactive insurance. Therefore, an insurance contract is usually void if the risk no longer exists or the feared event has already occurred before the contract is concluded (Article 9 VVG).

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Recent Legislative and Judicial Developments in Continental Europe Affecting the Casualty Insurance Industry  is the latest installment in Guy Carpenter & Company Ltd.’s (”Guy Carpenter’s”) legislative update series, designed to provide our international clients and markets with a concise overview of key trends in the Continental European legal environment. These issues have had an impact on insurers and reinsurers or are expected to have an effect in the near future.

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Guy Carpenter issued its semiannual analysis of key European legislative developments affecting the casualty insurance industry. Produced in collaboration with law firm Heuking Kühn Lüer Wojtek and its network of legal experts across Continental Europe, the report, Recent Legislative and Judicial Developments in Continental Europe Affecting the Casualty Insurance Industry, analyzes the most impactful and significant legislative changes and judicial developments across 11 jurisdictions, which include:

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David Lewin, Managing Director
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In this issue of our latest legal update we include some intellectually stimulating insights into the interaction with EU and international law of local legislation and jurisprudence in Austria, Belgium, France, Germany, Italy, Netherlands, Norway, Poland, Spain, Sweden and Switzerland.

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