Loss Reserves, and 90% of Kaikoura Claims Undercap! (Kaikoura Meeting)EQCfix New Zealand
These are the slides from Cam Prestons presentation. Discussing topics such as the loss reserve (the amount the insurer has applied to the home) and thorny topics such as Mr Grafton's pre-determination of the number of claims to be undercap post the November 2016 quake.
Loss Reserves, and 90% of Kaikoura Claims Undercap! (Kaikoura Meeting)EQCfix New Zealand
These are the slides from Cam Prestons presentation. Discussing topics such as the loss reserve (the amount the insurer has applied to the home) and thorny topics such as Mr Grafton's pre-determination of the number of claims to be undercap post the November 2016 quake.
The Law of Penalties - ANZ v Andrews and beyond Laina Chan
In https://www.youtube.com/watch?v=TVVSSbLUm0g, Ian Bailey SC and Laina Chan barristers, discuss the developments in the law of penalties since ANZ v Andrews. They also consider the approach of the Supreme Court in the UK in the first of a series of Chatz with Bailey SC and Chan in Cavendish Square Holding BV v Talai El Makdessi [2015] UKSC 67. This is the powerpoint that accompanies the chatz
‘Remoteness’ refers to the test of causation that is used to determine the loss caused by a breach of contract. It limits the ability of the plaintiff to recover damages to not too remote losses
When Do Liquidated Damages Become an Irrecoverable Penalty?Sarah Fox
An overview of the recent case Makdessi v Cavendish [2013].
In this case the court reviewed agreed damages ie sums set out in a construction contract payable on breach of that contract. Such damages, known as liquidated damages or LADs are often payable for delay on construction projects.
This note summarises the judgment of the Court of Appeal.
For help writing simpler contracts or understanding complex ones, including how the court might view your limitations and exclusions of liability, email: sarah@500words.co.uk or visit www.500words.co.uk
Legal Newsletter for the construction industry highlighting Collateral Warranties, New JCT 2016 Edition of contracts, apprenticeships and the health & safety revolution
Commercial insurance risk and liability review, February 2016Browne Jacobson LLP
Our annual review provides a comprehensive review of some of the most important judgments and legal developments during 2015 and our analysis of some of the changes on the horizon for 2016 and beyond. We have covered a lot of ground this year so I hope you will be able to find a number of updates that are relevant and useful to you.
If you would like to know more about any of the topics, please feel free to contact any of the authors of the articles.
https://www.brownejacobson.com/insurance/training-and-resources/legal-updates/2016/01/commercial-insurance-risk-and-liability-review-2015-2016
The Law of Penalties - ANZ v Andrews and beyond Laina Chan
In https://www.youtube.com/watch?v=TVVSSbLUm0g, Ian Bailey SC and Laina Chan barristers, discuss the developments in the law of penalties since ANZ v Andrews. They also consider the approach of the Supreme Court in the UK in the first of a series of Chatz with Bailey SC and Chan in Cavendish Square Holding BV v Talai El Makdessi [2015] UKSC 67. This is the powerpoint that accompanies the chatz
‘Remoteness’ refers to the test of causation that is used to determine the loss caused by a breach of contract. It limits the ability of the plaintiff to recover damages to not too remote losses
When Do Liquidated Damages Become an Irrecoverable Penalty?Sarah Fox
An overview of the recent case Makdessi v Cavendish [2013].
In this case the court reviewed agreed damages ie sums set out in a construction contract payable on breach of that contract. Such damages, known as liquidated damages or LADs are often payable for delay on construction projects.
This note summarises the judgment of the Court of Appeal.
For help writing simpler contracts or understanding complex ones, including how the court might view your limitations and exclusions of liability, email: sarah@500words.co.uk or visit www.500words.co.uk
Legal Newsletter for the construction industry highlighting Collateral Warranties, New JCT 2016 Edition of contracts, apprenticeships and the health & safety revolution
Commercial insurance risk and liability review, February 2016Browne Jacobson LLP
Our annual review provides a comprehensive review of some of the most important judgments and legal developments during 2015 and our analysis of some of the changes on the horizon for 2016 and beyond. We have covered a lot of ground this year so I hope you will be able to find a number of updates that are relevant and useful to you.
If you would like to know more about any of the topics, please feel free to contact any of the authors of the articles.
https://www.brownejacobson.com/insurance/training-and-resources/legal-updates/2016/01/commercial-insurance-risk-and-liability-review-2015-2016
The OHL Wire ISSUE 17: Off the Plan Purchase - NSW changes in response to sun...Christine Hui Jun Zhong
In Issue 17 of The OHL Wire, we look at some of the NSW changes in response to sunset date concerns in off the plan purchases and the employment law issues that need to be on your radar in 2016. We discuss whether a video message from the grave can be considered as evidence for a valid will. We also look at your rights as a beneficiary of a will and tips for reducing the time of a property settlement during Christmas and New Year Season in Australia. We also check out upcoming events in Sydney and provide you with the top 5 business trends for 2016.
2017 AICM Credit Symposium - Australian Institute of Credit ManagementMark Harley
Unfair Contract Terms – generally and amendments for B2B protection (with some exceptions)
Insolvency Law Reform Amendments – amendment to the definition of “relation-back day” for purpose of the Corporations Act
Dealing with Trust Assets of Corporate Trustees in Liquidation
Construction in Focus - Security of payment during the COVID-19 pandemicConstruction in Focus
The impact of COVID19 on cashflow across all industries has been staggering. In the construction industry, which relies so heavily on cashflow to keep the industry afloat, the legislation in place to facilitate cashflow should see a resurgence in use in the coming months. Whether you are a principal, contractor or subcontractor it is important to remind yourself of the mechanisms available and how to get the most out of the legislation when it applies to you. In this edition of Construction In Focus, we discuss the security of payment regimes in place Australia-wide to promote cashflow and how they might apply to you.
Home Inspector's Insurance & Risk Management - July 19, 2013Gerald Brunker
Home Inspector professional liability, general liability and other applicable insurances for home inspectors. Risk management tips and hints and home inspector claim information.
Surety Industry Overview: State of the Industry by Cissie ScogginDon Grauel
Cissie Scoggin of Liberty Mutual Insurance presented "Surety Industry Overview: State of the Industry" to the 68th Annual F. Addison Fowler Fall Seminar on October 17, 2014.
A contractual term is “Any provision forming part of a contract”.
Each term gives rise to a contractual obligation, breach of which can give rise to litigation.
Not all terms are stated expressly and some terms carry less legal gravity as they are peripheral to the objectives of the contract.
In general, parties can only sue for enforcement of valid contractual terms as opposed to representations or mere puffs.
An exemption clause is an agreement in a contract that stipulates that a party is limited or excluded from liability.
There are three types of clauses, these are a ‘limitation clause’; this is where a party is limited from liability.
The other is an ‘exclusion clause’; this is where a party is excluded from liability.
‘Time limitation clause’ states that an action for a claim must be commenced within a certain period of time or the cause of action becomes extinguished.
A surety bond is a financial instrument through which an insurance company guarantees the successful performance of an Aon
client to a third party, known as a beneficiary or employer. It is a written agreement that provides compensation in the event
that specified obligations are not performed within a stated period.
With an ever-changing political scene and limited time left to conclude the negotiations for the United Kingdom’s (UK) exit from the European Union (EU), attention is now beginning to turn to the potential consequences of Brexit. This paper discusses the issues that insurers face and considers the interplay between insurers’ contractual obligation to continue to service policies (including paying claims) versus the practical impact that local regulation might have on their ability to do so.
IFRS Report - Important upcoming accounting changes Graeme Cross
The new IFRS 9 rules effective January 2018, and equivalent US GAAP standards (ASU 2016-13) effective in 2019, are aimed at
increasing the accuracy and transparency of how credit risk is represented on a company’s Balance Sheet and P&L. Both new
standards include requirements around the use of both historic as well as forward looking credit information in order to calculate
the provisions for credit losses (Expected Credit Losses).
Aon’s cyber capabilities can support organisations in embracing
a risk based approach. This facilitates the deployment of a
more effective cyber insurance strategy to help optimise the
total cost of risk associated with cyber exposures
Reducing an organisation’s property total cost of risk
(TCOR) is fundamental to its operational resiliency and
financial bottom line. Aon Property Laser is a unique
property and business interruption risk management
methodology that incorporates leading-edge diagnostic
and analytical tools to quantify risk exposure. By
identifying and analysing key property performance
indicators, Aon Property Laser helps organisations
to improve their risk profile, while also making the
insurance policy work more effectively should a loss
occur. Our property experts benchmark pre-loss and
post-loss risk management practices, activities and
results, to help assess and optimise an organisation’s
property risk profile.
Many businesses and governments have been reporting on environmental and climate data for over 15 years now, but the way they do is set to change. Following the UN’s Paris
Agreement to address climate risk by cutting greenhouse gas emissions, financial regulators are increasingly concerned about the systemic risks that climate change poses to the financial
system. After the 2008 financial crisis, regulators do not want any disorderly transitions in the market due to a misallocation of capital
Aon has developed a proprietary diagnostic tool to help risk leaders quickly assess their organization’s global supply chain exposures across a variety of key marketplace supply chain indicators.
In the complex and dynamic global risk environment, risk managers play an increasingly vital role in helping their organizations understand, prioritize and manage critical exposures affecting their operations and supply chains.
Today, along with catastrophic property risks, expanding cyber threats, terrorism, supplier insolvency, product integrity and reputational issues, businesses relying on global supply chains must navigate widening geopolitical challenges brought by rising nationalism.
As business leaders, planning, finance and operations executives strive to anticipate how these developments might affect their cross-border trade relationships, effective and forward-looking supply chain risk management is critical to sound decision-making. Aon’s Supply Chain Diagnostic helps clients flag supply chain vulnerabilities and improve resiliency.
Global supply chain management brochureGraeme Cross
Aon’s Approach to supply chain management recognizes the wide spectrum of risks that can negatively impact our clients’ business operations, some of which are common to all industries and others very specific to a particular segment. We bring efficiency to the process by triaging each client’s specific supply chain needs, and deploying a hand-picked team of specialists that can develop industry specific solutions ranging from risk identification and quantification to tailored risk financing programs and claim resolution strategies.
The Aon Global Client Network is the backbone of Aon Risk Solutions’ international network, connecting clients and colleagues with expertise, counsel and resources available in over 120 countries in which Aon Risk Solutions is represented. Aon’s network is the largest majority owned network, unsurpassed in geographic breadth and depth of talent.
On June 27, 2017, a widespread WannaCry ransomware variant referred to by a number of names, including GoldenEye, Petya, NotPetya, and ExPetr, began impacting computer systems around the world. Similar to the recent WannaCry ransomware attack, victims are being asked to pay a ransom of $300 in bitcoin.
Are you a risk or finance leader of an organization with exposures across multiple territories?
Take our Global Optimization Index survey. The 75 questions are
directly related to international risk management and will help you to measure your company’s risk management practices as compared to Aon’s best practice standards and find areas of focus to enhance the performance of your multinational risk management approach.
Aon’s continually growing directory of intellectual capital provides the latest insights into innovative ways of identifying, quantifying, and managing a wide range of current and emerging risks.
Aon’s guide to Political Risk, Terrorism & Political Violence
The Political Risk Map primarily focuses on economic and fiscal risks, specifically in emerging economies, while the Terrorism and Political Violence Map consider issues such as civil commotion and war and has a global focus.
While comparisons are possible across the two maps and certain countries will be affected by both sets of perils, these are two specific risks with accompanying sub-sets of perils that help to establish ratings for each country.
Together these maps are helping our clients to better understand the challenges facing them when operating in diverse, international geographies. We would welcome the opportunity to discuss these challenges in more detail with you and explain how Aon’s Crisis Management teams can help identify, manage and mitigate risks to help insulate your people, assets and operations wherever they are located in the world.
Environmental insurance market status Q1 2017Graeme Cross
This paper provides an update on the status of the marketplace for environmental insurance as of early 2017. It starts with a look at the environmental risks associated with a number of common industrial, commercial and institutional activities, and then considers various aspects of the marketplace, with a look at the insurance companies that sell environmental coverage, a review of who buys it and what is new in the market for this year.
Global Cyber Market Overview June 2017Graeme Cross
Highly publicized attacks on blue chip companies, announcements of alliances formed between insurers, reports of partnerships established with cyber security firms and hiring of renowned experts have all contributed to making cyber one of the hottest topics in the insurance industry. However, behind the hype of the media and the marketing battles fought by insurers and brokers to position themselves as leaders in the market, there is the reality of a genuine opportunity. In this paper, we explore how the cyber insurance market has evolved in recent year
Aon GDPR prepare and protect solution placematGraeme Cross
The EU’s General Data Protection
Regulation (GDPR) comes into effect on
the 25th of May 2018, enforcing strict
new measures for any organisation
globally handling the personal data
of EU individuals.
Organisations have steps to take to
comply with GDPR and meet the
ongoing data privacy rights of their
clients and employees.
Failure to comply may result in enforcement
action, including fines of up to €20 million
or 4% of your organisation’s annual
worldwide revenue, whichever is greater.
“The European Union data privacy landscape is about to undergo dramatic change, with lasting enterprise wide implications for the way that organisations handle, protect and use the personal data of EU individuals.
Organisations of all sizes, across all industries, and geographies that process personal data of EU residents need to take steps now to comply with the new EU General Data Protection Regulation by 2018, to satisfy management fiduciary duties
and avoid potentially costly penalties.”
Need MCA leads? No sweat! MCAs are great for small biz funding. Learn how to snag top-notch leads: businesses needing cash, with repayment ability, decision-makers, and accurate contacts. Use content, social ads, lead platforms, partnerships, and capture processes for quality leads.
https://www.leadgeneration.media/blog/b/streamline-your-mca-sales-process-with-pre-qualified-leads
Lixin Azarmehr, a Los Angeles-based real estate development trailblazer, co-founded JL Real Estate Development (JL RED) in 2015 and serves as its CEO. Her expertise has propelled the firm to specialize in luxury residential and mixed-use commercial projects, with a portfolio that features upscale retail spaces and sophisticated care facilities.
Torun Center Residences Istanbul - Listing TurkeyListing Turkey
THERE IS LIFE IN ITS CENTER!
The most energetic spot of the city that will add utterly different pleasures to your life, with a park that will make Istanbul breathe, delighting indoor and outdoor bistros, cafes, restaurants, the brand-new Food Hall concept, where dozens of unique tastes are served together, market area, cinema, theater, fitness club, SPA and event venue...
All the pleasures that will enrich your lives are awaiting you on the most beautiful side of the city, at Torun Center Residences. In Mecidiyeköy, where the heart of Istanbul beats, business, life and entertainment opportunities are located at the exact center, at Torun Center, the most beautiful side of the city.
Penthouse apartments and different styles of flats from 1 + 1 to 4 + 1, from 100 to 425 square meters in a 42-story residence tower, have been designed for those who want to live in the center of magnificence. Torun Center is the redefinition of a better life with specially landscaped floor gardens, apartment options with private balconies, and automatic glass systems equipped with Trickle Ventilation that offers clean air comfort.
Business and life in the same place
Excellent service
Torun Center has many delightful details, from a swimming pool to sunbathing and resting terrace. With 24/7 concierge services, 24/7 security, valet, technical service, closed-circuit camera system (CCTV), central heating and cooling system, it makes your life easier.
Delightful details
The two-story Torun Center Lounge, with its indoor and outdoor seating areas, children's playroom, private dining and TV lounge, promises unforgettable memories to you and your loved ones with its unique Istanbul view.
Neighboring to the most pleasant square of Istanbul
A few steps from the Torun Center Residences, you can reach the city's most modern city square and open the doors of a quality city life. Torun Center Residences brings together on the same project the long-awaited city life for Istanbul and gourmet restaurants, cafes, gym and SPA, and state-of-the-art cinema and Artı Stage, hosting the most famous plays of the season.
Located at the intersection of alternative public transportation options such as the metro and Metrobus, Torun Center comes to the fore as the most accessible office for both sides of Istanbul. With a central location and rich transportation lines, Torun Center offices make life easier for employees and increase productivity.
Oeiras Tech City, Developed by RE Capital and REIG, Will Become Lisbon's Futu...Newman George Leech
Oeiras Tech City, a historic development in the Oeiras municipality of Lisbon, is acquired by RE Capital and REIG. It is located on a 93,000-square-meter plot of land and combines co-living, business, and residential areas. It highlights ESG principles and is close to Tagus Park, which improves the urban landscape of Lisbon.
Keep Your Home Naturally Cool and Warm Out Change in Seasons
Vinra Construction is a private limited company registered under the ROC. The management has an experience of over 15 years of understanding the needs and delivering apt solutions to the end users We are providing turnkey solutions in construction fields. like Construction, Interior Designing Facility Management, Plantation Management, etc..
Vinra Construction Tech Enabled Company for Eco-Friendly Home Construction
Contact With Vinra for a Greener Future >>> Call us @ 888 4898 765
Investing In The US As A Canadian… And How To Do It RIGHT!! (feat. Erwin Szet...Volition Properties
=== Investing In The US As A Canadian… And How To Do It RIGHT!! (feat. Erwin Szeto) ===
Ever been curious about Real Estate Investing in the US?? At Volition, for the past 14 years, we have been focused on helping investors invest in over $250M of real estate and generate $100M of wealth in the Toronto market, but we are always open to learning more about other business models and learning from other investors.
The US has always been an intriguing market to invest in. But the US is a big place… if you’re interested in investing in the US, you probably have a lot of questions, like:
☑️ Specifically WHERE should you invest?
☑️ What are the best markets to invest in and why?
☑️ How much are property prices there?
☑️ What are the returns like?
☑️ What is cashflow like?
☑️ Compared to investing in Toronto or other cities in Ontario, what are the benefits / tradeoffs?
☑️ What ownership structure should I use?
☑️ What are the tax implications?
☑️ Can I get financing?
☑️ What are tenants like?
Enter Erwin Szeto, a longtime friend of Volition. Since 2005, Erwin Szeto and his team have navigated the challenging landscape of being landlords in Ontario. Now, they are shifting their focus and guiding their clients' investments toward the more landlord-friendly environment of the USA. This decision comes after assisting Canadian clients in transacting over $440,000,000 in income properties. Faced with issues like affordability constraints, tenant-friendly laws, rent control, and rental licensing in Canada, Erwin sees a clear opportunity in the U.S. Here, there is a significant influx of investments leading to the creation of high-paying manufacturing jobs. Erwin and his clients are poised to capitalize on these opportunities where landlord rights are stronger and there is no rent control.
To facilitate this transition, Erwin has partnered with and become a client of SHARE, a one-stop-shop U.S. Asset Manager. Founded by Canadians for Canadians, SHARE enables as passive an ownership experience as possible for landlords in the U.S., while still maintaining direct, 100% ownership.
Erwin is “Making Real Estate Investing Great Again”!!
Website: https://www.infinitywealth.ca/
Facebook: https://www.facebook.com/iwinrealestate and https://www.facebook.com/ErwinSzetoOfficial
Podcast: https://www.truthaboutrealestateinvesting.ca/
Instagram: https://www.instagram.com/iwinrealestate/ and https://www.instagram.com/erwinszeto/
Flat available for sale
Location- Tupudana, Ranchi
Savitri enclave
Area- 3BHK
Rate- 4000/sq.ft.
Super Build Up Area-1629 sq.ft.
Build-up area-1253 sq.ft.
Rate- 65lakh16k(approx)
Floor available- Flat available in all floor(G+12)
Balcony- 2
Washroom- 2
Parking - CAR PARKING
Amenities- Joggers track,temple, children's park,gym,banquet hall (5 Lakh)
Possession year (Handover year)- Dec 2025
Outside View from the apartment and flat balcony is very beautiful.
For more information contact AASHIYANA STAR PROPERTIES
7766900371
MC Heights-Best Construction Company in jhanglaraibfatim009
MC Heights stands as the epitome of excellence in construction within Jhang. With a commitment to unparalleled quality and innovative design, MC Heights redefines urban living in the heart of Jhang. Offering luxurious residential spaces, cutting-edge commercial complexes, and vibrant community areas, MC Heights caters to the diverse needs of modern lifestyles. Our dedication to superior craftsmanship and customer satisfaction ensures that every aspect of MC Heights exceeds expectations, making it the premier choice for those seeking unparalleled sophistication and comfort in Jhang.
Omaxe Sports City Dwarka stands out as a premier residential and recreational destination, offering a blend of luxury and sports-centric living. Located in the thriving area of Dwarka, this project by Omaxe Limited is designed to cater to modern lifestyle needs while promoting a healthy, active living environment.
Rixos Tersane Istanbul Residences Brochure_May2024_ENG.pdfListing Turkey
Tersane Suites Residences is a luxurious real estate project located in the heart of Istanbul, next to the beautiful Golden Horn. This unique development offers hotel concept residences with Rixos management, making it the perfect choice for both homeowners and investors.
The Tersane Suites Residences offers a wide range of options, from studio apartments to spacious four-bedroom units, all designed to the highest standard. The suites are finished with high-quality materials and feature modern, open-plan living spaces, fully-equipped kitchens, and large balconies with stunning views of the city and sea.
One of the standout features of Tersane Suites Residences is the Rixos management, which provides a truly exclusive and upscale living experience. Residents will have access to a range of luxury amenities, including a fitness center, spa, and indoor and outdoor swimming pools. Plus, the on-site restaurants and cafes provide a taste of the local and international cuisine.
The Tersane Suites Residences also offers a great opportunity for investors, as it provides a rental guarantee program. This means that investors can enjoy a steady income stream, with the peace of mind that their property is being managed by a reputable and experienced team.
The location of Tersane Suites Residences is also unbeatable, with easy access to the city’s main transportation links and within close proximity to the historic center, making it the perfect base for exploring all that Istanbul has to offer.
Simpolo Tiles & Bathware
Tile ho,
toh Simpolo.
Since the first steps were taken in 1977, Simpolo Ceramics has carved its niche as a consistently growing organisation with unparalleled innovation and passion rooted in simplicity.
We endure gratification for every experience we offer, created to share something meaningful. It may not resonate with the majority, but that makes us a class apart. If only a handful were to understand the purpose of our existence, we would be proud to have found our believers. Rather, people with whom we can share our beliefs.
VISUALIZER
Design your space in your style with our very own Visualizer. Now, you can choose the tiles of your liking from our wide selection and see how they would look in a space. Select the tile from the multiple options and the visualiser will replace the surfaces in the image with the selected tiles. This way, instead of just your imagination, you can choose the tiles for your place by getting an actual picture of how they would look in a space. So, design your space the way you desire digitally and implement it in real life to get the best results!
You can also share this visualiser with others to help them design their space.
Committed to delighting customers with world-class ceramic products and services. Make Simpolo synonymous with the best quality and set new benchmarks of excellence for all stakeholders. Pursue best business practices with utmost integrity to make Simpolo an exciting organisation to work with, for vendors, channel partners, investors and employees alike.
Gain worldwide recognition in the field of ceramic building products through Research and Innovation and bring an enhanced lifestyle within reach for every household.
Scanning tenants in NYC requires a thorough and compliant approach to ensure you find reliable renters. For a positive rental experience, consider hiring a property management service. Belgium Management LLC specializes in NYC rental property management and tenant relationship management. We prioritize tenant satisfaction, making us a trusted name in New York property management. Our dedicated team ensures tenants feel valued and supported throughout their lease.
Green Homes, Islamabad Presentation .pdfticktoktips
Green Homes Islamabad offers beautifully designed 5, 8, and 10 Marla homes near the airport and motorway. Enjoy luxury, convenience, and high rental returns in a prime location.
The SVN® organization shares a portion of their new weekly listings via their SVN Live® Weekly Property Broadcast. Visit https://svn.com/svn-live/ if you would like to attend our weekly call, which we open up to the brokerage community.
Avrupa Konutlari Yenimahalle - Listing TurkeyListing Turkey
Welcome to Avrupa Konutları Yenimahalle, where luxury living meets unparalleled convenience in the heart of Istanbul. Developed by Artaş Holding, one of Turkey’s leading construction companies, this prestigious residential project offers a contemporary lifestyle experience like no other.
https://listingturkey.com/property/avrupa-konutlari-yenimahalle/
500 acres of brilliance await you here at Riverview City which offers modern living, effortless convenience, and a beautiful natural setting. It is a mega township by Magarpatta City in Loni Kalbhor, Pune. Enjoy easy access to work, schools, and fun while experiencing a perfect work-life balance.
Visit - magarpattacity.developerprojects.in
Elegant Evergreen Homes - Luxury Apartments Redefining Comfort in Yelahanka, ...JagadishKR1
Experience unmatched luxury at Elegant Evergreen Homes, offering exquisite 2, 3, and 4 BHK apartments in the serene locality of Yelahanka, Bangalore. These meticulously crafted homes blend modern design with timeless elegance, providing a harmonious living environment. Enjoy top-tier amenities and a prime location, making Elegant Evergreen Homes the ideal choice for discerning homeowners.
One FNG by Group 108 Sector 142 Noida Construction UpdateOne FNG
One FNG by Group 108 is launching a new commercial project in Sector 142 Noida. Office space and high street retail shops on the FNG and Noida Expressway. For more information visit the website https://www.onefng.com/
One FNG by Group 108 Sector 142 Noida Construction Update
Aon property eye October 2015
1. Aon Risk Solutions
Real Estate
Risk. Reinsurance. Human Resources.
Introduction
Welcome back to Property Eye, the Aon Real Estate newsletter. We’ve been on a diet and now
come as a svelte bulletin. In this edition we look at the funding agreement, give an
introduction to the Insurance Act and have a Q&A with Tim Roberts of British Land.
In this Issue
1 Introduction
1 The Insurance Act
1 UK Terrorism Changes
2 Funding Agreements
– Top Tips
3 Rights to Light – Has the
Law Changed?
5 60 Seconds with Tim Roberts,
Head of Offices & Residential,
British Land
Property Eye
October 2015
The Insurance Act
The Insurance Act received royal assent on 12 February and
will come into force in August 2016. Some have described
this as the most significant change to English insurance
contract law in over 100 years.
The Act will certainly leave policyholders in a
far better position than under the current law.
The key changes affect the duty of disclosure when
arranging a policy and the rules surrounding which policy
terms can be relied upon by insurers to void a policy. The Act is hugely significant as it changes
the legal framework for insurers, policyholders and brokers. If you would like further
information please contact your account team or email realestate@aon.co.uk.
UK Terrorism Changes
Pool Re have announced changes to the Terrorism rates affecting UK renewals from October
2015. These include;
• Pricing: There will be ‘minor changes’ to rates to make sure that the amount of money that
Pool Re generates is fair and transparent and is as risk-reflective as it can be. There will be
discounted rates for SME’s, but changes to the way in which certain clauses are costed
(particularly affecting the business interruption or loss of rent exposure).
• Deductibles: Pool Re will offer a premium discount for deductibles once the deductible gets
to a point ‘where it has an effect on terrorism loss’.
• Risk management: To reward measures such as the government’s ‘crowded places’
initiative with up to 2.5% rate reduction at property level.
2. Property Eye | Aon Risk Solutions | October 2015 2
Optional Page/Section Header
The security components a lender is looking to obtain include a charge over the property itself
and also a charge over the insurances that protect that property. The insurance section of the
funding agreement has the following main elements:
• Description of the insurances that should be in place
• Payment of insurance proceeds
• Provision for the lender’s interest to be noted on the policies
• Borrower’s obligations in respect of those insurances
The market tends to use the LMA (‘Loan Market Association’) form for these types of
agreement and whilst this has recently gone through some updates, in our experience there
remain some pitfalls for you to look out for.
Pitfall Suggestions
Requisite Rating Definition • Allow for the fact that not all insurers will be rated by all listed agencies. Use ‘or’ instead of ‘and’
• Recognise the level of insurer ratings (S&P A- or equivalent is good insurance security)
• Avoid asking for multiple ratings
Requests for First Loss Payee Status:
• Under the public liability (PL) insurance policy
• With no minimum payment limit
• Avoid including any PL requirement – beneficiaries of PL insurance are third parties
• Do not override existing contractual obligations to lessees
• Agree an acceptable level to deal with low value claims, experience indicates £50,000-100,000
is not unreasonable
• Defining all of the above as, ‘excluded insurance proceeds’, will save hours of drafting discussions
Not giving enough time:
• For insurers to agree to the allocation of rights
under policies
• For insurer’s and broker’s legal teams to have enough
time to approve wordings
• Get brokers involved as early as possible (speaking to the lawyers if necessary) and provide a full
copy of the first draft faculty agreement
• Ensure the investment teams are speaking to the insurance teams – brokers have a duty to keep all
information confidential
Lender’s requests for full value cover for all perils are
not always achievable, economic or appropriate for
every market. In particular for natural disasters in areas
where these are common
• For natural catastrophes carve out the full value requirement for exposed territories
• Understand what limits are available at reasonable terms and more importantly, understand what
the true impact of a loss would be
• Ensure the agreement includes the words ‘where available at reasonable economic terms’
The insurance market can change. Cover that
your lending agreement requires today may not be
available tomorrow
Ensure the agreement provides some flexibility
Action resulting from insurers downgrading
e.g. sovereign downgrade
Allow flexibility to maintain an existing insurer
An agreement may contain requirements for future
insurance (e.g. a guarantee that cover will be renewed
on the same terms)
Remove any crystal ball gazing, but ensure that the borrower has an obligation to notify the insurer of
any material changes
Non-disclosure by lenders – if the lender wants to
be an insured party then they have a general duty to
disclose
material facts
There is no market agreement as yet. Insurers take different stances over modifying the principle of
non-disclosure for lenders. The Insurance Act should bring greater clarity
Broker letters of undertaking Are they worth it? Get first party rights on the insurance cover and evidence of the same
Payment of premiums before cover incepts Include provision for payment within agreed credit terms
Insurer notices of assignment – assignment being
presented as a fait accompli
Insurers will always have to get their own legal team to agree or will negotiate amendments to terms.
The solution is to pre-agree the assigment wording with your insurer
Funding Agreements – Top Tips
The insurance section of a funding agreement may be tiny, but it
can delay the entire deal. It is worth spending some time at the
outset to get it right and avoid frustrating negotiation further
down the line.
3. Property Eye | Aon Risk Solutions | October 2015 3
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Rights to Light – Has the Law Changed?
With much of the recent commentary on the case of Coventry v Lawrence and the Law
Commission recommendations, you may be forgiven for thinking it has. However, whilst
Coventry – Lawrence did mark a slight shift in emphasis in how the courts will interpret
the existing caselaw, the Law Commission recommendations are currently only that;
recommendations. If they are eventually implemented, they will certainly alter the way Rights
to Light situations are handled. Alison Murrin, Senior Professional Development Lawyer at
Ashurst LLP explains how.
The Law Commission Recommendations
Introduction
The Law Commission issued its consultation for the reform of rights to light in Spring 2013 and
on December 4 2014 it published its report and draft bill. The Commission is seeking to put the
Supreme Court decision in Coventry v Lawrence on a statutory footing. If the legislature has the
time, rights to light will never be the same again.
Coventry v Lawrence did nothing to change the fact that an injunction is the primary remedy for
an interference with a right to light and the courts will always have a wide discretion when
deciding whether to award an injunction. However the case did change the way the courts
decide the question of whether to award damages in lieu of an injunction. The Supreme Court
rejected the rigid application of the ‘working rule’ set out in Shelfer v City of London Electric Light
Company [1895] 1 Ch 287 in favour of a more flexible and balanced approach.
Injunction v damages
The Law Commission has endorsed this by recommending a statutory test which has, at its
heart, the concept of proportionality. By applying this new test the courts would not be
permitted to grant an injunction where this would be disproportionate, taking into account
such issues as the conduct of the parties, the public benefit of the development, the delay of
the claimant in enforcing its rights, the loss of amenity (taking into account the extent to which
artificial light is relied on) and the impact of an injunction on the developer. This concept of
proportionality will involve the court in carrying out a balancing exercise, weighing up a
number of factors. This will not necessarily be easy, but at least it does allow the Court to be
more flexible and take into account the public benefit aspect of the grant of planning
permission for the development. However, If the judgement in Coventry v Lawrence is anything
to go by it is likely that it will be very difficult to persuade the courts that anything other than
an injunction is appropriate where the actionable infringement of a right to light relates to a
residential property and the claimant wishes to preserve their light.
Interestingly the Law Commission has decided not to replicate that element of the Shelfer test
which requires the court to consider whether or not it would be ‘oppressive’ in all the
circumstances to award an injunction. Instead the statutory test considers the ‘impact’ of an
injunction on the developer. Of course, it will be down to the courts to rule on the
interpretation of these words.
Article by:
Alison Murrin
Senior Professional Development Lawyer,
Ashurst LLP
+44 (0)20 7859 3123
alison.murrin@ashurst.com
Insurance Commentary by:
Mark Swallow
Technical Director, Legal Indemnities,
Aon
+44 (0)202 7086 3168
mark.swallow@aon.co.uk
4. Property Eye | Aon Risk Solutions | October 2015 4
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Measure of damages
The Law Commission makes no recommendation for a change in the
measure of damages awarded in lieu of an injunction. This is an
extremely complex area of the law and may be a missed opportunity
to change the basis on which damages are calculated and move
away from profit related damages which developers argue are not a
fair assessment of the sum to be paid for the release of the right to
light. However, as the Law Commission points out, a reduction in
the level of damages may actually have the unexpected knock-on
effect of increasing the number of injunctions awarded.
This has not been completely kicked into touch, the Law Commission
suggests that the Government keeps a watching brief on this
particular aspect and reform may follow at a later date.
Prescription
The Law Commission has also made a U-turn and is no longer
recommending the abolition of prescriptive rights. This was a
step too far for many respondents to the consultation and would
have put rights to light on a different footing to other easements.
Instead the Law Commission have suggested a simplification of the
scheme which enables the acquisition of a prescriptive right to light
to be interrupted, and brought to an end, without physically
obstructing the light.
Other recommendations
Other key recommendations include:
• A statutory notice procedure which would enable a landowner to
require their neighbours to tell them within a specified time if they
intend to seek an injunction to protect their right to light, or to
lose that remedy
• Amendment of the law governing where an unused right to light
is treated as abandoned
• A power for the Lands Chamber of the Upper Tribunal to
discharge or modify obsolete or unused rights to light
Conclusion
The Law Commission describe their recommendations for the reform
of the law of rights to light as an undramatic but significant change
in the law designed to update it and to maintain an appropriate
balance between development in the public interest and the
protection of the amenity of our homes and workplaces. However if
these recommendations become law we will surely see a real shift in
how rights to light disputes are handled and resolved.
However, these recommendations will not take effect in full unless
and until the Government responds to, and gives effect to, the
recommendations in the 2011 Report, Making Land Work which
deals with the general reform of the law relating to easements
and covenants.
The recent County Court decision of Scott v Aimiuwu (unreported) indicates that the
Courts will apply the Supreme Court’s reasoning in Coventry v Lawrence in rights to
light cases. In the Scott case damages were awarded in lieu of an injunction and the
damages were calculated on a compensatory basis rather than by reference to a share
of developer’s profit. However each case will turn on its own facts and here the injury
affected secondary rather than primary accommodation. It is a useful decision for
developers in relation to the assessment of damages point, but the Courts may still be
persuaded to award profit related damages in other circumstances.
Insurance Commentary
It could be argued that Coventry v Lawrence and the Law Commission
Report have both served to remind all parties facing rights to light
situations that when you injure a third party’s rights, the remedy is
an injunction and only if compensation can be justified would an
injunction be avoided. It is easy to forget when looking at a rights of
light report, that when a material injury is listed as ‘non-injunctible’
that is the surveyor’s opinion rather than fact and the legal starting
point is the precise opposite.
Insurers are grateful that the courts have moved towards a more
flexible interpretation of the Shelfer requirements for compensation
to replace injunction. However, there has not yet been any knock-on
effect on the availability of cover nor on premiums. Coventry v
Lawrence was not a rights of light case and some commentators have
said that for significant injuries to residential properties, the case
may actually make an injunction more likely. The Law Commission
Report, as Alison points out, is still some way off being law.
The Scott case, whilst perhaps indicating a trend within the judicial
system, cannot yet be relied upon when underwriting and so
insurers continue to adopt a cautious approach.
The risk from rights of light injuries remains very real and insurance
will continue to be a valuable tool for developers and funders when
faced with such issues.