Explore the Category

Be careful how you draft resolutions empowering someone to sign

26 September 2017 | General

A resolution in favour of one of three trustees by which he was ‘authorised to sign the necessary documentation’ could not be construed as a general authority to enter into contracts. In the context it was held that this resolution only authorised the purchase of a farm and the authorised signatory was not entitled to enter into other business agreements with the defendant.

Insurance claim barred because of once-and-for-all rule (US)

21 September 2017 | General

A New Jersey appeals court held that a contractor’s lawsuit against the insurer demanding cover for a claim against the contractors arising from a construction defect was barred because the claim should have been brought in a previous lawsuit that had freed the insurer from any duty to defend the third party claim.

Aggregation of claims for related transactions

21 September 2017 | General

Where a policy aggregated claims for ‘similar acts or omissions in a series of related matters or transactions’ the enquiry was whether there was a real connection between the transactions in which they occurred.

Insurance exclusion for ‘that particular part’ on which ‘performing operations’ (US)

20 September 2017 | General

The insured subcontracted a builder to build 53 prefabricated modular units for its residential blindness rehabilitation facility. The insurer denied an indemnity for water damage under a partly completed roof saying that the applicable exclusion barred coverage for ‘that particular part’ of property on which the policyholder or its subcontractors ‘are performing operations’.

quick poll

Question

What do you believe will be the biggest challenge when the COFI framework is finally implemented?

Answer

The cost and complexity of relicensing Demonstrating customer outcomes through data and reporting Embedding a customer-first culture across the business Aligning existing compliance frameworks with COFI requirements

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