Contract certainty and policy renewals: Underwriters’ reliance on Brokers’ “All as expiring” statement
In a recent article, “Insurance brokers’ E&O duties regarding unusual policy terms – is there a duty to nanny?”1 we discussed the insured bank’s claim in negligence against its insurance broker (“Edge”) in ABN AMRO Bank –v– [Underwriters] and Edge Brokers (London) [2021] EWHC 442 (Comm), a recent English Commercial Court decision which raises some novel arguments about the duty (if any) to disclose unusual policy terms to Underwriters.
Although it concerns a marine cargo policy with a non-standard, non-damage extension, Mr. Justice Jacobs’ ABN AMRO decision deals with an extraordinary array of legal arguments and principles and could be said to “include the kitchen sink” in this respect – it is well worth a read for those interested in the London subscription market (both marine and non-marine) and its inner workings.
