Aioi Nissay Dowa Insurance Company Ltd v Heraldglen Ltd & Ors

Aioi Nissay Dowa Insurance Company Ltd v Heraldglen Ltd & Ors

The Tribunal correctly applied the 'unities' doctrine and found that the losses from the attacks on the Twin Towers arose out of two separate events, not one, for the purposes of aggregation under the reinsurance contracts. The appeal was dismissed as no error of law was found in the Tribunal's reasoning or conclusion.

Parties
Claimant: Aioi Nissay Dowa Insurance Company Limited; Defendant: Heraldglen Limited; Defendant: Advent Capital (No.3) Limited
Jurisdiction
England and Wales
Judgment Date
08 February 2013
Procedural Posture
Appeal Under S. 69 of the Arbitration Act / Judgment on Appeal
Outcome
appeal dismissed
Legal Topics
Aggregation Clauses, Occurrence and Event Definitions, Reinsurance Liability, Catastrophe Excess of Loss, Unities Doctrine
Insurance Law Arbitration Aggregation Clauses Occurrence and Event Definitions Reinsurance Liability Catastrophe Excess of Loss Unities Doctrine

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Parties

Aioi Nissay Dowa Insurance Company Limited

Claimant

Heraldglen Limited

Defendant

Advent Capital (No.3) Limited

Defendant

Procedural Posture

Appeal Under S. 69 of the Arbitration Act / Judgment on Appeal

Legal Issues

  1. 1 Whether losses from the 9/11 attacks on the Twin Towers constitute one or two events for aggregation under reinsurance contracts
  2. 2 Whether the Tribunal erred in law in its application of the 'unities' test

Ratio Decidendi

The Tribunal correctly applied the 'unities' doctrine and found that the losses from the attacks on the Twin Towers arose out of two separate events, not one, for the purposes of aggregation under the reinsurance contracts. The appeal was dismissed as no error of law was found in the Tribunal's reasoning or conclusion.

Court Disposition

appeal dismissed

Orders

  • The Award stands.
  • No error of law found in the Tribunal's conclusion.