WR Berkley Insurance (Europe) Ltd & Ors
Payment into escrow did not constitute an ascertained loss or an immediately enforceable obligation to indemnify under the insurance policy; only payments out of escrow in accordance with the agreement would represent compensatory damages and insured loss.
- Parties
- Appellant/defendant: WR Berkley Insurance (Europe) Limited; Appellant/defendant: Aspen Insurance UK Limited; Respondent/claimant: Teal Assurance Company Limited
- Jurisdiction
- England and Wales
- Judgment Date
- 25 January 2017
- Procedural Posture
- Civil Appeal / Judgment on Appeal
- Outcome
- appeal dismissed
- Legal Topics
- Professional Indemnity Insurance, Reinsurance, Escrow Agreements, Settlement Agreements, Ascertainment of Liability
Case Brief
Summary, issues, holding and outcome
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Parties
WR Berkley Insurance (Europe) Limited
Appellant/defendant
Aspen Insurance UK Limited
Appellant/defendant
Teal Assurance Company Limited
Respondent/claimant
Procedural Posture
Civil Appeal / Judgment on Appeal
Legal Issues
- 1 Whether payment into escrow constitutes an ascertained loss for indemnity under professional indemnity insurance
- 2 Whether the insured's liability was established and quantified by entry into the Payment Deed and Escrow Agreement and/or payment of the Escrow Amount
Ratio Decidendi
Payment into escrow did not constitute an ascertained loss or an immediately enforceable obligation to indemnify under the insurance policy; only payments out of escrow in accordance with the agreement would represent compensatory damages and insured loss.
Court Disposition
appeal dismissed
Orders
- Appeal dismissed; Eder J’s decision affirmed.
Full Case Text
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