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Policyholders Gain Right to Damages for Late Payment
May 9, 2016, Covington Alert
On May 4, 2016 the Enterprise Act received the Royal Assent and became law in the UK. Once its relevant provisions come into force on May 4, 2017, it will introduce for the first time into English law a right for policyholders to recover damages for late payment of insurance claims from insurers (Scottish law already recognizes an implied obligation for an insurer to assess a claim reasonably quickly and with diligence).
The new right had been scheduled by the Law Commission for inclusion in the draft legislation that became the Insurance Act 2015. The provisions originally drafted by the Law Commission were amended as a result of pro-insurer pressure during the passage of the Enterprise Bill to add a one-year time limit for policyholders to bring claims.
May 1, 2018
WASHINGTON—Covington advised Elbit Systems Ltd. in its $120 million acquisition of the assets and operations of the privately owned U.S. company, Universal Avionics Systems. Elbit Systems is an international high technology company engaged in a wide range of defense, homeland security, and commercial programs throughout the world. Universal Avionics is a ...
January 22, 2018
WASHINGTON—Covington advised Bacardi Limited in its definitive agreement to acquire Patrón Spirits International AG and its PATRÓN® brand, the world’s top-selling ultra-premium tequila, from John Paul DeJoria, a founder of Patrón. The transaction reflects an enterprise value for Patrón of $5.1 billion. The transaction follows the successful relationship the ...
January 28, 2016
WASHINGTON, DC - Law360 has named six Covington practice groups among its “Practice Groups of the Year.” The practice groups recognized by Law360 are as follows: Government Contracts Insurance International Trade Life Sciences Product Liability Sports