Supreme Court Finalises its Decision in AIG Europe Limited (Appellant) v Woodman and others (Respondent)Park Square Barristers
The Supreme Court yesterday handed down its decision in AIG Europe Limited (Appellant) v Woodman and others (Respondent).
The case concerned the correct interpretation of the aggregation provisions in the Minimum Terms and Conditions to be contained in solicitors’ professional indemnity insurance.
The Supreme Court overturned the Court of Appeal’s earlier decision and held that the test to determine whether certain claims were “in a series of related matters and transactions” was an objective one taking the transactions in the round: that the starting point was to identify the relevant matter or transactions and held, by reference to the facts as they currently appeared in the case, that there were differences between the two different investment schemes such that they were not “in a series of related matters and transactions.”
This decision is likely to impact on all those who deal with professional indemnity claims, whether advising claimants or defendant and may impact on claims against other professionals such as accountants, brokers, IFAs and construction professionals. Simon Arnold, in conjunction with Leeds Law Society is delivering a seminar on this case, at chambers, on 31 March 2017. For details, and to book, please click on Leeds Law Society