Will Bill mention this to Mathew Elderfield and Professor Holohan? Will they write a letter to the Taoiseach seeking urgent legislation to remedy the situation? Will the Taoiseach act? Will he, feck!
Proving a loss of profit is a common event in “business interruption” insurance. It will also arise as part of a claim against a wrongdoer where the damage complained of has closed or stymied the business. However, it is not immediately obvious what the method of calculation should be. The claim is, inherently, speculative. The loss is the profit which would have been generated but for the wrongful act. The turnover for a prior relevant period would be a start, […]
Here are some issues not addressed so far (in the papers I read). (A) Quinn Insurance has a board of Directors. Sean Quinn is not on that board. The board has said nothing about the seizure of the company by the Provisional Administrators. Sean Quinn never stops talking about it and issuing press releases and public statements, including TV interviews. Is he in fact in charge of Quinn Insurance? This is possible. Under Section 27 of the Companies Act 1990:- […]
See HERE for a post on the possibility of difficulties with insurance companies. Readers might like to know of the provisions of Section 55 (3) (f) of the Consumer Protection Act 2007. It reads: “55.- (3) A trader shall not engage in any of the following commercial practices: … (d) in relation to a consumer’s claim on an insurance policy, doing either or both of the following: (i) requiring the consumer to produce documents irrelevant to the validity of the […]