The recent bout of corporate wrong doing is not good news for insurers.
A former FIFA official, Costa Rican Eduardo Li, charged with money laundering and fraud in the US has successfully sued Lloyds in a dispute about cover for his legal defence costs. Lloyds lost their argument that their policy did not cover trials in the US, but Li is not out of trouble yet. As is common with most Directors and Officers Policies, there is an exclusion of wilful misconduct, so if Li is found guilty, Lloyds may try and recover what they have had to pay.
And back home; as more and more emerges about the pension scheme black hole and decisions made in the run up to BHS going into liquidation, their insurers will no doubt be nervously watching developments.
And also living on his nerves is a Californian resident, who has called for the local authorities to finally take action after a pickup smashed into his house. It was the 19th vehicle that has crashed into his property since 1960, four of which have hit the house. He lives by a highway ‘off-ramp’ where motorists frequently build up speed on a long straight stretch of road before the junction and his DIY barriers were no match for the speeding pickup as it tried to leave the highway.