Business Interruption Art
At Charles Russell Speechlys, we understand that these are extremely difficult and challenging times for everyone and we are here to offer as much support as possible to our clients.
Business interruption insurance claims - What we can offer
We are advising a number of UK and international galleries as well as other art market participants regarding the challenges they face during these unprecedented times. Of particular importance to our clients is the need to increase income, save costs or raise funds.
We have been advising clients on claims they may have against their insurers for business interruption losses. These are not easy claims to run and most insurers have to date refused cover. However, from the outset we did not think insurers were right to do so in every circumstance.
Our analysis was confirmed by the judgment handed down on 15 September 2020 in relation to the Financial Conduct Authority’s test case against several defendant insurers. The judgment assessed the degree of coverage provided by various sample insurance clauses in the context of the COVID-19 pandemic, all of which the insurers had denied provided coverage.
The High Court found against the insurers on most issues, and while the judgment’s effect will depend on the individual policy in question, policyholders are now generally in a much stronger position to pursue settlements from their insurers.
Consequently, we would be happy to help you recover any losses you have suffered as a result of the pandemic and we’re happy to do so without any upfront costs to our clients, using our alternative funding model FeesibleTM.
Funding options through FeesibleTM
FeesibleTM is a bespoke disputes funding product we have created to help our clients take some of their major concerns out of the equation. FeesibleTM is shaped by our understanding of the pressures disputes can cause, our experience and knowledge of the funding market and our strong relationships with funders and insurers.
Through FeesibleTM, we can offer a variety of ways that funding for a claim can be structured and risk can be managed between us.
How we can help
We have extensive experience with the insurance sector. Our work centres on “getting the deal done” whether that involves utilising insurance solutions to enable transactions to proceed or litigating to secure insurance recoveries.
We are experienced in pursuing and defending claims under a variety of global insurance programmes across multiple jurisdictions, including applications for negative declaratory relief, jurisdiction challenges, confidential Bermuda Form arbitrations and enforcement. We recognise that an insurance policy is an asset and will ensure that insurers meet their obligations when that asset is called upon. We find insurance coverage where others do not.
Working closely with our top ranked art and luxury team who are fully immersed in the art world, we understand its complexities and sensitivities and how clients need to navigate the challenges and opportunities presented. Our lawyers have wide expertise and unrivalled experience in representing clients in this arena.
We assist clients across the spectrum of the creative world from emerging and street artists through to governments, antiquities dealers and museums. Our lawyers are recognised for their long experience and accomplishment in this field and have been involved in many of the art world’s most important issues.
We have also been assisting clients in other sectors including retail, sport, luxury brands, restaurants, recruitment and landed estates.
What next
Time is of the essence for these claims and so you need to act swiftly. There is nothing you need to do other than send us a copy of your insurance policy and any correspondence you have had regarding a claim with your insurer.
Upon receipt, we can advise whether you have a claim worth pursuing and if you do we will work with you to calculate the losses you’ve suffered.
In addition to insurance claims, we can also offer advice on contracts that may have been affected by COVID-19 (e.g. art fairs, internal suppliers such as cleaners and security), landlord and tenant issues and employment issues plus any other issues you are unexpectedly facing.
Get in touch today to see how we can help
Email: rudy.capildeo@crsblaw.com
Call: +44 (0)207 203 5164
Our thinking
Duncan Lamont
Phone hacking: Charles Russell Speechlys achieves settlement for celebrity clients from Mirror Group Newspapers
Charles Russell Speechlys can today confirm the settlement of privacy claims for unlawful voicemail interception on behalf of six clients.
James Riby
The conveniences and inconveniences of forum non-conveniens
Lauren Fraser
Leasehold Reform – The devil is in the detail
Taking a closer look at the Government's announcement in January that makes home purchase easier and cheaper for leaseholders.
Lauren Fraser
Further extension to ban on residential evictions
There has been a further extension of the ban on enforcement of possession orders at residential dwellings in England until 31 March 2021 .
Graeme Kleiner
Graeme Kleiner, Hugh Gunson and Tom Watts write for Trusts and Estates Law & Tax Journal on the implications of the decision in Mackay v Wesley
Those taking on a trusteeship must be fully informed.
Harman Bains
Spring Budget 2021 – Predictions
Carolyn Davies
Grand designs – Who should take the design risk in an MMC project?
MMC have been touted as a way to tackle costs and inefficiencies within construction, but who takes responsibility for the design ?
Chris Ingram
Tech Connect Newsletter - February 2021
Welcome to the February edition of our Tech Connect Newsletter.
Elliot Michaelson
EMI share options, Covid-19, and Brexit – where are we now?
What are the new measures to employers operating EMI schemes that have been affected by the pandemic?
Harman Bains
Spring Budget 2021 - predictions
Spring budget 2021 - what will the Chancellor do?
Julia Cox
Julia Cox quoted by Citywealth on the shared home exemption
For those who purchased a second home during the past year, they might want to explore the shared home exemption.
Tim Maxwell
Tim Maxwell quoted by the Antiques Trade Gazette on the European Union's proposed ban on the import and export of ivory
Once the UK law comes into effect it will prevent the export of most ivory from the UK regardless of what form the new EU regulation takes.
David Coates
Charles Russell Speechlys advises Exeter Property Group on its acquisition of two property SPVs from the Tritax group
Exeter Property Group is one of the largest real estate investment managers focused on acquiring, developing and managing properties.
David Coates
Charles Russell Speechlys releases H2 2020 deal highlights
Our highlights over the past 6 months are now available.
David Coates
Charles Russell Speechlys advises the founders of The People Development Team (PDT Global) on sale to LTG plc
The People Development Team is a leading provider of online diversity and inclusion training and consultancy services.
Helen Coward
Building anxieties: The impact of a possible CGT rate rise on housebuilders
As the March 2021 budget approaches and a potential CGT rate rise, what does it mean for housebuilders?
Fiona Edmond
Keeping Up With Construction: Pre-procurement - Practical Pointers
Successful procurement is more than the choice of the construction contract.
Piers Master named in eprivateclient’s 50 Most Influential 2021
Piers Master has been included in the rankings recognising the key players in the UK and offshore private client practitioner sector.
Emma Humphreys
Property Patter: The “bubble wrap” option – FAQs on tenant administration
The team look at some key points on tenant administration.
William Marriott
William Marriott quoted by The Telegraph on the impact of Land Registry delays on the UK property market
Home buyers and sellers are at risk of missing the stamp duty holiday because of hold-ups, which could cause deals to collapse.