Insurers must be aware of insolvency limitation periods

INSURERS and those advising them should be aware of two cases dealing with the Third Parties (Rights Against Insurers) Act 1930 and, in particular, the limitation period that applies to insureds that become insolvent, reports Peter Mellett, consultant solicitor to Cubism Law. These cases present both claims-handling and reserving challenges for professional indemnity insurers and other general liability insurers.