Omega liquidating trust


Aspen were at liberty to show the loss was not an insured loss or fell within an exception (MDIS Ltd v Swinbank [1999]).In this case Aspen failed to show there would have been no liability on their insured, Northern Counties, in negligence, and therefore failed to bring itself within the relevant clause. The examination of the accounting and financial documents of a firm by an objective professional.The audit is done to determine the records' accuracy, consistency, and conformity to legal and accounting principles.Northern Counties supplied Omega with contaminated animal carcasses which Omega, unaware of the contamination, supplied to JG Pears.Omega became liable to pay damages to Pears for breach of contract and Northern Counties was held contractually liable to indemnify Omega for that liability. Aspen provided Northern Counties with insurance under a combined liability insurance policy.A beneficiary can be an individual, company, organization, and so on.The net value of a company's assets, less its liabilities and the liquidation price of its preferred issues.



Asset allocation does not guarantee against loss; it is a method used to help manage investment risk.As Northern Counties was in liquidation, Omega claimed against Aspen under the Third Parties (Rights Against Insurers) Act 1930.The insurance policy contained an exclusion in respect of any liability arising under any contract or agreement unless such liability would have attached to Northern Counties in the absence of such contract or agreement.Shares, when sold, may be worth more or less than their original cost. Please consider the investment objectives, risks, charges, and expenses carefully before investing.

A person named in a life insurance policy, annuity, will, trust, or other agreement to receive a financial benefit upon the death of the owner.

Aspen submitted that Omega could not bring a claim against them as insurers on the basis of the earlier judgment because it conclusively determined that the liability of Northern Counties was in contract and did not find liability on any other basis.