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.As Northern Counties was in liquidation, Omega claimed against Aspen under the Third Parties (Rights Against Insurers) Act 1930.
A mutual fund whose objective is a balance of stocks and bonds.
Balanced funds tend to be less volatile than stock-only funds.
This process is usually done using the historical performance of the asset classes within sophisticated mathematical models.
Asset allocation does not guarantee against loss; it is a method used to help manage investment risk.
Aspen were at liberty to show the loss was not an insured loss or fell within an exception (MDIS Ltd v Swinbank ).