Be aware of drafting (or seeking to interpret) a contractual indemnity provision in isolation. Appreciating the wider contractual context will avoid surprises. The Supreme Court has held that the indemnity clause in an SPA did not operate to indemnify the buyer of an insurance broker against compensation paid to customers as a result of mis-selling.
In January 2013, the European Commission set up an expert group composed of 20 members from 12 Member States and tasked it with examining whether differences in Member States’ contract laws impeded cross-border supply of, and use of, insurance and insurance products. The Commission’s concern was that differences in insurance contract law were restricting the