An oil refinery was insured under a comprehensive insurance contract covering property and business interruption losses. A fire destroyed one of the refinery’s units resulting in a partial shutdown of production.
When calculating the loss indemnity, the insurer required a legal assessment of the terms of the insurance contract due to inaccuracies in the wording contained therein.
KIAP Law Firm's lawyers engaged tax law specialists analysed court practice in disputes relating to the recovery of business losses and examined the specific features of state support for oil refineries. KIAP Law Firm's recommendations regarding the interpretation of the contract terms formed the basis of the decision to pay the insurance indemnity.
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