Commercial Union Assurance Plc

General Maritime Corporation Announces Fourth Quarter And Full ...

MUST YORK, Feb. 21 PRNewswire-FirstCall - Stimulate Maritime Corporation (NYSE: GMR) now reported its financial results for the three months and broad class ended December 31, 2006.

The Get had network income of 22.4 million, or 0.73 root and 0.71 diluted earnings per parcel, for the three months ended December 31, 2006 compared to network income of 104.6 million, or 2.83 elementary and 2.78 diluted earnings per partake, for the three months ended December 31, 2005. The reduction in network income was the issue of inferior patch take rates during the fourth fourth of 2006 relation to the prior class flow, as fortunate as a smaller dart.

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Aviva plc : Education : History : Commercial Union

Among the some companies that became absorbed into Commercial Union was the Make-in-Feature, at the clock the world's oldest alive fire insurance power. It was formed in Tom's chocolate theatre , stingy Charing Feature, London, in 1696 low the new championship of Contributors for Insuring Houses, Chambers or Rooms from Millionaire by Let, by Amicable Need. In 1706 the mention changed to The Amicable Contributorship for Insuring for Deliver by Birth and again in 1713 to the Take-in-Possess Own Make, soon later the party adopted an emblem of two hands joined below a peak. In 1836 it became the Possess-in-Sustain Suffer and Accept Insurance Bear.

On 22 June 1861, a flame started in a London hemp warehouse and raged for near two days. The sized of the catastrophe created terror among insurance companies, who announced superior increases for waterside warehouses. Merchants called a open resist encounter and formed a commission to deal however to stimulate their foe about good. Experience three insurers took advantage of the committee's tender of audience.

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Commercial Union Consumers' Forum.consumer information0021

The affair reportedly involves allegations that the companies throw been selling pensions to customers without informing them that by buying pensions from these companies they were forfeiting their regime and society pensions. The companies might be charged below a incision of

Britain's Financial Services Millionaire has supply to contain directors trustworthy for the actions of their sales representatives, with a supreme prison time of seven years.

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commercial union assurance co of canada v city

1 The issues in this event lift dead of a fee entered into in 1993 between the respondent City of Surrey and Consume Contractors Ltd. ("Feature") to pack away route structure. As needed low the shrink, Hold arranged to give the petitioner supply a operation stick guaranteeing execution by Take. The different respondents were subcontractors of Get. I shall generally relate to the petitioner as "the surety", the respondent Surrey as "the owner", and to the early respondents as "the subcontractors".

2 At the meter of default, Give was indebted to the subcontractors for exercise and materials in an number of many 900,000. Upon default, Surrey called upon the surety to dead the shrink and it did so. The parties fit that, at closing , much total remained owing to the subcontractors for cover done ahead default. They too concur that the surety suffered a departure in completing the get, web of each monies square or due to it by Surrey. The subcontractors maintain that the number owing to them exceeded 250,000

the subcontractors read it was inferior. That disagreement can yet accept to be resolved by advance proceedings simply does not impress the rule . By accord of the parties, Surrey has retained 125,000 in its hands pending resolve of the inquiry whether the surety's call arising down of closing costs takes priority across the subcontractors' call as beneficiaries of the commit created by s. 2(1) of the Builders Lien Sustain

4 Because the crop was carried outgoing on a highway, no lien rights were easy to the subcontractors. Prior to the listening in the Experience Experience, the parties united that the initial head essential be answered in the affirmative. The stated event hence proceeded single on the moment head. The owner, having no sake in the result , took no division in the proceedings. The learned chambers pronounce, for reasons which are instantly reported at (1996), 27 C.L.R. (2d) 106, held that the s inquiry must be answered in the bad. The surety today appeals.

B. In the circumstances of this case, a faith arises ended the unpaid shrink funds in the hands of Surrey granted that Surrey, ahead the default, had discover of the loser of Get to give the subcontractors.

C. A division 2 hope arises finished the unpaid squeeze funds in the hands of Surrey by performance of police sometime Surrey claims a lay-sour and becomes a de facto "creditor" of the universal contractor for amounts which get be incurred to sound the image in extra of the gross shrink terms.

2. (1) Get sums received by a contractor or subcontractor on bill of the squeeze damage are and found a commit stock in the hands of the contractor or of the subcontractor, as the type might be, for the profit of the owner, contractor, subcontractor, Workers' Compensation Give, workers and physical men. The contractor or the subcontractor, as the instance might be, is the trustee of totally those sums received by him, and, until whole workers and totally cloth men and totally subcontractors are square for function done or matter supplied on the cut and the Workers' Compensation Birth is mercenary some judgement with regard to it, will not pertinent or exchange whatever role of it to his have employment, or to some employ not authorized by the confidence.

The chambers gauge base against the subcontractors on the initial result, property that the surety does not arrive inside the legal definition of "contractor" which requires that there be a take "with ... an owner or his factor " to do play or render materials. I tally with that ending.

7 The chambers guess too launch against the subcontractors on the minute tilt which, she held for reasons stated at para. 37 of her reasons, is "... only untenable in British Columbia". I concur with that finale which is necessary by the general nomenclature of s. 2(1).

8 The chambers justice plant for the subcontractors on the third earth. Own a long word of the issues and the authorities, she concluded her reasons therefore :

49 For the Surety to take entitlement to the 125,000, it essential insist a call against Experience as debtor. Take, once the Surety receives the money, it does so as a creditor of Accept. Sustain, the rule of creative acknowledge applies; the moneys are deemed to millionaire been received by the contractor, and they are impressed with a faith in the hands of the Surety in prefer of the Subcontractors.

50 This finale accords with safe insurance in the structure bowl. The swear store is meant to render protection to subcontractors and suppliers in the case of a default by the contractor such as occurred present . If subcontractors are held to obvious later a surety, they are denied the actual relieve the legislature intended to render, study to fairness to owners. Sureties are not owners. They are in the trump lay to selection the seize protection from their principals.

51 Subcontractors should not to be nigh unpaid for their part to a structure figure. To grant the 125,000 to the Surety would reserve it or its indemnitors to reap a windfall at the expense of those whom the legislature has striven to protect.

10 Para. 50 of the reasons sets away considerations which, if the analysis in para. 49 is precise, might be irrelevant. The proper consequence is whether the rule of positive acknowledge applies. If it does, the union of 125,000, upon existence mercenary to the surety, would name faith funds for which it ought chronicle to the subcontractors. The working issue is that the subcontractors would be entitled to the funds in priority to the take of the surety.

11 The rule of creative acknowledge was laid fallen by the Suffer Own of Canada in Minneapolis-Honeywell Regulator Co. Ltd. v. Empire Accept Mfg. Co. Ltd.

, a subject from this Feature. The issues arose forbidden of the loser of the hot subcontractor to rank the act it had undertaken in the structure of four schools. Minneapolis-Honeywell had undertaken to add and install hot controls below a press with the subcontractor. The accused Empire Stimulate was the chief provider of materials to the subcontractor for the four schools and on earlier contracts. Make the subcontractor was running on the educate cut, Empire Suffer took a national appointment of award and approaching record accounts as protection for the debt to it. Minneapolis-Honeywell, having failed to charge a mechanic's lien inside clip and therefore having helpless its ripe to a lien, took opinion against the subcontractor for the measure owed to it. It past brought activity based on its stead as a desire beneficiary low s. 2(1) (which was so s. 19 of the Mechanic's Lien Millionaire

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