KSB Succeeds in Arbitration Proceedings
May, 2011 - Prague, Czech Republic
Law firm Kocián Šolc Balaštík successfully represented its client, a major Czech insurance company, in a dispute concerning a claim to insurance proceeds in the amount of CZK 127 million with interest and charges.
The Arbitration Court Attached to the Economic Chamber of the Czech Republic and the Agricultural Chamber of the Czech Republic issued an arbitration award on 15 April 2011, by which it denied the action in the full extent thereof and recognized reimbursement of the costs of the litigation in favour of the insurance company.
The insurance company succeeded in the litigation by its arguments for application of an insurance exception, since the deals financed by the insurance company’s client were performed between interconnected persons, i.e. in conflict with the conditions stipulated by the insurance policy.
