Injunction granted regarding site access, but not on vibration and water ingress counts
Hiscox has obtained a High Court injunction against developers of the Pinnacle skyscraper site with regards to site access.
However, the Lloyd's insurer was not granted an injunction with regards to vibration levels and water ingress, although it said that Pinnacle site owners gave further assurances to Hiscox in court.
A full hearing will take place on 21 January 2008.
Site owners Arab Investments said in a statement: "On 19 December 2007, the Chancery Division of the High Court heard an application brought by Hiscox for an interim injunction to establish finite levels of vibration to restrict demolition on the site, where the iconic tower, The Pinnacle, is to be constructed.
"The application also sought relief for access requirements water ingress. The 2-hour time estimate was not adequate to hear the application, which was adjourned until the week commencing 21 January 2008. The issue before the Court was therefore the terms on which the application would be adjourned.
"On the substantive issue of vibration, the Court decided in favour of The Pinnacle by refusing to impose the finite levels of vibration sought by Hiscox. There is a method statement currently in place between the parties which provides for the involvement the City of London Corporation if there is any vibration in excess of agreed "trigger levels".
"The trigger level mechanism and involvement of the City were deemed adequate protection for Hiscox in the interim period until the hearing in January 2007. Relating to the minor issues of access and water, the Court granted Hiscox's application on access, but refused any relief in relation to water ingress."
Hiscox said in a statement: "Yesterday Hiscox spent the day in front of the Chancellor, the senior civil judge in England. Following a long hearing we were granted an injunction in respect of our access problems and the Pinnacle also gave assurances to the court in respect of vibration/noise levels and water ingress.
"The Chancellor expressly warned the Pinnacle/Arab Investments about the likely consequences of breach of these assurances. If the injunction is breached the sanctions are criminal and we could apply to have the Directors of Arab Investments imprisoned.
"The injunction lasts until 21st January when we are back in court pressing our case again."
See today's Insurance Times for the full story.