A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Wrongful conversion

See: Conversion. The wrongful conversion section of the motor trader’s policy covers the insured for: (a) the loss which occurs when a vehicle, purchased from a person who is not the true owner, is reclaimed by the true owner or to whom compensation has to be paid; and (b) loss following the sale of a vehicle in circumstances where the trader is unable to pass a valid title to the purchaser who may claim damages against the trader. The insurance is conditional upon the trader carrying out a check on possible hire purchase agreements that may be in force before parting with his cheque. The trader generally carries the first 20 per cent of any loss.

Wrongful Dismissal

The dismissal of an employee when the employer is in breach of contract. The employee can found a common law action on the breach. An employee, summarily dismissed in breach of his notice and other contractual entitlement, will have a claim for damages unless the dismissal was justified under the employment contract. The risk is insurable by the employer under employment practices liability insurance and legal expenses insurances. Compare with unfair dismissal.

Wrongful trading

A director who trades on knowing that there is no reasonable prospect that the company will avoid going into liquidation, paying its debts and the winding up expenses is guilty of wrongful trading. The Insolvency Act 1986, s.214, provides that a civil remedy may lie against the director who may then become personally liable to contribute to the assets of the company for the benefit of creditors. See DIRECTORS’ AND OFFICERS’ LIABILITY INSURANCE.

WSIA

The Wholesale & Specialty Insurance Association which was formed on August 1, 2017 after members of the American Association of Managing General Agents (AAMGA) and the National Association of Professional Surplus Lines Offices (NAPSLO) voted to merge the two associations and create the Wholesale &amp Specialty Insurance Association. WSIA is a member services organization that serves the entirety of the wholesale, specialty and surplus lines industry.