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FinCEN Tightens the Screws on Money Launderers with Additional Scrutiny of High-Value Residential Real Estate Transactions

Choice real estate markets such as New York, Miami, Los Angeles, San Francisco, San Diego, and San Antonio may offer enticing amenities like buzzing nightlife or sunny beaches, but thanks to the Financial Crimes Enforcement...more

Recent Florida Legislation Will Allow for Creation of Specialty Sinkhole Coverage Lines

The Florida Legislature passed legislation this session that allows specialty limited sinkhole coverage. According to the Florida Office of Insurance Regulation, Florida has more sinkholes than any other U.S. state. As such,...more

Insurers Take Notice: Ninth Circuit Rules that EPA Request Letter Triggers Duty to Defend

On May 11, 2016, the Ninth Circuit Court of Appeals ruled that a general liability insurer owed a duty to defend an environmental matter even though no suit had technically been filed. Ash Grove Cement Co v. Liberty Mutual...more

The Latest on Late Notice in Texas Property Insurance

Texas hail season is in full swing and the courts are giving insureds (and their prospective attorneys) a lot to think about when it comes to turning in those claims. The eagerly awaited decision by the Fifth Circuit in...more

Pennsylvania Title Insurance Notice

Effective May 1, 2016, title insurance premiums and endorsement costs, as recommended by the Title Insurance Rating Bureau of Pennsylvania, will increase by 12% across the board. This increase applies to both the sale and...more

The Uncertainty of Remand in Texas

The United States District Courts in Texas continue to issue conflicting opinions regarding the analysis to be used in determining whether a state court petition contains sufficient allegations against a nondiverse defendant...more

Private Flood Insurance Plans One Step Closer to Hitting the Market

Legislation to allow privatized flood insurance on the market surged unanimously through a House Financial Services Committee mark up. Voting 53-0 on March 2nd, the Committee approved the idea of enabling private flood...more

Texas Tornadoes: Why Risk Mitigation Matters

On Dec. 26, 2015, 12 confirmed tornadoes struck the North Texas area, killing 13 people.[1] Property damage resulting from the tornadoes is currently estimated at $1.2 billion. According to the National Oceanic and...more

Real Estate E&O Policy Exclusions Arising from Bank-Owned Properties [Video]

From the 2015 PLUS Conference session “2015 Real Estate E&O Trends,” Mike Smith (Axis Insurance Services), Eric Myers, RPLU (Victor O. Schinnerer & Co.) and Gary Shendell (Shendell & Pollock) discuss the real estate E&O...more

High Winds Damage Property and Interrupt Business Operations: Do You Have an Insurance Claim?

On February 18 and 19, 2016, some areas in Michigan experienced wind gusts of over 55 miles per hour. Many home and business owners where affected. Thousands were left without electricity, causing the spoilage of perishable...more

Property Insurance Claims? Insurance Attorney Offers Simple Yet Vital Guidelines

Suffering a loss to personal or business property can be a stressful situation. To make things worse, the process of reporting, submitting, and presenting your insurance claim can be complex. This article shares a few...more

Business Succession Planning - February 2016

The transition of a family owned or closely-held business is a significant undertaking even with the best laid plan. This article will outline the issues that should be considered by the business owner in transitioning a...more

Texas Federal Court Rejects Insured’s Attempt To Destroy Diversity By Naming Adjuster As Defendant

The insured in Patel v. Acceptance Indem. Ins. Co., No. 4:15-CV-944-A, 2016 U.S. Dist. LEXIS 10300 (N.D. Tex. Jan. 28, 2016), alleged that Acceptance Indemnity Insurance Company and its adjuster, Charles Payne, did not fully...more

West Coast Real Estate Update: Jan. 2016 #3

Reporting Leases on the Balance Sheet - The International Accounting Standards Board (IASB) announced on Jan. 13, 2016, a new ­– and materially different – manner of accounting for leases. The new standard, IFRS 16...more

Insurance Focus (Italy): Investments covering technical provisions

The draft regulations on investments and assets covering technical provisions (consultation document no. 26/2015) were published on the IVASS (Italian Insurance Supervisory Authority) website on 16 December 2015....more

Florida District Court of Appeals Addresses Voluntary Payment By Insurer After Suit Filed

In a recent decision, another Florida District Court of Appeals weighed in on the issue of whether voluntary payment by an insurer after suit is filed is a “confession of judgment” for purposes of awarding the insureds’...more

FinCEN Targets High-Value Real Estate Transactions in New York and Miami

On January 13, 2016, the Financial Crimes Enforcement Network (“FinCEN”) announced that it had issued a Geographic Targeting Order (“GTO”) which will temporarily require certain title insurance companies to report the...more

Talley’s Insurance Tip of the Month: Winterize your Property Insurance Risks

Talley’s Tip: The cold may very well be here to stay. So, it’s a good time to turn attention to pipes and roofs and try to minimize the risks that come with unusual weather, ice and snow. ...more

First Floods of 2016: Insurance Recovery Tips for Midwestern Businesses

The beginning of 2016 brought floods to the Midwest—and, tragically, loss of life and extensive property damage. With the floodwaters now receding and cleanup underway, affected businesses should consider obtaining insurance...more

Rating Agency Developments

On December 9, 2015, Moody’s published its global methodology for rating securities backed by pools of auto loans and auto leases to individuals. On December 8, 2015, Moody’s published its methodology for rating the temporary...more

Real Property, Financial Services & Title Insurance Update: Weeks Ending November 13 & 20, 2015

REAL PROPERTY UPDATE - Property Damage/Breach of Contract: insurer failed to prove that it provided insured with notification of its right to mediate at the time insured made his claim pursuant to Florida Statutes,...more

Depreciation of Labor Class Action - Minnesota Supreme Court Oral Argument

I’ve been following closely a series of class actions around the country alleging that, in calculating the “actual cash value” of property damage under a homeowners or commercial property insurance policy, insurance companies...more

California Grapples with Landslide Coverage Issues

In California, after a period filled with a major drought, fires, and now predicted heavy rains, we anticipate that this season could bring significant landslide/earth movement losses. Potential insurance coverage to...more

What If We Have Too Much Water: El Niño and Flood Damages

If recent weather forecasts hold true, we can expect an El Nino this rainy season. And with an El Nino comes flooding and related litigation. As counter-intuitive as it may be during this drought, it makes sense for...more

Symptoms of the Texas Progressive Claim Syndrome

Those familiar with the issues faced by insurers in Texas first-party insurance claims, particularly in the realm of hail damage claims, are undoubtedly aware of what has been labeled the "Progressive Claim Syndrome.” In a...more

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