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Do Not Pass Go. Do Not Collect $200?: D&O Insurance—Advance Warning on Fee Advancement

In a recent string of decisions, the Delaware Chancery Court has addressed the scope of the right of Directors and Officers to have their legal expenses paid while governmental investigations or legal proceedings against them...more

Avoiding Gamesmanship in Appointing Appraisal Umpires

Appraisal has long been utilized as a tool for resolution of disputes over the amount of loss at issue in property insurance claims. Unfortunately, the appraisal process has devolved in recent years. What was once considered...more

Vermont Revises Credit For Reinsurance Regulation

The Vermont Department of Financial Regulation recently amended its regulation pertaining to credit for reinsurance. As we detailed on June 16, 2015, the amendment follows a proposal issued by the Department of Financial...more

New Jersey Court Rejects Theory of Spoliation By Encouragement

Three years out, Superstorm Sandy litigation continues to wend its way through New Jersey’s courts.  Last weekend, a federal judge in the state handed a victory to the insurer in Stiso v. State Farm Fire & Cas. Co., 2015 U.S....more

Commission discusses insurance sector

Commission Director General, Olivier Guersent, spoke on the Capital Markets Union action plan with particular attention to the Solvency 2 Delegated Act. Mr Guersent highlighted the main aspects of the Act as being the...more

Treasury and U.S. Trade Representative Notify Congress of Intent to Initiate Negotiations on Covered Agreement With EU Regarding...

On Friday, November 20, 2015, the U.S. Department of the Treasury and the U.S. Trade Representative (USTR) notified the chairs of the U.S. House Financial Services Committee, House Ways and Means Committee, Senate Banking...more

Court Finds That Follow The Fortunes Doctrine Does Not Apply To Claims Against A Reinsurance Program’s TPA, But Dismisses Suit...

A New York federal district court recently held that the follow the fortunes doctrine does not govern certain claims brought against a third-party administrator of a reinsurance program, but otherwise granted the...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

Data Security Breaches: Are you covered?

Data security breaches can have a significant impact a company’s bottom line. While larger corporations may be able to sustain the financial hit, small to mid-size corporations can be significantly impacted from the financial...more

Triple Threat to Coverage: Third Circuit Departs From Three Fundamental Rules in Applying “Prior Publication” Exclusion

Three well-established rules — (1) that policy exclusions are to be interpreted narrowly, (2) that an insurer has the burden to prove the applicability of an exclusion, and (3) that an insurer has a duty to defend as long as...more

No Escape from Duty to Defend By Escape Clause

Underwriters of Interest Subscribing to Policy Number A15274001 v. ProBuilders Specialty Insurance Company - Court of Appeal, Fourth Appellate District (October 23, 2015) - The California Fourth Appellate District...more

NYDFS Letter: “Potential” Cybersecurity Regulations for Insurers

On November 9, 2015, the New York Department of Financial Services (NYDFS) issued a letter that describes what insurers can expect from the Department’s ongoing assessment of cybersecurity measures. The letter parallels...more

Second Circuit’s Policy Language Interpretation Leaves Insurer Down in the Dumps

So this dump truck can’t make it through an overpass on I-90; the crash knocks the dump box off the truck and into the road. Five minutes later (or 30 seconds, if you believe some people), along comes Mr. Itzkowitz, with his...more

Make Your Insurance Policies List and Check It Twice

As the holidays rapidly approach, it is a perfect time for retailers to review their insurance policies and understand the extent of their coverage. Seasonal hires, new products and revisions in services may expose retailers...more

Insurer’s Action To Arbitrate Stayed In Lieu Of Earlier-Filed State Court Coverage Action

An Illinois federal court recently stayed an insurer’s petition to compel arbitration of a dispute with its policyholder, finding that abstention in favor of an earlier-filed suit involving the parties was appropriate under...more

IAIS reports on regulation and supervision of Microtakaful

The Islamic Financial Services Board (IFSB) and IAIS have issued a joint paper on issues in regulation and supervision of Microtakaful (Islamic microinsurance)....more

Social Engineering Losses—Embarrassing Scam or Insured Loss?

The term Social Engineering keeps cropping up recently in the new world of cybersecurity—to what does this term refer? To a scam as old as the hills. You know the con: an innocuous person asks you to accept a cashier’s...more

Claims Management Company Discloses Possible FCPA Violations

On November 9, an Atlanta-based claims management firm, disclosed that it had reported possible FCPA violations to DOJ and SEC. The company discovered the possible violations during an internal audit and has since launched an...more

NY Insurance Law 3420(d)(2) Is Strictly Enforced

It is of paramount importance that liability insurers doing business in New York be aware of the heightened disclaimer obligations applicable to claims implicating Insurance Law § 3420(d)(2). The statute, which applies to...more

Illinois Insurance Department Proposes Amendment to Cumbersome Records Retention and Destruction Requirements

The Illinois Department of Insurance (“ IL DOI”) has proposed an amendment to Illinois’ insurer record retention requirements, which would significantly reduce reporting, book-keeping and retention obligations. The current...more

ESAs consult on PRIIPS KID

EBA, ESMA and EIOPA (the European Supervisory Authorities – ESAs) are consulting on draft RTS on the layout of the Key Information Document (KID) to be used under the Packaged Retail and Insurance-based Investment Products...more

Coverage for Business Interruption in Cyber Occurrences

Among the most critical cyber risks facing policyholders is the risk of business interruption in the event of a network breach or other cyber event. In our experience, the costs related to business interruption potentially...more

The Elephant in the Room – Catastrophic Property Damage from a Cyber Attack

This past October was the country’s first National Cyber Security Awareness Month, and that makes it an appropriate time to touch on a very troubling first-party exposure. Every day brings news of massive cyber attacks on...more

Florida Court Clarifies When Coverage Is Available Under Commercial Property Policy For Matching To Achieve Aesthetic Uniformity

In Great American Insurance Co. of New York v. The Towers of Quayside No. 4 Condominium Assn., 2015 U.S. Dist. LEXIS 150358 (S.D. Fla. November 5, 2015), the court analyzed a Motion for Summary Judgment filed by Great...more

Stadium Owners Watching Closely To See if Insurer Fumbles Reggie Bush Claim

San Francisco 49ers running back Reggie Bush reportedly intends to sue the city of St. Louis after slipping on a concrete surface behind the St. Louis Rams’ bench during a recent game, injuring his knee and ending his season....more

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