Proskauer - Insurance Recovery & Counseling

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New York, NY 10036-8299, United States

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West Virginia High Court Examines Number Of Occurrences Under Liability Insurance Policy

This year, the Supreme Court of Appeals of West Virginia issued an important decision concerning whether a carbon monoxide leak is a single or multiple occurrence under a liability insurance policy. Kosnoski, et al. v. Rogers,…more
| Civil Procedure, Commercial Law & Contracts, Personal Injury, Insurance

New York’s High Court Finds Contractual Limitation Period Unenforceable, Where it Places Policyholder in Impossible Catch-22 Situation

How is a policyholder supposed to obtain coverage under a policy that requires the insured to bring its claim within two years of the loss and also imposes preconditions on bringing a claim that cannot reasonably be satisfied…more
| Civil Procedure, Commercial Law & Contracts, Insurance, Real Estate - Commercial

Mind Your Ds and Os: Policy Language Proves Determinative in Director and Officer Insurance Coverage

A recent pair of opinions from New York and Pennsylvania shows the importance of evaluating all parts of director and officer (D&O) insurance coverage, down to each definition. These cases, one holding for the insured and one…more
| Bankruptcy, Commercial Law & Contracts, Insurance

New York’s High Court Holds That An Insurer’s Delay in Disclaiming Coverage Could Be Excused When The Delay Resulted From Unsuccessful Attempts To Secure The Policyholder’s Cooperation

Until recently, New York’s Insurance Law presented something of a dilemma for insurance companies concerning how quickly they were required to inform their policyholders that they were denying coverage for a claim. On the one…more
| Civil Procedure, Commercial Law & Contracts, Insurance

Federal Judge Concludes Restitution May Be Covered Under Commonly Used Professional Liability Policy Language

A federal judge in Minnesota recently held that “restitution” paid to settle a class action lawsuit was covered under the terms of a professional liability policy. The court in U.S. Bank National Ass’n et al. v. Indian Harbor…more
| Civil Remedies, Commercial Law & Contracts, Finance & Banking, Insurance, Professional Malpractice

SEC Commissioner Highlights Need for Cyber-Risk Management in Speech at New York Stock Exchange

As we’ve previously reported, cyber risks are an increasingly common risk facing businesses of all kinds. In a recent speech given at the New York Stock Exchange, SEC Commissioner Luis A. Aguilar emphasized that cybersecurity…more
| Commercial Law & Contracts, Privacy, Science, Computers, & Technology, Securities Law

New Jersey Court Holds that Six-Month Delay in Providing Notice to Carrier Bars Coverage under Claims-Made Policy

Policyholders often are cautioned to provide notice of a claim to their insurance carrier as soon as possible to avoid the risk that the carrier will deny coverage due to late notice. A recent court decision in New Jersey…more
| Civil Procedure, Commercial Law & Contracts, Insurance

New Mandatory Exclusions in Standard CGL Policies Limit Coverage for Data Breaches

The insurance industry continues to respond to the growing threat of data breaches by directing businesses facing that risk towards new, risk-specific cyber insurance products, while attempting to restrict coverage for data…more
| Commercial Law & Contracts, Communications & Media Law, Privacy, Insurance, Science, Computers, & Technology

Alabama Supreme Court Reverses Course, Finds Insurance Coverage for Faulty Workmanship Claims

Companies such as homebuilders, construction companies and contractors face significant financial risk from bodily injury and property damage claims arising from allegedly faulty workmanship or construction defects. Although…more
| Civil Procedure, Commercial Law & Contracts, Construction Law, Personal Injury, Insurance

Policyholders Beware: New York Court Finds Policyholder Forfeited Excess Coverage By Settling With Underlying Carriers For Less Than Full Limits

Many excess insurance policies provide that coverage is not available unless all underlying insurers have first paid the full limits of their policies. Relying on such language, excess insurers argue that when a policyholder…more
| Commercial Law & Contracts, Insurance

Pennsylvania Superior Court Finds Coverage Under CGL Policy For Product Defect Claims

Policyholders seeking defense costs for products liability claims received welcome support from a Pennsylvania appellate court which rejected an excessively restrictive view of the scope of coverage offered under commercial…more
| Civil Procedure, Commercial Law & Contracts, Personal Injury, Insurance, Products Liability

First Circuit Orders AIG To Advance Defense Costs In FDIC Suit Because Of “Likelihood Of A Remote Possibility Of Coverage”

On March 31, 2014, the First Circuit reaffirmed the breadth of an insurer’s duty to defend. In W Holding Co., Inc. v. AIG Ins. Co.-Puerto Rico, No. 12–2008, 2014 WL 1280246 (1st Cir. Mar. 31, 2014), the appellate court ruled…more
| Business Organizations, Civil Procedure, Commercial Law & Contracts, Finance & Banking, Insurance
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