Excess Policies

News & Analysis as of

Policy Observer - March 2014

D&O Coverage for Subpoena Response Costs: An Emerging Consensus? Responding to a subpoena can be an expensive proposition. Fortunately, in many instances, a company can call upon its D&O insurer to help defray the...more

New Ruling Permits Lenders to Require Flood Insurance Coverage in Excess of Loan Amount

Recent events have been highlighted in the press, regarding the redrawing of federal flood hazard maps and proposed increases in premium rates for flood insurance for property owners within special flood hazard zones, which...more

Insurance Recovery Law - Jan 30, 2014

California Court Recognizes Named, Additional Insureds Have Different Expectations - Why it matters: While the holding sounds straightforward – the reasonable expectations of an additional insured about the...more

Not All Policies Are Created Equal: Evergreen State Appeals Court Blocks Policyholder Reach to Excess Insurance After Settlement...

The decision in Quellos Group LLC v. Federal Insurance Co., No. 68478-7-1 (Wash. Ct. App. Nov. 12, 2013) is a reminder that vague policy language can be costly. You may not have access to your excess insurance funds. The...more

Washington Appellate Court Holds That Below-Limits Settlement Fails to Trigger Excess Policies

On November 12, 2013, in Quellos Group LLC v. Federal Insurance Company, the Washington Court of Appeals affirmed summary judgment in favor of two excess professional liability insurers because the excess policies “require[d]...more

Louisiana Court Dismisses Excess Insurer’s Claim Against Primary Insurer

In its recent decision in RSUI Indem. Co. v. American States Ins. Co., 2013 U.S. Dist. LEXIS 161805 (E.D. La. Nov. 13, 2013), the United States District Court for the Eastern District of Louisiana had occasion to consider the...more

Second Circuit Weighs in on D&O Excess Coverage

Case Notes - September 12, 2013 Second Circuit Weighs in on D&O Excess Coverage - A recent hot topic in the world of directors and officers (D&O) liability insurance is the application and interpretation of...more

Reinsurance Newsletter - September 2013: New York Federal Court Limits Cedent’s Right To Reinstatement Premium Payment...

Aioi Nissay Dowa Ins. Co. v. Prosight Specialty Mgmt. Co., 11 Civ. 1330 (JPO), 2013 U.S. Dist. LEXIS 87050, 2013 WL 3111349 (S.D.N.Y. Jun. 20, 2013). A New York federal court sided with a reinsurer in a dispute with a...more

Decision Stings Insureds, Though Impact Overstated

Generations of policyholders' coverage lawyers have feasted on the very brief, 4-paragraph 1928 opinion of Judge Augustus Hand in Zeig v. Massachusetts Bonding & Insurance Co., 23 F. 2d 655, which held that an excess insurer...more

Bad Faith Sentinel - July 2013

CONTENTS - Northern District of Texas: No Bad Faith for Denying Property Damage Claim Due to Insured’s Failure to Allow Insurer More Than a Day’s Time for Inspection Prior to Insured’s Remediation - District of...more

Policy Observer - July 2013

Getting Over the Bar: Second Circuit Requires Actual Payment of Underlying Limits In Order to Trigger Excess D&O Policies - In June, the Second Circuit held that two Federal Insurance Company ("FIC") excess D&O...more

Real Estate Mortgage Excess Servicing Spread is a Real Estate Asset for REIT Purposes

On July 12, the IRS released a private letter ruling issued on April 12, 2013, ruling that certain real estate mortgage excess servicing spread would constitute a real estate asset, and that income received from the spread...more

Late notice by petroleum transporter results in insurance coverage denial

In the matter of Starr Indem. & Liab. Co. v. SGS Petroleum Serv. Corp., Case No. 12-20545 (5th Cir. June 18, 2013), the U.S. Court of Appeals for the Fifth Circuit recently upheld their prior decision in Matador Petroleum...more

Under the Umbrella: Quebec Superior Court Examines Excess Insurer’s Obligation to Defend

I. Introduction - On February 18, 2013, the Honourable Luc Lefebvre of the Quebec Superior Court rendered an interesting judgment regarding the excess insurer’s obligation to defend under an umbrella policy. Said...more

Insurance Recovery Law -- Jun 27, 2013

Policyholders Who Audit Their Policy Language Before Coverage Disputes Arise Can Avoid Problems Down The Road - Policyholders purchase excess insurance policies to provide themselves with additional layers of...more

How Long Should I Keep My Insurance Policies?

Policyholders often ask, “How long should I keep my insurance policies?” Is it three years? Seven years? The short answer is none of the above. Here are some brief recommendations regarding document retention for insurance...more

The “Non-Cumulation” Clause: Another Attempt by Insurers to Escape Coverage Obligations

Imagine the following scenario: your company faces thousands of lawsuits because, years ago, it produced a product that people now say is dangerous. As the claims quickly burn through your primary liability coverage, you...more

Second Circuit Restricts Zeig to First-Party Context, Requiring Actual Payment of Underlying Limits

The U.S. Court of Appeals for the 2nd Circuit recently eliminated the foundation for policyholders’ arguments in favor of “functional exhaustion.” In Ali v. Federal Insurance Co., No. 11-5000-cv (2d Cir. June 4, 2013), the...more

Second Circuit confirms excess insurance is triggered only upon actual payment of all underlying limits

This week Federal Insurance Company achieved an important victory in a long-standing insurance coverage litigation concerning the proper trigger of excess directors and officers insurance. DLA Piper represented Federal, a...more

Patton Boggs Reinsurance Newsletter - June 2013: Eighth Circuit Holds Jurisdiction Clause Endorsement Supersedes ADR Clause

Union Electric Co. v. AEGIS Energy Syndicate 1225, 715 F.3d 366 (8th Cir. 2013). Many cases over the last several years have addressed the perceived conflict between the arbitration clause and the service-of-suit...more

California Court Addresses Horizontal Exhaustion Requirement

In the recent decision Kaiser Cement & Gypsum Corp. v. Insurance Company of the State of Pennsylvania 2013 Cal. App. LEXIS 269 (2nd Dist. April 8, 2013), the California Court of Appeal considered whether horizontal or...more

Illinois Appellate Court Endorses “All Sums” Allocation Rule for Asbestos Bodily Injury Losses under Excess and Umbrella Insurers

On March 5, 2013, the First District Appellate Court of Illinois ruled in John Crane, Inc. v. Admiral Ins. Co., 2013 IL App (1st) 093240-B that excess and umbrella insurers covering asbestos-related injury claims are jointly...more

Illinois Appeals Court Reaffirms Zurich v. Raymark, Strengthens All Sums Precedent Under Illinois Law

In a significant victory for policyholders, the Illinois Appellate Court reversed a trial court decision that John Crane, Inc. (“Crane”) had no excess coverage for asbestos bodily injury claims. By so ruling, the appeals...more

Washington Supreme Court: Insurers May Not Reserve the Right to Seek Reimbursement of Non-covered Defense Costs

The Washington Supreme Court joined a minority of jurisdictions that hold that insurers may not unilaterally reserve the right to seek reimbursement for defense costs paid in defending non-covered claims through a reservation...more

Patton Boggs Reinsurance Newsletter- March 2013: English High Court Affirms Arbitration Award Finding That World Trade Center...

The English High Court of Justice, Queen's Bench Division (Commercial Court) has handed down a decision affirming an arbitral award holding that the September 11, 2001 attack on the World Trade Center arose out of two...more

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