Insurance Industry

News & Analysis as of

Blog: Supreme Court rules that “collateral lies” are no bar to a claim on an insurance policy

In Versloot Dredging v HDI Gerling Industrie Versicherung AG [2016] UKSC 45, the Supreme Court held that a claim which is supported by a fraudulent narrative will not be subject to forfeiture under the fraudulent claims rule...more

Real Property & Title Insurance Update: Week Ending July 15, 2016

REAL PROPERTY UPDATE - Foreclosure/Unclean Hands: defense of unclean hands insufficient where borrower alleges bank’s loan officer inflated borrower’s income and assets to qualify for loan where borrower signed off on...more

California Federal Court Dismisses Claims In Class Action To The Extent Plaintiff’s Claims Are Based On The Theory That Rates Were...

In this class action lawsuit in a California federal court, Shasta Linen Company and all those similarly situated brought an action against Applied Underwriters, Inc. and its affiliate entities. Shasta Linen alleges that the...more

Is There Coverage for The Pill Mill Lawsuits?

In an effort to deal with the terrible epidemic of drug abuse and the human and economic costs of this dilemma, the state of West Virginia has brought lawsuits in several jurisdictions against pharmaceutical companies and...more

Impact of Brexit on Policyholders Buying Insurance in the UK Market

Following the UK referendum vote on 23 June to leave the European Union, businesses and individuals around the world are closely monitoring the emerging political, business and economic situation. It is not yet known...more

Black Hat Reports Increase in Cybersecurity Concerns

The 2016 Black Hat Attendee Survey was published in advance of the 2016 Black Hat Conference. Not surprisingly, the respondents to the survey conveyed an increased concern regarding security breaches versus 2015. An alarming...more

Crisis Management in the Gas Patch (Part 1): Control of Well Insurance

In a challenging business climate, such as when oil and gas are selling at low prices, exploration and production companies are not only increasingly selective with their drilling programs and capital expenditures, but are...more

What Are Insurers Using for Excuses Not to Pay Claims?

We have seen a recent rash of cases where defending insurers are stretching to new lengths to force their insureds to contribute substantially more that the deductible bargained for in the policy, often grasping at the straw...more

Fourth Circuit Affirms Denial of Coverage for Accidental Gunshot Injury

On April 14, the Fourth Circuit held that an insurer owed no defense or indemnity coverage for an underlying personal injury suit against the policyholder’s employee, a security guard who accidentally shot a friend while...more

The California Earthquake Authority (CEA) is Considering Purchasing Cat Bonds over Reinsurance

This year the CEA will buy more reinsurance than in prior years, but the CEA may be casting an eye towards revenue bonds as part of its overall claims-paying resources, believing that a bond program could be more effective...more

South Carolina District Court Finds Expert Report Does Not Satisfy Obligation Under Fed.R.Civ.P. 26(a)(1)(A)(iii) To Provide...

A South Carolina federal court found that Companion Property and Casualty Insurance Company’s expert’s testimony did not satisfy its obligation to provide a damages calculation. Companion argued that its failure to disclose...more

The Blockchain: Beyond Bitcoin

Blockchain - While many people in the U.S. are still skeptical that bitcoin will become a mainstream currency, both private and public sectors are gaining interest in the idea that the underlying blockchain technology...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

Wisconsin Supreme Court Holds Insurer Is Entitled To Subrogation Despite Fact That Insured Was Not “Made Whole”

In Dufour v. Progressive Classic Ins. Co., 2016 WI 59 (Wis. 2016), Dairyland Insurance Company’s insured sustained physical injuries and damage to his vehicle following an automobile accident with an underinsured tortfeasor....more

TRIA Update: Insurers May Be Asked to Segregate TRIA Premium

This month, the Federal Insurance Office (“FIO”) issued its “Report on the Overall Effectiveness of the Terrorism Risk Insurance Program” (the “Report”, found here), required by the latest reauthorization of the Terrorism...more

Missing Millions, An Armored Car Conspiracy, And A Fraudulent Connecticut Insurance Application

In determining whether or not to provide insurance to a particular applicant, one thing that insurance companies typically rely on is the insurance application submitted by the prospective insured. The application is designed...more

Brexit: Implications for the Insurance and Reinsurance Industry

Following the so-called “Brexit” referendum held on 23 June 2016, the UK has narrowly voted to leave the European Union. This note briefly discusses the possible issues arising from the decision for the UK and EU insurance...more

New York Appellate Court Finds “Electronic Data” Exclusion Applies to Data Breach

The computer network of a Five Guys Burger franchise, RVST Holdings, LLC (RVST), was hacked. Customers’ credit card information was stolen and used to make numerous fraudulent charges. Trustco Bank brought an action against...more

More Common Sense: Coverage for Collapse Requires More Than an Engineer’s Finding of Substantial Impairment

In February this blog commented on Washington State’s newly-adopted definition of “collapse” in property insurance policies that contain no specific definition of the term. (Observer, February 8, 2016, Common Sense Prevails: ...more

Third Circuit Slams The Door On Coverage For The Cost of Defending Excluded Claims—Then Leaves It Wide Open

An insured corporation settles a class action, and a portion of the settlement pays the plaintiffs’ attorneys. Payments to the class are excluded from coverage under the terms of the corporation’s liability policy. But can...more

Third Party (Rights Against Insurers) Act 2010

The Third Party (Rights Against Insurers) Act 2010 (the “2010 Act”) finally comes into force on 1 August 2016. The 2010 Act makes it easier for a third party to bring a claim against an insurer when the insured party has...more

Information note on non-life insurance products: over-simplification? Article published in Italian on Insurance Daily on July 12,...

The consultation period on Document no. 10/2016 (the Document) ended on June 20. IVASS (the Italian Insurance Supervisory Authority) had opened a public consultation on the amendments to Regulation no. 35/2010 on the...more

Western District of Virginia Confronts Several Legal Issues That Frequently Impact Multi-Party Construction Disputes – Economic...

Allstate Insurance Company v. Structures Design/Build, LLC, 2016 U.S. Dist. LEXIS 34349 (WD VA March 17, 2016) - This construction dispute case arises from a failed pipe connector that caused water damage to a facility...more

Wisconsin Supreme Court Narrowly Interprets the “Permanent Property Insurance” Condition in a Builder’s Risk Policy

In Fontana Builders, Inc. v. Assurance Company of America, Case No. 2014AP821, 2016 WL 3526408 (Wis. Jun. 29, 2016), the Wisconsin Supreme Court addressed whether the purchase of a homeowner’s policy by the occupiers and...more

Subrogation recovery did not violate the made-whole-rule and was not in bad faith per Wisconsin Sup. Ct.

It is highly unusual to find an insurance bad faith case which stems from an insurance company’s subrogation recovery. On July 6th, Wisconsin’s highest court had such a case, reversing the appellate court and holding that...more

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