Property Insurance

News & Analysis as of

North Carolina Appellate Court Affirms Summary Judgment In Favor Of Insurer Based Upon Vacancy Provisions

In Holmes v. North Carolina Farm Bureau Mutual Insurance Co. Inc., the court analyzed the vacancy provision of an office-lessor’s insurance policy. 2014 N.C. App. LEXIS 357 (April 15, 2014). Holmes owned office buildings at...more

Superstorm Sandy and Con Edison’s Power Shutdown: Lessons from Johnson Gallagher

In the wake of Superstorm Sandy, property insurers have repeatedly denied coverage for business owners in lower Manhattan – arguing that ConEd intentionally cut off power to its networks and that flooding damaged ConEd’s...more

TRIA Little Harder, Congress!

Insurance relies on uncertainty most of the time, so we price premiums based on events that the actuaries say are predictable en masse instead of unpredictable on an individual basis. But there is one totally predictable and...more

Tenth Circuit Holds That Two-And-One-Half Years And Two-And-One-Half Million Dollars Do Not Constitute Prejudice

In BSC Holding, Inc. et al. v. Lexington Ins. Co., — Fed.Appx. –, 2014 WL 929194 (10th Cir., March 11, 2014), the Tenth Circuit recently underscored how difficult it can be for an insurer to demonstrate prejudice as a result...more

Indiana Changes Course on Application of Intentional Acts Exclusion in Homeowners Policies

In Deeter v. Ind. Farmers Mut. Ins. Co., 999 N.E.2d 82 (Ind. App. 2013), the Indiana appellate court denied property damage proceeds to a husband when his wife admitted to intentionally causing the fire that burned down their...more

A Whole Lotta Shaking Going On In Central US

When underwriters evaluate potential causes of loss in the central United States, perils such as tornados and high winds, hail, and fire are generally identified as the primary risks of loss. But earthquakes? That is not a...more

Shamrock Shake: St. Patrick’s Day Earthquake in Los Angeles Is a Reminder to Check Your Property Insurance Policy

Los Angeles residents didn’t need to go to McDonald’s for their “Shamrock Shake” on St. Patrick’s Day 2014. At 6:25 a.m., a 4.4-magnitude earthquake shook L.A. County out of bed. Monday’s shake serves as a reminder to be...more

West Virginia High Court Finds Carbon Monoxide Exposure Claims Arising from the Same Source Are a “Single Occurrence” for Coverage...

In Kosnoski, et. al. v. Rogers, et. al., Case No. 13-0494 (2/18/14), the West Virginia Supreme Court of Appeals recently held that two different incidents of exposure to carbon monoxide poisoning arose from the same...more

Insurance Antitrust Legal News - March 2014 • Volume 3, Number 2

In This Issue: - FTC COMMISSIONER CRITICIZES PROPOSED LEGISLATION THAT WOULD PERMIT HEALTH PROVIDERS TO NEGOTIATE JOINTLY WITH HEALTH INSURERS: In a February 26 speech before the Connecticut Bar Association,...more

Insurance Law - Feb 21, 2014: Legislative Update: 2013 New York Legislation Affecting Property/Casualty and Life Insurers

Unclaimed Life Insurance Benefits (Chapter 10) - Amends Section 3213-a of the Insurance Law, enacted in 2012, to clarify and strengthen certain provisions relating to the requirement that life insurers perform regular...more

How to Maximize Your Insurance Recovery for Property Damage, Business Interruption, and Supply Chain Losses After “Historic”...

Last week businesses and communities throughout the United States experienced the fifth in a series of major winter storms since the beginning of 2014. Four separate stretches of winter weather affected the United States in...more

Insurance Topics We Will Be Watching in 2014

With the first month of the year behind us, this report outlines major insurance topics that we will be watching throughout 2014. Forces, trends and events that we believe will affect regulation, transactions and...more

Massachusetts Governor Proposes Insurance Industry Pass-Through Tax

Massachusetts Governor Deval Patrick released his proposed FY 2015 budget on January 22, 2014. The proposed budget includes a tax provision that is targeted directly at the licensed insurance industry. Currently, income...more

Top Regulatory Issues for the Insurance Industry in 2014?

The answer depends on whom you ask, of course - and, as Hilary Rowen, partner at law firm Sedgwick LLP, noted: it can also differ by insurance industry sector. Here’s what we heard back....more

In Texas, Waiving Right To Appraisal Takes Prejudice

Texas has perhaps the most substantive body of law on insurance appraisal. In recent years, Texas courts have issued a plethora of appraisal-related decisions covering a vast assortment of topics. Some provide clarity on the...more

Citizens Property Insurance Corp. – Florida Government in Action

Floridians need real help on insurance issues from our legislature and governor and it is not in the area of flood insurance premiums. Floridians need help with insurers who want to accept all the favorable legislation they...more

Protecting Viable Private Equity Investment In The Insurance Sector

In This Issue: - M&A Activity in the Insurance Industry - Developments in the M&A Regulatory Environment - NAIC Private Equity Issues (E) Working Group - The Working Group’s Proposals Subject to Comment ...more

The Calm Before the Storm Is the Time to Consider Insurance Coverage

There were no major hurricanes in 2013. Although the season was projected to be above average in terms of activity, this was the first Atlantic hurri­cane season without a major storm event through the month of November in...more

Is That Covered?

If the long-term predictions prove to be true and we have a snowy Winter in 2013-14, policyholders may be faced with the issue of whether insurance covers damage to a business facility or home due to a roof collapse from the...more

The Fuss Over Fracking: An Examination of the Insurance Issues Associated with Hydro-Fracking

Hydraulic fracturing, commonly referred to as “fracking,” is a drilling process used to extract underground oil or natural gas trapped in hard to reach shale rock formations deep in the earth. The process involves well...more

Insured May Retain Rights to Insurance Proceeds for Covered Losses Predating Foreclosure

In Peacock Hospitality, Inc. v. Association Casualty Ins. Co., — S.W.3d —, 2013 WL 6188597 (Tex. App-San Antonio Nov. 13, 2013), a Texas appellate court overturned a summary judgment ruling in favor of an insurer, Association...more

Scope Of Appraisal Continues To Be Problematic In Texas

Despite the statement by the Texas Supreme Court in State Farm Lloyds v. Johnson that the scant precedent involving disputes about the scope of appraisal suggests that appraisals generally resolve such disputes,” both...more

New York Court of Appeals: Vandalism Coverage under “Named Peril” Property Policy Can Apply Even When Malicious Act Is Not...

In a case with broad implications for property owners near construction sites (Georgitsi Realty, LLC v. Penn-Star Insurance Company, No. 156, October 17, 2013), the New York Court of Appeals has opened the door to broad...more

Texas Hurricane Season: Statutory Requirements for Handling Claims

For Texans, the prime hurricane season from August to September is now over. Although there were no big storms this year, claims handlers still need to be attentive to timely adjusting their first party claims. The Texas...more

Waiver of Right of Appraisal in Property Insurance Claims

A frequent issue in first party property insurance claims is whether a party has waived the right to invoke the appraisal process in the adjustment of a property claim. Appraisal is the mechanism for determining the amount of...more

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