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Insurance Updates

Read Insurance Law updates, alerts, news, and legal analysis from leading lawyers and law firms:

No Coverage for Seafood Importer Netted in Phishing Scam

by White and Williams LLP on

On April 16, 2018, Beazley Group issued a report highlighting increased attacks on Microsoft’s cloud-based business products and services. The report stated that successful attacks typically are achieved by tricking employees...more

Court Vacates Arbitration Award In Crop Insurance Dispute That Awarded Remedies Preempted By Federal Law

by Carlton Fields on

The plaintiff, a farming company, demanded arbitration against Diversified Crop Insurance Services over the nonpayment of federally reinsured claims....more

Corporate Insurance Newsletter – March 2018

by Hogan Lovells on

The Hogan Lovells’ Corporate Insurance Newsletter for March has been published. This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants. Please see...more

Drake, a redefining judgment on breach of mandate and contractual damages

by Hogan Lovells on

In a precedent setting judgment, the Supreme Court of Appeal in Drake Flemmer & Orsmond Inc & Another v Gajjar NO [2017] ZASCA 169 (1 December 2017) pronounced on the principles applicable in respect of assessment of...more

Beware of Blanket Additional Insured Endorsements That Require Contractual Privity

New York High Court Finds No Additional Insured Coverage In Absence of Contractual Privity With Named Insured - It is a common practice in the insurance industry for a project owner to require the general contractor to...more

Impaired Property Exclusion Bars Coverage When Loose Bolt Interferes with MRI Unit Operation

In All Green Electric v. Security National Ins. Co. (No. B279456, filed 3/19/18, ord. pub. 4/17/18), a California appeals court ruled that the impaired property exclusion barred coverage for a claim based on the insured’s...more

FFIEC Highlights Cyber Insurance for Financial Institutions

The Federal Financial Institutions Examination Council (FFIEC) has issued a joint statement emphasizing the need for lenders and servicers to include cyber insurance in their risk management program. Although the FFIEC did...more

Making Sure the Good Deed Goes Unpunished: Navigating Director and Officer Liability Insurance for Community Associations

by Ward and Smith, P.A. on

A community or property owner association ("Association") acts through board members and officers who are volunteers and are generally willing to serve because they care about their communities. But in this day and age,...more

The New California Department of Insurance Expedited Title Company Application Process: Fact or Fiction?

Obtaining a California underwritten title company license is generally a lengthy process. Once the application is filed with the California Department of Insurance (CDI), it can take a minimum of 6 to more than 12 months...more

Assessing Business Auto Coverage For Autonomous Vehicles

With the potential addition of autonomous cars and trucks to commercial fleets, commercial insureds should reassess coverage under their commercial auto, products liability and cyber insurance policies. Automation,...more

Compliance with Contractual Provisions to Procure Insurance: The Illusion of Coverage Provided by Certificates of Insurance

by Jaburg Wilk on

Commercial contracts often require the party with less bargaining power to procure insurance for the party with more bargaining power as a way to shift risk and potential liability. General Contractors often require a...more

Who Really Owns That Mitigation Company? Pennsylvania And New York Law Says It Matters If It's The Public Adjuster

It is not unusual for an insurance adjuster to arrive at a new loss to find that the insured has already hired a public adjuster and the public adjuster’s retained remediation company has started to clean up the site. ...more

West Virginia Amends Credit For Reinsurance Statute To Conform To NAIC Model, Effective January 1, 2019

by Carlton Fields on

West Virginia House Bill 4230, approved by Governor Justice on March 27, amends the statutory requirements relating to when an insurer may claim credit for reinsurance to conform to the NAIC model law....more

Contractor Denied Insurance Coverage for Delay, Contract, and Property Damage Claims

A recent decision from the Northern District of Ohio denied insurance coverage for claims involving construction delays, breach of contract, and property damage claims. See Maxum Indemnity Co. v. The Robbins Co., No. 1:17 CV...more

Notice of Entry into Force of EU-US Bilateral Agreement on Insurance and Reinsurance Prudential Measures Published in OJ

A notice confirming the entry into force of the bilateral agreement between the EU and the US on insurance and reinsurance measures was published in the Official Journal of the EU (“OJ“) on April 9, 2018. The notice states...more

Kansas Federal Court Applies Prejudice Requirement to Pollution Buy-Back Endorsement

In its recent decision in PetroSantander (USA), Inc. v. HDI Global Ins. Co., 2018 U.S. Dist. LEXIS 59696 (D. Kan. Apr. 9, 2018), the United States District Court for the District of Kansas, applying Texas law, had occasion to...more

SEC Action Highlights Importance of Specific Language in Directors and Officers Insurance for Fintech and Other Startup Companies

The founder of Mozido, the fintech startup once claimed to be valued at $5.6 billion, has been named as a defendant in a civil lawsuit filed by the Securities and Exchange Commission (SEC). The complaint names Michael Liberty...more

NAIC Disclosure Developments

by Carlton Fields on

Annuity Illustration Standard Changes: On March 2, the Annuity Disclosure (A) Working Group of the National Association of Insurance Commissioners agreed to recommend the adoption of a revision to the NAIC’s Annuity...more

Texas Federal Court Holds Faulty Workmanship Exclusion Applies to All Damage Caused By Drilling Gear Malfunction, Rejects...

When does an excluded loss end and a covered “resulting loss” begin? This thorny question was the subject of a recent decision out of the Southern District of Texas, EMS USA, Inc. v. The Travelers Lloyds Insurance Co., No....more

CMS Benefit and Payment Rule: What is Success for the ACA?

On Monday, CMS published a number of policies changing the dynamics of the individual market, including the Benefit and Payment Parameters for 2019 Final Rule, guidance on hardship exemptions, and a bulletin on transitional...more

Another Bout in the NAIC Best Interest Standard Title Fight

by Carlton Fields on

In response to the National Association of Insurance Commissioners’ (NAIC) Annuity Suitability Working Group’s (Suitability WG) proposed revisions to the "Suitability and Best Interest Standard of Conduct in Annuity...more

What To Prepare For Dinner At Home - A Salad? An Omelet? Maybe Not When E. Coli & Salmonella Is At Risk

by Selman Breitman LLP on

Two East Coast Companies Announce Food Recalls - Thinking about fixing a salad at home today using that ready-to-eat salad mix you bought at the grocery store? If so, and you live in Indiana, Ohio, Pennsylvania or West...more

Insurers Keep Providing Corporate Governance Disclosures Without Complaint—Yet

by Carlton Fields on

Following the financial crisis, the NAIC undertook a solvency modernization initiative (SMI) to update insurance regulators on insurance companies’ regulatory frameworks. One part of the SMI, meant to keep regulators informed...more

New York Trial Court Finds Lexington Has No Duty to Provide Coverage for Damages Stemming from an Insured’s Knowing and...

by Carlton Fields on

County of Suffolk v. Lexington Ins. Co., Case Number 604661-2017, Supreme Court of the State of New York, Suffolk County - Under New York law, the requirement of a fortuitous loss is a necessary element for coverage to...more

Court Of Appeals Upholds Impactful Decision In The Gilbane Case

As we wrote in April 2017, the case of Gilbane Bldg. Co./TDX Constr. Corp., v. St. Paul Fire & Mar. Ins. has become the harbinger of the insurance world in regard to the effectiveness of an additional insured endorsement. On...more

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