News & Analysis as of

Marine Insurance

Marshall Dennehey

U.S. Supreme Court Held that Choice-of-Law Clauses in Maritime Contracts Are Presumptively Enforceable Under Federal Maritime Law

Marshall Dennehey on

Great Lakes Insurance SE v. Raiders Retreat Realty Co., LLC, Case No. 22-500 (Feb. 21, 2024) - On February 21, 2024, the Supreme Court of the United States, in a unanimous opinion delivered by Justice Kavanaugh, held that...more

Pillsbury - Policyholder Pulse blog

Red Sea Dangers: Increasing Insurance Premiums and Introducing Coverage Exclusions for Vessels Transiting the Red Sea

Yemeni-based Houthi forces have attacked more than two dozen vessels transiting the Red Sea since the October 7, 2023, start of the current Israel-Hamas conflict, leading to a surge in marine war insurance premiums. Houthi...more

Hinshaw & Culbertson - Insights for Insurers

[White Paper] United States Insurance Trends and Decisions 2023

As 2024 rapidly approaches, we look back at some of the key decisions, trends, and developments impacting the U.S. insurance industry in 2023 and look ahead at some trends and cases to watch in 2024. Insurers continue to...more

Hinshaw & Culbertson - Insights for Insurers

Two Cases Directly Impacting Insurers are Currently Pending Before the United States Supreme Court

Rulings by the United States Supreme Court profoundly impact insurers as businesses and corporate citizens. Additionally, decisions from the U.S. Supreme Court can also influence claims and policyholders' liabilities for...more

Adams and Reese LLP

Choice of Law in Marine Insurance - What's SCOTUS Going to Do?

Adams and Reese LLP on

Choice of law clauses are a valuable tool for parties to preemptively decide which jurisdiction’s laws should apply to the enforcement and interpretation of insurance policies. Typically, these contracts stipulate that the...more

Seward & Kissel LLP

The Poseidon Principles for Marine Insurance

Seward & Kissel LLP on

According to the International Maritime Organization (IMO), the shipping industry currently accounts for 2.2% of global emission of greenhouse gases (GHG), with the potential, if left unregulated, to increase 50-250% by 2050....more

Holland & Knight LLP

Marine Market and Insurance Under Biden: New Opportunities in 2021?

Holland & Knight LLP on

Although the marine market saw significant fluxuations as a result of COVID-19, declining oil and gas prices, and international trade sanctions, 2021 promises new opportunities. The Biden Administration's plan for significant...more

American Conference Institute (ACI)

[Virtual Event] AML & OFAC for the Insurance Industry - January 21st, 8:45 am - 5:00 pm EST

ACI’s Virtual Forum on AML & OFAC Compliance for the Insurance Industry offers one day of key insights, strategic knowledge, and actionable solutions to ensure that your business avoids costly sanctions and ensures compliance...more

Cozen O'Connor

English Court Considers if U.S. Controlled Marine Insurers Must Pay Claim in Light of Sanctions

Cozen O'Connor on

Mamancochet Mining Limited v Aegis Managing Agency Limited and Others - In this important recent marine insurance case, London based but U.S. controlled insurers were ordered by an English court to pay a cargo insurance...more

Hogan Lovells

UK: Sanctions exclusion clauses: What can we learn from Mamancochet Mining Limited v Aegis Managing Agency Limited and Others...

Hogan Lovells on

On 12 October 2018 the High Court handed down judgment in a case that concerned a claim brought against insurers for payment under a marine cargo policy relating to the theft of steel billets from an Iranian port in late...more

Carlton Fields

Federal Court In Puerto Rico Voids Marine Insurance Policy Based Upon Misrepresentation In Insurance Application

Carlton Fields on

QBE Seguros brought a successful action declaring a marine insurance policy was void ab initio under the doctrine of uberrimae fidei and the breach of the warranty of truthfulness in the application for insurance....more

Carlton Fields

Ninth Circuit Finds Arbitration Clause Showed Clear And Unmistakable Intent To Resolve Arbitrability Questions By Arbitration

Carlton Fields on

Finding Montana law was inapplicable to the subject insurance policy under both federal maritime choice-of-law principles and the policy language, the Ninth Circuit Court of Appeals determined that an arbitration clause was...more

Hogan Lovells

The future of Hong Kong's insurance industry – New focus on reinsurance and captives?

Hogan Lovells on

The Hong Kong Financial Services Development Council, an advisory body to the government, has recently released a report on the Hong Kong insurance sector. Its key recommendations are...more

Holland & Knight LLP

Marine Insurance in the Trump Presidency: Smooth Sailing in 2017?

Holland & Knight LLP on

Although the Trump Administration's plans for significant infrastructure investment, including key ports and terminals, bode well for the marine industry, it is unclear how proposed restrictive trade policies will impact port...more

A&O Shearman

"Collateral lies" do not necessarily undermine an insurance claim

A&O Shearman on

An insured was not precluded from recovering under an insurance policy even though it had made a false statement during the claims process with a view to strengthening its claim. The Supreme Court in Versloot Dredging BV &...more

Cozen O'Connor

The Second Circuit Requires Insureds To Be Truthful With Its Insurers

Cozen O'Connor on

In a twist on the old adage, “bad facts make bad law”, the Second Circuit’s recent decision in Fireman’s Fund Insurance Company v. Great American Insurance Company of New York, Civil Action No. 14-1346-cv, 2016 WL 2943139 (2d...more

Carlton Fields

Alabama Puts The Mystery Back Into All-Risk Coverage

Carlton Fields on

Insuring property against loss creates an unavoidable moral hazard: policyholders often have an incentive to cause or allow their property to disappear. Early efforts to limit insurers’ exposure to that risk—such as requiring...more

K&L Gates LLP

New UK Insurance Act Coming into Force in August 2016 - Some Practical Tips for Policyholders in Anticipation of the Changes

K&L Gates LLP on

As reported in our earlier alert the new Insurance Act (which will govern insurance policies placed, amended or renewed from 12 August 2016) is designed to provide a more up to date framework for commercial insurance in...more

Zelle  LLP

The Argument for Utmost Good Faith in Property Insurance

Zelle LLP on

The term “bad faith” is commonly understood as a breach of the implied duty of good faith and fair dealing recognized in insurance contracts due to the “special relationship” between an insured and an insurer. Breach of this...more

Benesch

Marine Insurance Coverage—The Uberrimae Fidei Defense and Reliance as a Necessary Factor

Benesch on

On August 20, 2015, the U.S. Court of Appeals for the Eighth Circuit ruled that demonstrating reliance is required to void a marine insurance policy under the uberrimae fidei defense. In doing so, the court reversed the...more

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