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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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