News & Analysis as of

Pro Rata Allocation Rule

White and Williams LLP

New York State Trial Court: Non-Cumulation Provision in Excess Policies Mandates “All Sums” Allocation

by White and Williams LLP on

On August 18, 2018, the New York Supreme Court, New York County, confirmed a referee’s finding that “all sums” allocation was required under excess policies issued by Midland Insurance Company because they included a...more

Pillsbury - Policyholder Pulse blog

New York’s Highest Court Delivers a Blow to Policyholders in Allocation of Long-Tail Liability Coverage

The conflict between policyholders and insurers over “long-tail” insurance coverage took an unfortunate turn with a recent decision by the New York Court of Appeals on the issue of allocation for long-tail claims. On March...more

Butler Snow LLP

Beware of Bonus Pitfalls: Overtime and Nonexempt Employees

by Butler Snow LLP on

I received a call recently from an employer that wanted to know if it could exclude a newly created job category from an annual bonus program. The employer told me that payments under the program were based on the company’s...more

Carlton Fields

New York’s Highest Court Rejects ‘Unavailability of Insurance Exception’ Under ‘Pro Rata Time on the Risk Allocation’

by Carlton Fields on

On March 27, the New York Court of Appeals unanimously ruled that under a “pro rata time on the risk allocation,” insurers are not liable for years outside their policy periods when there was no insurance available to the...more

Kramer Levin Naftalis & Frankel LLP

Are There Limits to the Remedial Powers of an Indenture Trustee?

In the recent case of Cortlandt St. Recovery Corp. v. Bonderman (NY Ct. Ap. Feb. 20, 2018), the New York Court of Appeals addressed the question of the limits on the authority of an indenture trustee to pursue remedial...more

White and Williams LLP

New York Court of Appeals Rejects Unavailability Exception to Pro Rata Allocation

by White and Williams LLP on

On March 27, 2018, the New York Court of Appeals issued its widely anticipated decision in Keyspan Gas East Corp. v. Munich Reinsurance America, Inc. The issue before the court was whether New York law supports the adoption...more

White and Williams LLP

California Federal Court: “All Sums” Allocation Applies to Meso Case Under CA and NY Law

by White and Williams LLP on

On March 15, 2018, a California federal court (for the Northern District) ruled that under either California or New York law an “all sums” allocation applies to claims for coverage for an underlying mesothelioma wrongful...more

Morris James LLP

When a Pro Rata Dividend Triggers Entire Fairness

by Morris James LLP on

In IRA Trust FBO Bobbie Ahmed v. Crane, Consol. C.A. No. 12742-CB, the Court of Chancery dismissed a stockholder challenge to a reclassification implemented through a pro rata dividend to all stockholders. In addressing the...more

Carlton Fields

Keep The Change – The Southern District Of New York Authorizes Claims Administrator To Retain Portion Of Accrued Interest On...

by Carlton Fields on

When class action settlement funds are not amenable to individual claims or to a meaningful pro rata distribution, courts have used the cy pres doctrine to distribute the funds to nonprofit charitable organizations whose work...more

Bradley Arant Boult Cummings LLP

Keep Viking Pump in Your Long-Tail Claim Toolbox

“Long-tail” claims involve personal injury or property damage from alleged exposure to injury-causing products, such as asbestos or PFCs, over a number of years and multiple policy periods. Courts in various jurisdictions use...more

Murtha Cullina

Insurance Recovery Group News: Murtha Cullina Helps Policyholder Prevail Before Connecticut Appellate Court In Asbestos Coverage...

by Murtha Cullina on

In a significant Connecticut Appellate Court victory for policyholders, Murtha Cullina LLP helped Vanderbilt Minerals, LLC prevail in its coverage case against more than 20 of its insurance carriers, who had issued policies...more

Morris James LLP

Supreme Court of Delaware Decides Long-Standing Dispute in Viking Pump Action

by Morris James LLP on

The Supreme Court of Delaware issued its decision in the long-standing dispute in In re Viking Pump, Inc. and Warren Pumps, LLC. The appeal arose out of several rulings in the Court of Chancery and after a jury trial in the...more

Mintz

Louisiana Supreme Court Adopts Pro Rata Allocation of Defense Costs Among Insurers and Insured

by Mintz on

On September 7, 2016, the Louisiana Supreme Court applied, for the first time, a pro rata allocation method to defense costs where commercial general liability policies provided coverage during a portion of the time of...more

Traub Lieberman Straus & Shrewsberry LLP

Louisiana Supreme Court Adopts Time on the Risk Allocation for Defense Costs

In its recent decision in Arceneaux v. Amstar Corp., 2016 La. LEXIS 1675 (La. Sept. 7, 2016), the Supreme Court of Louisiana had occasion to consider whether an insured must bear a pro rated share of defense costs for...more

Locke Lord LLP

Louisiana Extends Pro Rata Allocation to Defense Costs

by Locke Lord LLP on

The Louisiana Supreme Court has endorsed pro rata allocation of defense costs associated with hearing loss cases across triggered policy periods. The decision reversed a 2015 appellate ruling that pro rata allocation applied...more

Neal, Gerber & Eisenberg LLP

“All Sums” Claims Another Victory, This Time In New York

In Viking Pump, Inc., et al. v. TIG Insurance Co., et al., 2016 N.Y. LEXIS 1018 (N.Y. May 3, 2016), policyholders scored a victory when New York’s highest court applied “all sums” allocation and vertical exhaustion. The...more

McGuireWoods LLP

Big Win for Policyholders in NY: “All Sums” Allocation, Vertical Exhaustion Apply

by McGuireWoods LLP on

On May 3, 2016, the New York Court of Appeals issued a much-anticipated and significant decision on allocation and exhaustion issues in the context of long-tail liability insurance. The case was styled Viking Pump, Inc. v....more

K&L Gates LLP

New York’s Highest Court Issues a Noteworthy Decision, Rejecting “Pro Rata” Allocation in the Asbestos Bodily-Injury Context

by K&L Gates LLP on

On May 3, the New York Court of Appeals unanimously held that an “all-sums” method of allocation should be used to apportion liability among excess insurers based on the policy language at issue in the case. Contrary to...more

McCarter & English, LLP

New York High Court Applies All Sums Allocation To Long-Tail Claims Under Certain Insurance Policies

by McCarter & English, LLP on

The New York Court of Appeals recently answered two certified questions from the Delaware Supreme Court concerning insurance allocation, and the Court’s answers may impact significantly policyholders litigating “long-tail”...more

Murtha Cullina

Insurance Recovery Group News: New York Holds Excess Insurers Liable For “All Sums” Related To Long Tail Claims

by Murtha Cullina on

For more than two decades, the problem of allocating the costs of long tail claims – such as environmental and asbestos claims – among multiple insurance carriers has generally been resolved in one of two ways. Courts in...more

Cozen O'Connor

New York’s Highest Court Creates Exception to Pro Rata Allocation

by Cozen O'Connor on

On May 3, 2016, the New York Court of Appeals answered two certified questions posed by the Delaware Supreme Court regarding the appropriate allocation method for long-tail claims among successive excess carriers. The first...more

Locke Lord LLP

New York’s Highest Court Holds All Sums Allocation And Vertical Exhaustion Applied To Excess Insurance Coverage For Asbestos...

by Locke Lord LLP on

On May 3, 2016, the Court of Appeals of New York issued its opinion in In re Viking Pump, No. 59, 2016 WL 1735790, and found that “all sums” allocation and vertical exhaustion applied to the insureds’ claims to excess...more

Traub Lieberman Straus & Shrewsberry LLP

New York’s Highest Court Rules in Favor of “All Sums” and Vertical Attachment in Certified Question from Delaware Supreme Court

In the recent decision of Viking Pump, Inc., et al. v. TIG Insurance Co., et al., 2016 N.Y. LEXIS 1018 (N.Y. May 3, 2016), the New York Court of Appeals (New York’s highest court), on questions certified by the Delaware...more

Perkins Coie

What Methods of Allocation Will Prevail in New York?

by Perkins Coie on

In the Matter of Viking Pump, Inc. and Warren Pumps LLC Insurance Appeals, No. CTQ-2015-00003 (NY) - Yesterday, on March 29, 2016, the New York Court of Appeals, New York’s highest court, will hear oral argument on two...more

McDermott Will & Emery

Treasury Finalizes Regulations on the Varying Interests Rule Under Section 706

by McDermott Will & Emery on

On August 3, 2015, the U.S. Department of Treasury (Treasury) and the Internal Revenue Service (IRS) issued final regulations under Section 706(d), providing rules for determining the partners’ distributive shares of...more

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