News & Analysis as of

Property Insurance

OnRisk: Business Interruption Insurance for Hurricane Losses

by K&L Gates LLP on

In this episode of OnRisk, K&L Gates attorneys John Sylvester and Paul Fuener discuss business interruption insurance for hurricane losses, highlighting important steps that policyholders can take to protect their interests...more

Court Holds That Property Insurance Does Not Cover Economic Loss From Purchasing Counterfeit Vintage Wine

In Doyle v. Fireman's Fund Insurance Co. (No. G054197, filed 3/7/18), a California appeals court held that financial loss from purchasing counterfeit vintage wine was not direct and accidental loss or damage to covered...more

Diminution of Value – A Shakespearean tragedy, to be sure!

Woodland Hills personal injury lawyer Barry P. Goldberg is often called upon to advise clients regarding “Diminution of Value” of motor vehicles after an accident. In fact, Mr. Goldberg has authored several articles on the...more

Contractors’ All Risks Insurance: Where are the limits? A lesson from the Bahamas

by Cozen O'Connor on

In a rare foray into insurance law, London’s Privy Council considered the interpretation of a Contractors’ All Risk (CAR) policy in Sun Alliance (Bahamas) Ltd v Scandi Enterprises Ltd (Bahamas), and overturned the decision of...more

Appraiser Declarations Inadmissible When Offered to Challenge the Merits of an Appraisal Award

In Khorsand v. Liberty Mutual Fire Ins. Co. (No. B280273, filed 2/27/18), a California appeals court affirmed an appraisal award favorable to a homeowners insurer, ruling that it was improper to admit as evidence in...more

Illinois Court Addresses Insured’s Entitlement To Replacement Cost Coverage

In the recent case of Libman v. Great Northern Ins. Co., 2018 U.S. Dist. LEXIS 24580 (N.D. IL February 15, 2018), the Court addressed whether a property owner was entitled to replacement cost coverage for loss at an insured...more

Top Developments – February 2017

by White and Williams LLP on

JP Energy Marketing, LLC v. Commerce & Industry Insurance Company, et al., No. 115285, 2018 Okla. LEXIS 11 (Okla. Feb. 5, 2018) - Oklahoma Supreme Court in a case of first impression authorizes an award of appeal-related...more

Impact of US Tax Reform on Insurance Companies

On December 22, 2017, President Donald Trump signed into law a budget reconciliation act commonly referred to as the Tax Cuts and Jobs Act (TCJA). This sweeping tax bill represents the most comprehensive reform of U.S. tax...more

Opening The Pandora’s Box Of Flood Policies, Or How Filing Suit Against Flood Insurers Can Effectively Reduce The Suit Limitations...

by Carlton Fields on

When is an insurer’s “Rejection of Proof of Loss” letter for flood insurance damage, which states on its face that it “is not a denial of your claim,” nevertheless a written denial of claim? According to the Third Circuit in...more

Proving Loss for Business Interruption a Cautionary Tale and a Bad Press

by Reed Smith on

The recent decision in Contact (Print and Packaging) Limited v. Travelers Insurance Company Limited [2018] EWHC 83 (TCC), handed down on 23 January 2018, serves as a salutary reminder that an insured pursuing an indemnity in...more

Businesses Hunt for Coverage for Hurricane Harvey Flooding

by Winstead PC on

Many in the Houston area are keenly aware of the devastating impact the rain from Hurricane Harvey had on the region. There are countless stories of residents and business owners who had never flooded that are now living...more

Property damage, cannabis production at issue in landlord’s insurance coverage dispute

by Thompson Coburn LLP on

A high-profile federal court ruling from Michigan stresses how important it is for landlords to monitor the activities of their tenants. The same decision has provoked discussion about how courts may approach insurance...more

Florida House Passes Assignment of Benefits Legislation

by Locke Lord LLP on

The Florida House of Representatives recently approved HB 7015 with an 82-20 vote. HB 7015 would make significant changes to state law relating to assignment of benefits (“AOB”) and related legal fees in property insurance...more

Fore! Fourth Circuit Affirms No Coverage for Hole-in-One Payments

As proof that almost anything can be insured, hole-in-one insurance is available on the market. Coverage is granted for payments or awards (cars, cruises, golf trips, cash, etc…) given and can be obtained for the right...more

In California, Proposed Legislation To Increase Insureds’ Recoveries From Their Insurance Policies

by Carlton Fields on

After devastating wildfires, California legislators proposed greater wildfire insurance protection, drafting a set of bills. The most important proposed changes are as follows...more

AOB Reform Bill Passes Florida House, Senate Future Uncertain

On January 12, 2018, the Florida House of Representatives passed a bill (HB 7015) that would dramatically affect the way contractors and their lawyers use assignments of benefits (“AOBs”) in first-party property insurance...more

2017 – A Record Setting Year

by Zelle LLP on

2017 was a year of records for sure. Most notably, professional eater Joey Chestnut set a new record by eating 55 glazed doughnuts in eight minutes. At a university in Ohio, 972 people set a record by dressing as penguins. ...more

Flood or Fire: The Montecito Claims

by Selman Breitman LLP on

What is the Efficient Proximate Cause of the Devastating Mudslides in Southern California? At first glance, the destruction in Montecito, California and other areas of Santa Barbara and Ventura Counties on Monday, January...more

Still Crazy After All These Years: Recent Developments on the Standard Mortgage Clause

by Cozen O'Connor on

A not uncommon scenario: after examining the charred debris of a property fire, investigators note that the building’s alarm failed to sound and automatic sprinkler system similarly failed to activate because neither had been...more

It’s Never Too Late to Ensure Your Association is Properly Insured

by Husch Blackwell LLP on

It has been said that insurance is the only product that both the seller and buyer hope is never used. That certainly rings true when it comes to community Associations’ insurance policies, but it does not diminish the need...more

Tax Reform Update: Insurance Provisions – Spotlight on Property & Casualty Insurers

by McDermott Will & Emery on

The final US tax legislation includes a number of provisions that will impact the property & casualty (P&C) insurance sector, including captive insurance companies. Specific to the insurance sector are new rules for computing...more

You Dropped a Bomb (Cyclone) on Me

by Zelle LLP on

Move over Snowmageddon and make way for the “bomb cyclone” which hit the East Coast January 4, 2018. While the official name of this winter storm is “Grayson”, the media focused on the phenomenon (bombogenesis) that...more

Insurance Can Reduce the Financial Repercussions to Your Supply Chain of Superstorms, Wildfires, Climate Change, and Global...

by Blank Rome LLP on

Many companies in today’s global economy are dependent upon the efficient and disruption-free operation of their multinational supply chains. Unfortunately, such supply chains are vulnerable to numerous physical and...more

Latest Earthquake Assignment Decision

by DLA Piper on

Statements made by contracting parties may give rise to enforceable rights. Where there is no contractual relationship, a party that has suffered detriment in reliance on statements made by another may still have remedies in...more

Insurers Brace for a Texas-sized Assessment for FAIR Plan Members

by Locke Lord LLP on

At its recent December 11th meeting in Corpus Christi, Texas, the Governing Committee of the Texas FAIR Plan Association (TFPA) is reported to have approved an assessment for its insurance company members of over $64 million...more

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