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TODAY'S TOP DEVELOPMENTS Friday, March 6, 2015

 
Industry news, expert analysis, and daily updates on the most significant insurance coverage legal developments—from the insurance and legal experts of The National Underwriter Company.

 CASE LAW

Crime and Employee Dishonesty
In Taylor Bean Bankruptcy, Court Rules that Fidelity Bond Did Not Cover Losses Caused by Majority Shareholder (Lee Farkas) Who Dominated Company
A federal district court in Florida has ruled that Taylor, Bean & Whitaker Mortgage Corporation was not entitled to recover under a fidelity bond for losses caused by its majority shareholder, Lee Farkas, where he so dominated the company that he could not be considered an employee. Read More

Superstorm Sandy

N.J. Federal District Court Refuses to Dismiss Bad Faith Claim in Superstorm Sandy Case – and Decides that N.J. Consumer Fraud Act Applied to Payment of Insurance Benefits
A federal district court in New Jersey, in a Superstorm Sandy case, has refused to dismiss a bad faith claim brought by a homeowner against her insurance company. The court also refused to dismiss the homeowner’s claim against the insurer under the New Jersey Consumer Fraud Act (“CFA”), deciding that the CFA applied to the payment of insurance benefits. Read More

Exclusions
Pollution Exclusion Barred Coverage of Claim that Silica Dust Migrated Up Elevator Shaft from Construction Project, N.Y. Appeals Court Decides
A New York appellate court, reversing a trial court’s decision, has ruled that a pollution exclusion in a first-party insurance policy barred coverage of a claim that construction work caused silica dust to migrate up an elevator shaft and into the insured’s building. Read More

Professional Liability Insurance
Illinois Supreme: “Innocent Insured Doctrine” Did Not Bar Insurer from Completely Rescinding Legal Malpractice Policy for One Partner’s Misrepresentation Made Without Other Partner’s Knowledge
The Illinois Supreme Court, reversing an appellate court’s decision, has ruled that an insurance company could rescind a legal malpractice insurance policy that it had issued to a law firm based on one partner’s misrepresentation in a renewal application, rejecting the argument that the “innocent insured doctrine” prohibited rescission as to a law firm partner who did not have knowledge of that misrepresentation. Read More

View All Case Law Developments
 
 LEGISLATIVE/REGULATORY

Homeowners Insurance

In Settlement with Texas, State Farm Will Refund $352.5 Million to Homeowners
The largest homeowners’ insurer in Texas, State Farm Lloyds, has reached a settlement with the state and will refund approximately $352.5 million to policyholders who, the state asserted, had been overcharged premiums by State Farm. Read More

Insurance Fraud

10 Charged in New York with Staging Vehicular Accidents and Falsifying Collision Reports to Receive Fraudulent Insurance Payments
Ten individuals have been charged in New York with participating in and coordinating a series of staged motor vehicle accidents, as well as falsifying their involvement in other vehicular incidents, to fraudulently collect insurance payouts. The defendants were charged in multiple indictments in New York State Supreme Court with insurance fraud in the third and fourth degrees and falsifying business records in the first degree. Read More

View All Legislative/Regulatory Developments
   
 INDUSTRY NEWS
Long Term Care Insurance Industry Paid $7.8 Billion in Claim Benefits in 2014 Read More

Litigators Dominick Savaiano and Paul Bozych Join Wilson Elser Read More

Teresa Wynn Roseborough Elected to The Hartford’s Board Of Directors
 
Read More

2014 Insured Losses Hit Lowest Level in Five Years, Reports Guy Carpenter
 
Read More

Edward J. Kelly, III, Former Davis Polk Partner, Named to MetLife’s Board of Directors Read More

View All Industry News
 
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Form Analysis
Valuable Papers and Records Coverage Form

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Browse our entire library of over 2,500 insurance resources and forms.
 
 INSURANCE COVERAGE
 LAW REPORT
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View Entire January / February Insurance Coverage Law Report
 
View Insurance Coverage Law Report Archives
 
60px_newMeyerowitz Steven A. Meyerowitz, ESQ.
Director, FC&S Legal
smeyerowitz@SummitProNets.com
60px_newSpears Victoria Prussen Spears, ESQ.
Associate Director, FC&S Legal
vspears@SummitProNets.com
FC&S Legal Editorial Advisory Board
Mitchell J. Auslander, Willkie Farr & Gallagher LLP
Carrie Cope, Schuyler, Roche & Crisham, P.C.
Anjali C. Das, Wilson Elser
John F. Finnegan, Chadbourne & Parke LLP
Michele L. Jacobson, Stroock & Stroock & Lavan LLP
Timothy P. Law, Reed Smith LLP
Cort T. Malone, Anderson Kill, P.C.

D. Milone, Kelley Drye & Warren LLP
Joseph P. Monteleone, Rivkin Radler LLP
Anne M. Murray, Rivkin Radler LLP
Jerold Oshinsky, Kasowitz, Benson, Torres &
Friedman LLP
Seth B. Schafler, Proskauer Rose LLP
Thomas F. Segalla, Goldberg Segalla
David D. Thamann, The National Underwriter Company


FC&S Daily Legal Report ($1,295 annual subscription) is included as part of your subscription to FC&S Legal: The Insurance Information Center. FC&S Daily Legal Report and The Insurance Coverage Law Report are publications of The National Underwriter Company. For more information, visit www.fcandslegal.com. To subscribe to FC&S Legal, please contact customer service at 1-800-543-0874 or customerservice@SummitProNets.com.

FC&S Legal: The Insurance Coverage Law Information Center
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