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TODAY'S TOP DEVELOPMENTS Wednesday, April 8, 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 Superstorm Sandy Flood Exclusion Dooms Law Firm's Bid for Business Income Coverage in Superstorm Sandy Case In a Superstorm Sandy case, the U.S. District Court for the Southern District of New York has ruled that the flood exclusion in an insurance policy issued to a law firm located in lower Manhattan precluded its claim for loss of business income resulting from evacuation orders issued by New York City's mayor. Read More Superstorm Sandy In Superstorm Sandy Case, Third Circuit Holds that "Insured Property" Under SFIP Did Not Include Land In a Superstorm Sandy case, the U.S. Court of Appeals for the Third Circuit has ruled that the "insured property" under a National Flood Insurance Program Dwelling Form Standard Flood Insurance Policy meant only the specific structures and items of property that were insured by the SFIP (such as the insureds' house) and not the entire parcel of land owned by the insureds. Thus, it held, the policy did not cover the cost of removing storm-generated debris not owned by the insureds from their land outside their house. Read More Superstorm Sandy Insurer's Default in Superstorm Sandy Case Is Set Aside as Court Rules that Insurer's Miscalculation of Deadline to Respond to Complaint Had Been Only Negligent A federal district court in New Jersey has granted an insurance company's motion to set aside the default that had been entered against it after it had failed to answer or otherwise respond to its insureds' complaint in a Superstorm Sandy action, concluding that the insurer's miscalculation of the date by which it had to respond had been negligent, but not willful. Read More Flood Circuit Affirms Ruling that Home's Lower Level Was a Basement Where One Side Was About an Inch Below Concrete Apron Surrounding In-Ground Pool The U.S. Court of Appeals for the First Circuit, affirming a district court's decision, has ruled that the lower level of a two-level home was a basement for purposes of a standard flood insurance policy where it was subgrade on three sides, the fourth side was 0.76" below a concrete apron that surrounded an in-ground swimming pool, and a person had to step up slightly to exit the house onto the concrete apron. Read More View All Case Law Developments    LEGISLATIVE/REGULATORY In the States Iowa, Maine, and Missouri Join International Information Exchange Agreement The insurance supervisors of Iowa, Maine, and Missouri have joined an international supervisory cooperation and information exchange agreement. Read More Life Insurance Monetary Authority of Singapore Creates Web Portal for Consumers to Compare Life Insurance Products Online and Buy without Commissions The Monetary Authority of Singapore has created a new web portal called compareFIRST that allows consumers to compare life insurance products of different companies and to purchase insurance without paying commissions. On the site, life insurance companies sell direct purchase insurance, a class of simple life insurance products sold without commissions and financial advice. Read More View All Legislative/Regulatory Developments      INDUSTRY NEWS Former Metropolitan Life In-House Counsel Gregg P. Hirsch Joins Mound Cotton Wollan & Greengrass as Special Counsel Read More Insurance Coverage Litigators Darin L. Brooks, Meagan W. Glover, and Brian E. Waters Join Gray, Reed & McGraw Read More XL Group Creates XL Innovate, A Venture Capital Initiative; Taps Tom Hutton as Leader Read More Matt Parker is Promoted to President of Markel Specialty Read More Catamaran and OptumRx to Combine Read More View All Industry News   Q&A Insurance for a Rented Condo Browse our entire library of over 2,500 insurance resources and forms.    INSURANCE COVERAGE  LAW REPORT View Entire March / April Insurance Coverage Law Report   View Insurance Coverage Law Report Archives   Steven A. Meyerowitz, ESQ. Director, FC&S Legal smeyerowitz@SummitProNets.com 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 Donald S. Malecki, Malecki, Deimling, Nielander & Associates, LLC Cort T. Malone, Anderson Kill & Olick, 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 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    LinkedIn   To ensure future delivery of email, please add admin@list.nationalunderwriter.com to your address book, contacts or safe sender list. You have received this email at %%merge members_.emailaddr_%%. Click here to unsubscribe from %%merge list.descshort%%. ©2015 Summit Professional Networks, All rights reserved. Privacy Policy 4157 Olympic Blvd., Suite 225 Erlanger, KY 41018 1-800-543-0874