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| TODAY'S TOP DEVELOPMENTS |
Friday, August 7, 2015 |
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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.
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Superstorm Sandy
Insurer's Letter in Response to Superstorm Sandy Claim Was Ambiguous for Statute of Limitations Purposes, N.J. District Court Holds
A federal district court in New Jersey has ruled that a letter sent by an insurance company to homeowners in connection with their Superstorm Sandy damages claim was not an unambiguous formal denial so as to permit the policy's one year statute of limitations to resume running. Read More
Commercial General Liability
Nearly 35 Years After Manville's Bankruptcy Filing, Do We Now Have the Final Insurance-Related Ruling? Undoubtedly Not
Nearly 35 years after the filing of the Chapter 11 cases of Johns-Manville Corporation and its related entities, insurance-related litigation continues. Now, the U.S. Bankruptcy Court for the Southern District of New York has issued a decision on the motion of Marsh USA, Inc., to enforce provisions of Manville's Chapter 11 plan — which had been confirmed in 1986 — to find that claims against Marsh that had been filed in 2009 were barred by the plan and an accompanying bankruptcy court order. Read More
Homeowners Insurance
Filed Rate Doctrine Barred Mortgagors' Complaint Over Alleged "Rebates" and "Kickbacks" Loan Servicer Received from Insurer in Connection with Lender-Placed Insurance, Second Circuit Decides
The U.S. Court of Appeals for the Second Circuit, reversing a district court's decision, has ruled that borrowers' claims that they had been overcharged for lender-placed insurance as a result of "rebates" and "kickbacks" their loan servicer had received from the insurance company were barred by the filed rate doctrine even though the transaction involved an intermediary — the loan servicer — that passed along the cost of the insurance to the borrowers. Read More
Automobile Insurance
Insurer Could Not Face "Joint and Several Liability" Beyond Policy Limits, Wisconsin Appeals Court Holds
An appellate court in Wisconsin has ruled that an insurance company that was sued in a personal injury action along with its insured could not face "joint and several" liability beyond its policy limits where it pleaded its insurance policy limit in its answer and proved that limit by introducing the insurance policy during the trial — even where it had not reasserted that policy limit in a post-verdict motion or objected to language in the judgment making it and its insured "jointly and severally" liable for the full amount of the judgment. Read More |
View All Case Law Developments |
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Federal Actions
AIG, Prudential, and GECC Told to Improve Their "Living Wills"
The Federal Reserve Board and the Federal Deposit Insurance Corporation have provided feedback to three nonbank financial companies regarding their initial resolution plans (so-called "living wills") and guidance to the firms for their upcoming filings. Read More
Insurer Insolvency
South Carolina Insurance Director Proposes Rehabilitation Plan for Multiple Employer Self-Insured Health Plan
South Carolina Insurance Director Raymond F. Farmer, as rehabilitator of the South Carolina Health Cooperative Welfare Benefit Plan, a multiple employer self-insured health plan, has proposed and filed a rehabilitation plan for the health plan with the receivership court. Read More |
View All Legislative/Regulatory Developments |
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| FC&S Legal Publishes "Droning on About Risk: The Potential Difficulties of Insuring Remotely Piloted Aircraft Systems" Read More |
Consumer Reports Offers the "Truth About Car Insurance," Challenging Fairness of Premiums Read More |
Americans' Financial Security Increasingly Tied to Employee Benefits, Guardian Study Finds Read More |
Risks to Drive $10 Billion Cyber Insurance Market by 2020, Says ABI Research Read More |
PartnerRe Agrees to Be Purchased by EXOR for $6.9 Billion Read More |
View All Industry News |
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INSURANCE COVERAGE
LAW REPORT |
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View Entire July/August Insurance Coverage Law Report |
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| View Insurance Coverage Law Report Archives |
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Victoria Prussen Spears, ESQ.
Associate Director, FC&S Legal
vspears@alm.com |
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| 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. |
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Richard 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 |
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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@nuco.com.
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| FC&S Legal: The Insurance Coverage Law Information Center |
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