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TODAY'S TOP DEVELOPMENTS Monday, May 5, 2014   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 Commercial Property Utility’s Pre-Sandy Power Shutdown Did Not Cause “Direct Physical Loss” to Unharmed Office, Court Rules – But It Rejects Insurer’s Argument that Flood Exclusion Would Have Applied A federal district court in New York has rejected a law firm’s “loss of business income” claim resulting from a utility’s decision to shut down power in anticipation of Superstorm Sandy’s arrival, finding that because the firm’s office had not been damaged, the firm had not suffered “direct physical loss or damage.” However, the court also found, in dicta, that if there had been such a loss, coverage would not have been excluded by the policy’s flood exclusion because “flooding” and concerns of “imminent flooding damage” were not equivalent. Read More Commercial Auto Is “Domestic Employee” Someone Who Works in a Household or an Employee Who Is a U.S. Citizen? A Texas appellate court has ruled that the phrase “domestic employee” as used in a business automobile insurance policy was not ambiguous and referred to someone who worked in a household – rather than to an employee who was a U.S. citizen. Read More Automobile Insurance Appeals Court Upholds Dismissal of Husband’s Suit against Insurer Alleging that It Had Improperly Canceled Coverage on His Pickup on Instructions of His Wife, After They Had Separated An appellate court in Iowa has affirmed a trial court’s decision dismissing a husband’s complaint against his insurance carrier for improperly canceling the coverage on his pickup truck upon the instruction of his wife, from whom he had separated. Read More Excess Excess Insurer May Not Object to Bankrupt Company’s Settlement with Insurer, Seventh Circuit Holds in Opinion by Judge Posner The U.S. Court of Appeals for the Seventh Circuit, in an opinion by Judge Richard A. Posner, has ruled that a nonparty excess insurer of a bankrupt company was not a “party in interest” in the company’s bankruptcy case that could object to its settlement of a dispute with one of its insurance carriers. Read More View All Case Law Developments    LEGISLATIVE/REGULATORY In the States Florida Legislation Would Set New Solvency Standards for Insurance Companies The Florida legislature has passed a bill, SB 1308, that makes fundamental changes to insurer solvency regulation in the state. Read More International Regulation Final Paper on Point of Sale Disclosure in Insurance and Other Sectors Is Released by Joint Forum The Joint Forum has released its final report on point of sale disclosure in the insurance, banking, and securities sectors. Read More View All Legislative/Regulatory Developments      INDUSTRY NEWS The Reinsurance Association of America Elects 2014-2015 Officers Read More Kathleen Reardon Promoted to CEO of Hamilton Re Read More Large Employers “Fully Committed” to Company-Sponsored Benefits, Express Mixed Reaction to Private Health Insurance Exchanges, National Survey Shows Read More Great American Insurance Group Introduces Workers’ Compensation Alternative in Oklahoma Read More “Fundamental Curtailment of Wide Ranging Commercial General Liability Coverage? The ‘Classification Limitation Endorsement’ – Part V” is Published in FC&S Legal’s Flagship Publication, the Insurance Coverage Law Report Read More View All Industry News   Form Analysis Endorsements Used with Personal Auto Browse our entire library of over 2,500 insurance resources and forms.    INSURANCE COVERAGE  LAW REPORT View Entire May 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, Tressler 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_%%. 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