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| TODAY'S TOP DEVELOPMENTS |
Tuesday, June 23, 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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Annuities
Rhode Island Supreme Court Upholds Enforceability of Stranger-Originated Annuity and Its Date-of-Issuance Incontestability Clause
The Rhode Island Supreme Court, in response to certified questions by the U.S. Court of Appeals for the First Circuit, has ruled that an annuity with a death benefit was not infirm for want of an insurable interest when the owner and beneficiary was a stranger to the annuitant, and has upheld a clause in the annuity that purported to make the annuity incontestable from the date of its issuance. Read More
Flood
Absence of Evidence that Wind, Not Water, Caused Superstorm Sandy Damage Dooms Condo Association's Breach of Contract Claim Against Insurer
A federal district court in New Jersey has granted an insurance company's summary judgment motion in a Superstorm Sandy case, ruling that a condo association had not presented evidence demonstrating that damage to the condo had been caused by wind rather than by water, which was excluded by its commercial property insurance policy. Read More
Crime
Investor's Madoff Losses Were Not Covered by Financial Institution Bond, N.Y. Appeals Court Holds
An appellate court in New York, affirming a trial court's decision, has ruled that a financial institution bond did not provide coverage for losses an investor suffered in the Bernard L. Madoff Ponzi scheme. Read More
Homeowners Insurance
Finding Insureds Had Engaged in Fraud and Bad Faith, Court Voids Policy and Enters $4.1 Million Judgment in Insurer's Favor
A federal district court in Missouri, after a bench trial, has ruled that two homeowners had violated their insurance policy's "Concealment or Fraud" provision and that, as a result, their policy was void. The court also entered judgment against the homeowners in the amount of $4,076,806.61. Read More |
View All Case Law Developments |
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Federal Actions
Magistrate Judge Who Ordered Broad Discovery in Superstorm Sandy Cases Is Recommended for N.Y. District Court Seat
U.S. Senator Charles E. Schumer (D-N.Y.) is recommending U.S. Magistrate Judge Gary Brown to President Obama to serve on the bench of the U.S. District Court for the Eastern District of New York. Read More
Automobile Insurance
Lyft Settles Insurance Dispute with New York Regulators
New York regulators have agreed to the terms of a consent order and judgment with Lyft, a company that provides for-hire livery services where the company, among other things, dispatches cars through a phone app. The consent order, which resolves an action filed against Lyft in July 2014, requires Lyft to pay $300,000 in penalties for alleged violations of New York state and municipal laws – one of the largest penalties enacted against a "sharing economy" company to date. Lyft also agreed that it will comply with the relevant provisions of the New York Insurance Law. Read More |
View All Legislative/Regulatory Developments |
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| Seven in 10 Insurers Are Unprepared for Potential Disruption Caused by Autonomous Vehicles, KPMG Survey Finds Read More |
Ironshore Personal Lines Introduces Home and Family Security Endorsement for High Net Worth Insureds Read More |
FC&S Legal Publishes "Fourth Circuit Rules under Maryland Law that Insurer May Not Void Policy Based on Ambiguous Policy Application Questions" Read More |
ACE Highlights Emerging Multinational Insurance Considerations for Professional Services Firms Read More |
Cancer and End-Stage Renal Disease Top List of Costliest Medical Claims, Sun Life Reports Read More |
View All Industry News |
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INSURANCE COVERAGE
LAW REPORT |
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View Entire May / June Insurance Coverage Law Report |
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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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