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TODAY'S TOP DEVELOPMENTS Tuesday, July 1, 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 Umbrella Umbrella Carriers Are Liable for Insured’s Post-Hurricane “Removal of Debris” Damages, Circuit Finds The U.S. Court of Appeals for the Fifth Circuit, reversing a district court’s decision, has ruled that four umbrella insurance carriers were liable for removal of debris expenses an energy exploration and development company said it had incurred as a result of Hurricane Ike. The circuit court rejected the umbrella carriers’ contention that their policies only took effect if the insured’s underlying/primary insurance was exhausted by claims that would be covered by the umbrella policies. Read More Health Insurance South Carolina Supreme Court Limits Retroactivity of State Law Governing Supplemental Health Insurance Policies The South Carolina Supreme Court, in response to questions certified to it by a federal district court, has ruled that a state law governing supplemental health insurance policies could not be applied retroactively to a policy that was in effect prior to the effective dates of the state law. Read More Commercial General Liability Montana Supreme Court Asked to Decide Whether Insurer Must Demonstrate Prejudice from Late Notice to Avoid Duty to Defend and Indemnify The U.S. Court of Appeals for the Ninth Circuit has asked the Montana Supreme Court to decide whether, in a case involving a claim of damages by a third party, an insurer that did not receive timely notice according to the terms of an insurance policy must demonstrate prejudice from the lack of notice to avoid defense and indemnification of the insured. Read More Flood Homeowners Find Flood Claim Doomed By Their Failure to File Proofs of Loss or to Timely Bring Suit A federal district court in Pennsylvania has granted summary judgment to an insurance carrier after finding that two homeowners had failed to file proofs of loss documenting their claims that their home’s foundation and heating system had been damaged in a flood or to timely bring suit against their insurer. Read More View All Case Law Developments    LEGISLATIVE/REGULATORY Flood Massachusetts Senate, Joining the House, Passes Bill to Cap Flood Insurance Rates The Massachusetts Senate has passed a flood insurance bill that would prohibit creditors from requiring homeowners to purchase flood insurance in an amount that exceeds the outstanding balance of their mortgage, requires coverage for contents, or includes a deductible of less than $5,000. Read More Homeowners Insurance OIG Report Highlights “Considerable Financial Harm” to Fannie Mae and Freddie Mac in Lender-Placed Insurance Market A report by the Federal Housing Finance Agency Office of Inspector General has found that Fannie Mae and Freddie Mac have suffered “considerable financial harm” in the lender-placed insurance market and recommends that the FHFA “assess the merits of litigation” by Fannie and Freddie against their servicers and LPI providers “to remedy potential damages caused by past abuses in the LPI market and, then, take appropriate action in this regard.” Read More View All Legislative/Regulatory Developments      INDUSTRY NEWS Assurant Solutions and Service Corporation International Renew Partnership to Provide Preneed Funeral Insurance Read More AmTrust Financial to Acquire Comp Options Insurance Company Read More Aspen Mails Revocation Materials to Shareholders as Endurance Counters with Letter of Its Own Read More Northwestern Mutual Life to Sell Russell Investments to London Stock Exchange Read More M. Steven Levy Named President of Reinsurance Division of Munich Reinsurance America Read More View All Industry News   Discussion Third Party Over Actions Browse our entire library of over 2,500 insurance resources and forms.    INSURANCE COVERAGE  LAW REPORT View Entire July 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%%. ©2014 Summit Professional Networks, All rights reserved. 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