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TODAY'S TOP DEVELOPMENTS Wednesday, September 30, 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 Commercial General Liability Nebraska Supreme: Insurer Not Liable for Defense Costs Where Insured Settled Suit Before Notifying Insurer The Nebraska Supreme Court has ruled that an insurer was not liable for defense costs where defense of a claim had concluded before the insured had brought the suit to the attention of the insurer and after the parties had entered into a final settlement agreement, reasoning that the “complete lack of an opportunity to engage in the defense” had been “prejudicial to the insurer.” Read More Commercial Property Third Circuit: Mortgagor Was Entitled to Hazard Insurance Proceeds Exceeding Deficiency Judgment for Damage that Occurred to Property Prior to Foreclosure The U.S. Court of Appeals for the Third Circuit, applying Pennsylvania law and reversing a decision by the U.S. District Court for the Eastern District of Pennsylvania, has ruled that a mortgagor was entitled to hazard insurance proceeds in excess of a deficiency judgment for damage that had occurred to the insured property prior to foreclosure. Read More Errors & Omissions Neither Financial Institutions Bond Nor E&O Policy Covered Theft of Clients’ Funds, Michigan District Court Rules A federal district court in Michigan has ruled that insurers that had issued a financial institutions bond and an errors & omissions policy to a financial services company were not responsible for theft of clients’ funds by one of the insured’s employees. Read More Attorney's Fees Virginia Supreme: Judge, Not Jury, Must Decide If Insurer Acted in Bad Faith Before Judge May Award Statutory Attorneys’ Fees and Costs The Virginia Supreme Court, affirming a trial court’s decision, has ruled that a trial judge, not a jury, must determine whether an insurer had breached an insurance contract in bad faith before the trial judge may award attorneys’ fees and costs to the insured pursuant to Virginia Code § 38.2–209(A). Read More View All Case Law Developments    LEGISLATIVE/REGULATORY In the States Rhode Island Insurance Bulletin Rejects Price Optimization in Personal Line Ratemaking The Rhode Island Insurance Department has issued a bulletin to all property and casualty insurers issuing personal lines policies in Rhode Island about so-called “price optimization.” Read More Flood N.Y. Assemblyman Seeks National Coalition on Flood Insurance Reform New York State Assemblyman Phil Goldfeder (D - Rockaway Beach) has written letters to Congressional representatives in Louisiana and Mississippi to request meetings and encourage collaboration on flood insurance reform. Read More View All Legislative/Regulatory Developments      INDUSTRY NEWS Fitch Publishes Report on U.S. and Canadian Life Insurers Read More Scottsdale Insurance Names David Nelson Leader of Contract Underwriting Read More Aon Identifies Seven Emerging Risk Opportunities for Insurance Growth Read More ACE to Appoint Juan Andrade to Lead Company’s Future International Non-Life Insurance Operations Read More Deutsche Bank Hires Celeste Guth to Advise Insurance Companies and Banks Read More View All Industry News   ISO Form CG 00 66 04 13 Browse our entire library of over 2,500 insurance resources and forms.    INSURANCE COVERAGE  LAW REPORT View Entire Septmeber/October Insurance Coverage Law Report   View Insurance Coverage Law Report Archives   Steven A. Meyerowitz, ESQ. Director, FC&S Legal smeyerowitz@alm.com Victoria Prussen Spears, ESQ. Associate Director, FC&S Legal vspears@alm.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 Cort T. Malone, Anderson Kill, P.C. 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 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. 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%%. Copyright ©2015 The National Underwriter Company, A Division of ALM Media LLC. All rights reserved. 4157 Olympic Blvd., Suite 225 Erlanger, KY 41018 1-800-543-0874