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TODAY'S TOP DEVELOPMENTS Wednesday October 29, 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 Personal Watercraft "Family Member" Exclusion Found Ambiguous with Respect to Third Party's Contribution Claim A federal district court in New York has ruled that a "family member" exclusion in a marine insurance policy did not exclude coverage for a third-party claim for contribution against the insured plaintiff that arose from a suit for injuries sustained by the insured plaintiff's wife during a boating accident. Read More Terrorism Risk Insurance TRIA Did Not Permit Plaintiffs to Enforce Judgment against North Korea by Attaching Blocked EFTs, Second Circuit Rules The U.S. Court of Appeals for the Second Circuit, affirming a district court's decision, has ruled that Section 201 of the Terrorism Risk Insurance Act of 2002 ("TRIA") did not permit plaintiffs to enforce their judgment against the Democratic People's Republic of Korea ("North Korea") by attaching electronic fund transfers ("EFTs") blocked in United States banks pursuant to the sanctions regimes imposed upon North Korea by the U.S. government where the U.S. State Department had revoked North Korea's designation as a state sponsor of terrorism prior to the entry of the underlying judgment. Read More Professional Liability Insurance Legal Malpractice Action Was Not Necessarily Barred by Client's Failure to Appeal Underlying Action, New York's Top Court Rules In a case of first impression, New York's highest court, the New York Court of Appeals, has ruled that a client's failure to pursue an appeal in an underlying action barred the client's ability to maintain a legal malpractice action only where the client was likely to have succeeded on the appeal in the underlying action. Read More Environmental Liability N.Y. Court Uses "Pro Rata Time on the Risk Allocation" to Determine Insurer's Indemnification Obligations with Respect to Environmental Damage Occurring Over Many Years A New York trial court has ruled that a "pro rata time on the risk allocation" should be used to determine an insurer's indemnification obligations with respect to environmental damage that took place over many years at two sites in New York. Its decision also set forth the factual issues that needed to be resolved, and the parties' burden of proof, before the exact allocation could be finalized. Read More View All Case Law Developments    LEGISLATIVE/REGULATORY International IAIS Develops Basic Capital Requirements for Global Systemically Important Insurers The International Association of Insurance Supervisors has concluded development of the first-ever global insurance capital standard — Basic Capital Requirements for global systemically important insurers. Read More Insurance Fraud Dermatologist Convicted of Cheating Private Insurers and Medicare of $2.6 Million An Illinois dermatologist has been convicted of defrauding private health insurers and Medicare by submitting false claims for more than 800 patients resulting in losses totaling more than $2.6 million. Read More View All Legislative/Regulatory Developments      INDUSTRY NEWS Motorcycle Helmets Improve Riders' Chances of Survival 29 Percent, National Highway Traffic Safety Administration Survey Finds Read More RLI Launches Healthcare Liability Division, Hires Scott Ducey to Lead the Operation Read More Report Finds Top Five States for Luxury Vehicle Theft: California, Florida, New Jersey, New York, and Texas Read More Ironshore International Enhances Kidnap and Ransom Coverage for Corporate Executives and Private Family Protection Read More W. R. Berkley Corporation Names John K. Goldwater Senior Vice President And Promotes James B. Gilbert to President of BerkleyNet Underwriters Read More View All Industry News   Q&A BOP Coverage for Damaged Walls Browse our entire library of over 2,500 insurance resources and forms.    INSURANCE COVERAGE  LAW REPORT View Entire October/November 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_%%. 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