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Getting physical: Ohio Supreme Court holds that software cannot be physically damaged and endorsement covering software must be triggered by physical loss or damage to covered property
On December 27, 2022, the Supreme Court of Ohio unanimously ruled that a businessowners property insurance policy issued by Owners Insurance Co. (Owners) to EMOI Services, LLC (EMOI) did not afford coverage for losses sustained in a ransomware attack because computer software is “entirely intangible” and “cannot experience ‘direct physical loss or physical damage’.
A new year inevitably brings changes to existing laws and “time-limited demands” are no exception. Parties and jurists use different names to refer to such demands, including “time limit demands,” “policy limit demands,” or “time-limited settlement offers.” They may also take the form of statutory “998 Offers to Compromise” pursuant to California Code of Civil Procedure § 998, which often seek a specific amount equal to the limits of an insurance policy.
Insurance in the crypto space: the emerging international market for insuring NFTs with a focus on the Commonwealth Caribbean
NFTs have grown in popularity as sources of ownership and investment in an increasingly digital world, thanks in part to the many successful sales of NFTs by auction houses such as Christie’s and the Commonwealth Caribbean, is not to be left behind in any respect.
Historically, jurisdictional insurance laws in the United States governing credit for reinsurance have required non-US reinsurers to post 100% collateral in the US for risks reinsured from US ceding insurers. Many international reinsurers complained about these collateral requirements which were deemed barriers for international trade and business.
Minnesota Federal Court rules Cyber Business Interruption clause covers funds lost in fraudulent wire transfer incident
As previously reported, on November 3, 2022, the federal district court for Minnesota, applying Minnesota substantive law, ruled that an insured was entitled to coverage under a Cyber Business Interruption clause for money lost in a fraudulent wire transfer incident.
The rise of international arbitration and a comparison of arbitration procedures in the USA, England and Wales, Bermuda and Canada
Arbitration as a means of resolving international commercial disputes has grown in popularity in recent years as reflected by the reported rise in arbitration filings of more than 3% a year from 2010 to 2019 and a spike of 9.9% in 2020, based on data from international arbitration institutions.
New York federal court finds War Exclusion precludes coverage for lawsuit arising out of 2014 downing of Malaysia Flight 17
In a recent decision, the United States District Court for the Southern District of New York, applying Colorado substantive law, ruled that a War Exclusion in a commercial general liability insurance policy (“CGL”) issued by Hartford Fire Insurance Company (“Hartford”) to Western Union Company and Western Union Financial Services (together, “Western Union”) barred coverage for an underlying lawsuit claiming that Western Union and other financial institutions provided financial support to the Donetsk People’s Republic (the “DPR”), a Russian-backed separatist group in eastern Ukraine.
We recently contributed an article to the Communications and Media Law Association’s Communications Law Bulletin on the use of juries in defamation proceedings in America and Australia. In light of an American jury’s recent 2022 verdict in favour of Johnny Depp, we consider the different positions – between America and Australia, and within Australia itself – in relation to the right to a trial by jury, as well as whether defamation proceedings are more suited to be tried by judge or jury.
Oklahoma Supreme Court joins majority of COVID-19 decisions and finds for insurer in COVID-19 coverage dispute with Cherokee Nation
The Oklahoma Supreme Court is the most recent state high court to hold that property insurance policies do not provide coverage for COVID-19 related business interruption losses. In Cherokee Nation v. Lexington Insurance Company, 2022 OK 71 (Sept. 13, 2022), the court reversed a trial court’s ruling that a Tribal Property Insurance Program (TPIP) policy provided coverage for the Cherokee Nation’s alleged business interruption losses resulting from its temporary closure of its properties in 2020 as a result of the COVID-19 Pandemic.
Rising inflation is a topic of increasing global concern. Similarly, excess claims inflation – that is, changes in the cost of claims beyond ordinary economic inflation - has become a priority for the insurance industry, requiring immediate consideration to ensure business resilience and adequate claims management.