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Article 06/01/2023
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.
Article 16/12/2022
During the current Florida Legislative session, residential and commercial property insurance reform has been a focal point of the Legislature. On December 13, 2022, the Florida Senate passed Senate Bill 2A (“SB 2A”), which was passed without amendment by the Florida House and presented to the Governor on December 14, and signed into law on December 16th.
Article 15/11/2022
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.
Article 20/10/2022
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.
Article 03/10/2022
A recent change to the New Jersey Motor Vehicles and Traffic Regulation creates a pre-suit, time sensitive obligation to provide the disclosure of applicable policy limits.
Article 17/08/2022
In its latest move to ensure that syndicates are appropriately addressing cyber exposures, Lloyd’s issued on August 16, 2022 Market Bulletin Y5381 -- “State backed cyber-attack exclusion” -- to require “legally reviewed” and “sufficiently robust” wordings in cyber policies to address both war and non-war state backed cyber-attacks. Lloyd’s noted that “exposure to cyber-attack losses has been an area of market focus in circumstances where the losses arise from attacks sponsored by sovereign states” and announced a requirement, effective March 31, 2023, for syndicates to include a state backed cyber-attack exclusion in stand-alone cyber policies at inception or upon renewal.
Article 29/07/2022
Insureds may find themselves liable to pay a plaintiff’s attorney’s fees in various contexts, whether by virtue of a statute or contractual provision. If prevailing party attorney’s fees are awarded, a question arises as to whether the fees are covered by the liability insurer defending the suit.
News 13/07/2022
Today we announced the launch of our in-depth report, 'Rewriting the risk: Addressing the challenges of climate change', which finds that the underwriting practices of (re)insurers are a major catalyst for change among businesses in the ongoing climate crisis.
Report 13/07/2022
Our latest global report finds that the insurance industry has a central role in building wider understanding about climate-related risks and in mitigating against those risks.
Article 16/06/2022
A Louisiana intermediate appellate court issued its decision in the appeal of Cajun Conti, LLC et al. v. Certain Underwriters at Lloyd’s, London et al., Case No. 2021-CA-0343, on June 15, 2022. The plurality decision of the court is notable as it is the first appellate ruling in the country to have reversed a trial court’s order in favor of insurers and find coverage under standard commercial property policy language for business interruption loss related to the COVID-19 pandemic.
