InsuranceRSS

  • March 25, 2010

    Restitution Can Leave D&O Policyholders High And Dry

    Companies facing securities claims precipitated by the recession could run into trouble with their insurers if the damages at issue dangle close to the definition of restitution or disgorgement, policyholder attorneys warn, pointing to an ongoing coverage suit involving biotechnology Genzyme Corp. as a sign of future battles to come.

  • March 25, 2010

    Greenwich Not Liable For Gas Well Blowout: 3rd Circ.

    A federal appeals court has upheld a ruling tossing the Chubb Group of Insurance Cos.' equitable contribution claim against Greenwich Insurance Co., holding that Chubb failed to prove it had made payments to a company insured by both parties over a 2004 natural gas well blowout.

  • March 25, 2010

    Insurers Not Liable For Dragas' Drywall Costs: Court

    A judge has ruled that Dragas Management Corp. may not receive insurance coverage for remediation efforts in dozens of homes it built containing purportedly defective Chinese drywall, dismissing certain claims in one of the first insurance decisions over the drywall issues.

  • March 25, 2010

    Policyholders Win Class Cert. In Insurance Bonus Suit

    A federal judge has certified a class of thousands of policyholders in a suit accusing Central United Life Insurance Co. of failing to pay out bonuses it allegedly promised to longtime insurance customers.

  • March 25, 2010

    Ambac Eyes Bankruptcy As State Takes $35B In Assets

    Troubled bond insurer Ambac Financial Group Inc. said Thursday that it was considering a prepackaged bankruptcy filing, just one day after a Wisconsin court put about $35 billion of Ambac assets under the protection of state insurance regulators.

  • March 25, 2010

    La. Bills Would Ban Chinese Drywall Cancellations

    Two bills under consideration in the Louisiana Legislature would prohibit property insurance companies from canceling or increasing the cost of coverage for homes that contain Chinese drywall.

  • March 24, 2010

    PB Loses Reconsideration Bid In Big Dig Coverage Suit

    A federal judge on Wednesday declined to reconsider her decision to dismiss part of engineering and construction firm PB Americas Inc.'s lawsuit against its excess liability insurers, which allegedly failed to cover the company for a $47 million settlement related to problems with Boston's “Big Dig” tunnel project.

  • March 24, 2010

    Insurer Must Cover JPMorgan's $22.5M Enron Claims

    A New York appeals court has affirmed a lower court's ruling that Twin City Fire Insurance Co. must cough up $22.5 million to cover a portion of JPMorgan Chase & Co.'s defense and settlements in a host of lawsuits related to Enron's collapse.

  • March 24, 2010

    EU Keeps Only 2 Antitrust Exemptions For Insurers

    In an update to existing regulations, European competition regulators have determined that only two types of insurance sector activities should be covered under a blanket antitrust exemption: insurance pools and data sharing.

  • March 24, 2010

    Kilpatrick Stockton Adds 2 Howrey Insurance Partners

    In the latest addition to its insurance recovery practice, Kilpatrick Stockton LLP has nabbed former Howrey LLP partners Helen Michael and Jeffrey Lenser for its Washington, D.C., office.

  • March 23, 2010

    Pay Czar Seeks Further Cuts For Top Bailout Execs

    Executives at American International Group Inc., Chrysler Group LLC, Chrysler Financial, General Motors Co. and GMAC Inc. will face additional pay cuts in 2010, and 400 other firms that received government funds will face an inquiry into their compensation practices, the Obama administration’s pay czar said Tuesday.

  • March 23, 2010

    Insurer Lodges Appeal In D&O Spat With Failed Bank

    Specialty insurer BancInsure Inc. has appealed a court’s determination that it is still liable for directors and officers claims concerning the failed Columbian Bank and Trust Co., despite the insurer’s argument that coverage was cut off when the bank was put under receivership.

  • March 23, 2010

    K&L Gates Picks Up Morgan Lewis Litigator

    K&L Gates has bolstered its insurance coverage practice with a Morgan Lewis & Bockius LLP litigator who successfully defended a client accused of groundwater contamination in one of California's largest class actions ever.

  • March 23, 2010

    Insurer Wins Back $19M On Remand In Copyright Fight

    A district judge has reinstated an $18.9 million jury verdict in favor of The Graham Co. following an appellate court’s determination that its copyright infringement claims against rival insurance broker USI Mid Atlantic Inc. were not time-barred, as the trial court had previously held.

  • March 23, 2010

    State AGs Attack 'Unconstitutional' Health Care Bill

    Thirteen state attorneys general have filed a suit asking a federal court to declare the health care reform legislation President Barack Obama signed Tuesday unconstitutional.

  • March 23, 2010

    Obama Signs Health Care Bill As GOP Eyes Repeal

    Even as President Barack Obama signed historic health care and insurance legislation into law Tuesday, Republicans began exploring their legislative and legal options for repealing the bill and stalling the reconciliation package now before the U.S. Senate.

  • March 23, 2010

    No Coverage For Pa. Judge Kickback Scandal: Insurer

    General Star Indemnity Co. Inc. has beefed up its lawsuit seeking to avoid insurance payments to a juvenile detention facility operator that has been sued for allegedly paying two county judges in Pennsylvania to send teens to its care centers.

  • March 23, 2010

    Calif. Appeals Court Blocks Furlough Of Lawyers

    A California appeals court has affirmed a decision that the state cannot furlough about 500 lawyers who work for the State Compensation Insurance Fund, saying the attorneys are protected under a provision of state insurance law.

  • March 22, 2010

    Medical Providers Can't Arbitrate PPO Fight: 5th Circ.

    A federal appeals court has affirmed that health care providers waived their right to force arbitration in a contract spat with C.C.N. Managed Care Inc. because they already sued the preferred provider organization in a Louisiana state court.

  • March 22, 2010

    Insurer Told To Cover Hospital For Nurse's Murders

    A New Jersey appeals court on Monday ruled that Executive Risk Indemnity Inc. cannot use a bodily injury exclusion to deny Somerset Medical Center's officers defense coverage for allegations of negligence stemming from the employment of a nurse who later pled guilty to murdering patients.