InsuranceRSS

  • February 25, 2010

    Oil Co. Appeals Insurers' Win In Leak Coverage Brawl

    Jefferson Block 24 Oil & Gas LLC is hoping to revive its $3 million Oil Pollution Act policy coverage suit against several insurers — including certain underwriters at Lloyd's of London — over cleanup costs stemming from an oil spill in the Gulf of Mexico.

  • February 25, 2010

    Chiropractors Ask To Toss Expert In Claim Fraud Suit

    A chiropractic treatment company accused of insurance fraud by Metropolitan Property & Casualty Insurance Co. has asked a judge to bar testimony from a chiropractor speaking on behalf of the insurer and demanded judgment in its favor, contending the expert is crucial to the insurer’s case.

  • February 24, 2010

    House Votes To Revoke Insurer Antitrust Exemption

    The U.S. House of Representatives voted Wednesday to repeal the antitrust exemption that currently covers health insurance companies, a move that comes ahead of Thursday's scheduled bipartisan summit on health care reform aimed at reviving overhaul efforts.

  • February 24, 2010

    Storage Co. Appeals Insurer's Coverage Spat Victory

    The owner of a refrigerated warehouse in St. Louis has challenged a jury verdict freeing Philadelphia Indemnity Insurance Co. from covering damages from a burst ammonia pipe, as well as the court’s subsequent refusal to grant the plaintiff a new trial.

  • February 24, 2010

    Under Pressure, WellPoint Execs Stand By Rate Hikes

    WellPoint Inc.'s chief executive on Wednesday denied U.S. lawmakers' accusations that the company is attempting to pad its bottom line with proposals to hike individual insurance premiums by as much as 39 percent in California, blaming rising health care costs for the requested increase.

  • February 24, 2010

    Chubb CERCLA Suit Against Ford, Chevron Booted

    A judge has dismissed a Comprehensive Environmental Response, Compensation and Liability Act lawsuit brought by Chubb Custom Insurance Co. seeking to recoup more than $2.4 million in cleanup costs from Ford Motor Co., Sun Microsystems Inc. and Chevron Corp.

  • February 24, 2010

    Insurer Off Hook For $2M Katrina Oil Spill Settlement

    A federal judge has affirmed an earlier ruling that Mid-Continent Casualty Co. does not have to indemnify Eland Energy Inc. and Sundown Energy LP for a $2 million settlement in an underlying class action over oil spills in the aftermath of hurricanes Katrina and Rita in 2005.

  • February 24, 2010

    American Heritage Demands Reinsurers Post $6M

    American Heritage Life Insurance Co. has filed suit against a company that specializes in automotive dealership insurance products, seeking to hold the company to an arbitration panel’s order demanding $6 million in security in connection with a contract dispute.

  • February 23, 2010

    Lloyd's Wants In On Insurance Case Against Prestige

    Prestige Title Inc.'s excess insurer Lloyd's of London has asked for permission to intervene in a lawsuit filed by Aspen Insurance U.K. Ltd. to rescind a primary insurance policy issued to Prestige, as the title insurance company faces two suits over allegations that its employees embezzled millions of dollars.

  • February 23, 2010

    Builder Fights AIG Unit's Bid To Merge Drywall Suits

    Construction and design company Taylor Morrison Inc. is asking a California court to shoot down a bid by an American International Group Inc. affiliate to transfer a lawsuit over insurance coverage related to defective Chinese drywall to Florida, arguing the unit is engaging in forum-shopping by seeking to join the case with an essentially identical proceeding in a more favorable venue.

  • February 23, 2010

    Obama Takes Aim At Insurance Antitrust Exemption

    Ahead of a scheduled bipartisan summit on health care aimed at jump-starting overhaul efforts, the White House said Tuesday it was backing proposals to revoke the insurance industry's antitrust exemption, saying the repeal would ultimately complement health care reform.

  • February 23, 2010

    Equity Holders Class Certified In AIG Fraud Suit

    A federal judge will allow a group of pension funds in a massive securities fraud lawsuit over alleged false statements regarding American International Group Inc.'s financials to certify a class of equity stockholders, but has declined to include bondholders in that group.

  • February 23, 2010

    Claims Pared In Ambac Shareholder Class Action

    A federal judge has trimmed some claims in a shareholder class action alleging that bond insurer Ambac Financial Group Inc. assured investors that the company was maintaining a cautious strategy while it was in fact insuring increasingly risky financial products.

  • February 23, 2010

    National Gypsum Claims Belong In Arbitration: AIG

    An American International Group Inc. affiliate has asked a judge to throw out a suit over coverage for defective drywall claims against National Gypsum Co., contending that the dispute is subject to a mandatory arbitration provision.

  • February 22, 2010

    Anderson Kill Scores Enviro, Insurance Recovery Lawyer

    Anderson Kill & Olick PC's Newark, N.J., office has picked up an attorney from Robertson Freilich Bruno & Cohen LLC who specializes in the cleanup of contaminated property and in insurance recovery.

  • February 22, 2010

    Zurich Loses $17M Recovery Bid In Car Crash Dispute

    Zurich North America has lost a bid to recover $17 million in umbrella insurance coverage it paid to the families of car crash victims, with a federal judge ruling that Missouri law does not permit it to go after the primary insurers over their settlement tactics.

  • February 22, 2010

    Japan's Dai-Ichi Mutual Aims For $11.7B Global IPO

    Japan's second-largest life insurer, Dai-ichi Mutual Life Insurance Co., has reportedly announced plans to sell about $11.7 billion in shares, in what would be the country's largest initial public offering in more than 10 years.

  • February 22, 2010

    La. Real Estate Firm's Katrina Claims Revived

    A federal appeals court has given new life to a suit brought by a New Orleans property management firm against a pair of insurers that accuses them of failing to pay $6 million in property damage claims in the wake of Hurricane Katrina.

  • February 22, 2010

    US Can Be Held Liable For Insurer Fees: 7th Circ.

    A federal appellate court has reversed a lower court's decision to grant fees to engineering surveying company Thouvenot Wade & Moerchen Inc., but said such an award under the Equal Access to Justice Act can include fees incurred by a party's liability insurer.

  • February 22, 2010

    Wachovia, BNY Win Dibs On Meadowlands Funds

    Wachovia Bank NA and Bank of New York Mellon Corp. are first in line to tap $42.3 million in proceeds from bonds issued to redevelop landfills in New Jersey Meadowlands, a federal judge has ruled, saying their claims supersede those of a formerly bankrupt contractor and an insurer.