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Analysis Secondaries Insurance Set To Boom As Deals Market Shifts
The demand for specialized insurance to protect against losses stemming from a seller's breaches of representations or warranties in a secondaries deal is poised to spike in 2023 due to the rise in popularity of the transaction type, as well as insurers' increased familiarity with them, experts say.
Fitness Group's Insurers Settle False Ad Coverage Suit
Insurers for the National Strength & Conditioning Association settled a dispute in California federal court over coverage of the group in an underlying false advertising suit brought by CrossFit Inc. that accused the association of sullying its reputation by publishing lies.
Customer Hits Assurance IQ With Amended Web Tracking Suit
The lead plaintiff in a proposed class action accusing Assurance IQ and its software vendor of illegally recording website users' keystrokes and information had no way to know the vendor allegedly wiretapped him during his initial visit to the site, a third amended complaint alleges.
Bank Takes ATM Fraud Coverage Suit To 10th Circ.
A bank that was hit by ATM scammers using counterfeit debit cards is appealing an Oklahoma federal court's ruling that it can't get coverage for its losses under a financial institution bond, setting the stage for the Tenth Circuit to rule on a question of first impression in Oklahoma.
New Parties Unneeded In D&O Coverage Fight, Judge Says
An insurer seeking to avoid covering a country club's board members for claims accusing them of self-dealing can't add the parties who brought those claims to the insurance case, a Massachusetts federal magistrate judge ruled, rejecting the carrier's argument that the underlying plaintiffs are necessary to the litigation.
Insurer Can't Dodge Suit Over Payouts For Totaled Vehicles
A Progressive unit can't escape a proposed class action alleging that the insurer undervalues the actual cash value of vehicles deemed to be total losses, a Tennessee federal court ruled, saying the class plaintiff can pursue her breach of contract and bad faith claims.
Insurer Drops Suit Over Electrocution Coverage
An insurer and an engineering company notified a California federal court that both sides have agreed to dismiss a coverage dispute of an underlying action accusing the company of negligently causing the electrocution of a technician.
Waste Co. Covered For Employee Thefts, Court Says
Berkley Regional Insurance Co. must cover a San Francisco-area landfill operator for revenue it lost due to two separate employee kickback schemes, but a jury should decide on the amount of damages the company is entitled to collect, a California federal judge ruled.
EXPERT ANALYSIS Anticipating Tech Market Volatility With R&W Policies
Technology executives, investors and their advisers should understand how representations and warranties insurance works ahead of a potential rise in claims activity and as deal makers focus on maximizing existing deals' value amid economic uncertainty, says Eric Larson at Morris Manning.
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