The General Insurance Association of Singapore (GIA) has introduced new rules on the payment of premiums in a bid to reduce claim disputes between customers and insurers.
Absent Prejudice, Untimely Notice Does Not Preclude Coverage if Notice Provided During Renewal Policy Period
The Delaware Superior Court, applying Delaware law, has held that an insured’s failure to provide timely notice of a claim during the applicable claims-made policy period did not preclude coverage when the insured renews the policy and provides notice of the claim during the renewal policy period, unless the insurer can prove prejudice as a result of the untimely notice.
Insured Not Prejudiced by Insurer’s Failure to Attend Settlement Meetings; Alaska Law Precluding Recoupment of Defense Costs Preempted by Federal Risk Retention Group Statute
The Ninth Circuit Court of Appeals has reversed a district court’s denial of an insurer’s motion for summary judgment and held that the insurer, which was organized as a risk retention group, was entitled to reimbursement of defense costs incurred in defense of a non-covered claim because Alaska’s statutory bar against recoupment conflicts with the federal statute pursuant to which the risk retention group was formed.
Coverage Not Illusory Where Coverage is Unavailable for Claims Failing to Satisfy a Claims-Made-and-Reported Policy’s Requirements
The United States District Court for the Southern District of Indiana has held that coverage under a claims-made-and-reported policy is not illusory where coverage is unavailable for claims that do not satisfy the policy’s claims-made, reporting, and retroactive date requirements.
A friend let me know the following humor appeared this week on The Insurance Insider, along with some praise for Praedicat and its compilation of data on “the next asbestos.”
Last week, the Second Circuit affirmed the district court’s ruling in In re Vivendi Universal, S.A. Securities Litigation, No. 15-180, 2016 WL 5389288 (2d Cir. Sept. 27, 2016), holding Vivendi liable for violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.
Governor Scott has signed Executive Order 16-230 declaring a state of emergency for every Florida county due to the severity and magnitude of Hurricane Matthew.
Employee Dishonesty, Non-cumulation Provision, Policy Holder Gets Multiple Years of Coverage Oklahoma
In First United Methodist Church of Stillwater, Inc. v. Philadelphia Indemnity Insur. Co., 2016 OK CIV APP 59, First United’s finance manager embezzled nearly $200,000 between 2009 and 2012.
In a win for a Wiley Rein client, the United States District Court for the District of New Jersey, applying New Jersey law, held that no coverage was available under an errors and omissions policy for remediation work performed by an insured because the insured was not “legally obligated to pay” for the remediation.
Sale of Earthquake Policies in California Go Up in Time for Newest Wave of “Swarming” And Earthquake Advisory
In past years, I’ve closely followed the earthquake activity in California. I’ve blogged about “swarming,” which are clusters of earthquakes within a small period of time that geologists indicate maybe a precursor to a larger earthquake or a way for the tectonic plates to release pressure.