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Results: 1-10 of 199

Third Circuit affirms district court’s vacatur of arbitration award, finding that the panel exceeded its powers by awarding relief not sought by either party
  • Locke Lord LLP
  • USA
  • November 18 2010

The U.S. Court of Appeals for the Third Circuit recently affirmed a District Court’s vacatur of an arbitration award because the arbitration panel exceeded its authority in ordering relief not sought by either of the parties and removing from the parties’ reinsurance agreement a material provision


Prudential test case relating to UK dividend taxation adjourned
  • Locke Lord LLP
  • United Kingdom
  • November 24 2010

Prudential Assurance Co Ltd & Ors v Revenue & Customs Commissioners 2010 EWHC 2811 (Ch) concerned the UK's former rules on the taxation of dividends received by insurance companies resident in the UK on shareholdings in foreign companies which were held as investments in their pension and life assurance business


Virginia court follows First Circuit’s Genzyme reasoning, rejects carrier’s bid to recoup $15mm D&O payout
  • Locke Lord LLP
  • USA
  • December 17 2010

Following the reasoning of the First Circuit in its Genzyme decision, a federal court in Virginia has granted summary judgment to an insured whose carrier had sued to recoup a $15 million settlement under a D&O policy


Chinese drywall - Florida federal district court finds no coverage under CGL policy
  • Locke Lord LLP
  • USA
  • January 12 2011

In Amerisure Mutual Insurance Co. v. Albanese Popkin the Oaks Development Group L.P., 2010 U.S. Dist. LEXIS 125918 (Nov. 30, 2010), Judge Kenneth A. Marra of the U.S. District Court for the Southern District of Florida ordered that the developer’s insurer has no duty to provide coverage or a defense for claims related to Chinese drywall, which were made against the developer


Court of Appeal rules on assessment of damages for personal injury in motor accidents
  • Locke Lord LLP
  • United Kingdom
  • November 3 2010

In Clinton David Jacobs v Motor Insurance Bureau 2010 EWCA Civ 1208, the Court of Appeal held that where a person is injured by an uninsured driver and is entitled to recover from the Motor Insurers Bureau (MIB), that person is entitled to recover damages assessed according to English law, rather than the law where the accident occurred


Marine insurance - non-disclosure and seaworthiness
  • Locke Lord LLP
  • United Kingdom
  • November 3 2010

Garnat Trading & Shipping (Singapore) PTE LTD (Garnat) and Vung Tau Shipbuilding Industry Joint-Stock Company (Vung Tau) v Baominh Insurance Corporation (Baominh) 2010 EWHC 2578 (Comm), concerned the loss of a floating dock (carrying a floating workshop) which sank in the course of being towed on a voyage from Vladivostok in Russia to Vung Tau in Vietnam


SEC and US Attorney accuse Costa Rican life insurance bond company of $670 million fraud
  • Locke Lord LLP
  • USA
  • January 21 2011

Both the Securities and Exchange Commission and the U.S. Attorney's Office have brought actions against Costa Rica-based Provident Capital Indemnity, LTD, an insurance and reinsurance company that purported to provide bonds guaranteeing life insurance settlements, but was instead allegedly perpetrating a $670 million fraudulent scheme


Eighth Circuit holds that the collapse of seven stories of decorative brick veneer is not a “collapse of a part of a building”
  • Locke Lord LLP
  • USA
  • January 19 2011

In Council Tower Ass’n v. Axis Specialty Ins. Co., No. 09-3900, 2011 WL 31519 (8th Cir. 2011), the Eight Circuit considered whether, under Missouri law, the falling of seven stories of a twenty-six-story exterior brick veneer was a covered “collapse” of a building


Second Circuit denies cedent's motion for a rehearing in follow the fortunes case
  • Locke Lord LLP
  • USA
  • January 21 2011

We recently blogged about the Second Circuit's decision in Arrowood Surplus Lines Ins. Co. v. Westport Ins. Corp., No. 10-cv-0397 (2d Cir. 2010), in which an appellate panel held that a reinsurer had no obligation to indemnify its cedent for losses outside the scope of the treaty at issue


Massachusetts federal court addresses manifest disregard of the law standard, finds that panel’s decision to limit discovery and witness testimony did not provide a basis to vacate award
  • Locke Lord LLP
  • USA
  • January 21 2011

In OneBeacon America Insurance Co. v. Swiss Reinsurance America Corporation, 09-CV-11495-PBS (D.Mass. December 23, 2010), a motion was brought by petitioner OneBeacon to vacate an arbitration award on the basis that the arbitrators were guilty of misconduct for refusing to permit necessary discovery and hear certain evidence