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Circular letter regarding contract certainty issued for comment by the New York Insurance Department
  • Locke Lord LLP
  • USA
  • January 14 2010

The New York Insurance Department (the “Department”) recently issued a draft Supplement No. 1 to Circular Letter No. 20 (2008) (“CL No. 20”) regarding insurance contract certainty for propertycasualty insurance policies and reinsurance contracts


New York State Court denies motion to compel discovery of reinsurance and reserve information
  • Locke Lord LLP
  • USA
  • July 29 2010

In Mt. McKinley Ins. Co. v. Corning Inc., 2010 NY Slip Op 20235 (N.Y. Sup. Ct. June 14, 2010), an insured (“Corning”) moved to compel discovery of reinsurance and reserve information from its insurers, arguing that this information was relevant, material and necessary to its coverage claim


Connecticut Superior Court held that insurer was not required to provide underinsured motorist coverage for insured’s family member
  • Locke Lord LLP
  • USA
  • February 5 2010

A Connecticut Superior Court recently awarded summary judgment in favor of an insurer on the basis that an insured’s family member who resides in the insured’s household is not entitled to underinsured motorist benefits if they are similarly not entitled to liability coverage under the family member’s policy


Second Circuit: distinguishing between policy definitions subject to NY Insurance Law 3420(d)(2)’s timely disclaimer requirement as an exclusion and those that are not
  • Locke Lord LLP
  • USA
  • June 16 2010

In a decision issued on February 1, 2010, the United Stated Court of Appeals for the Second Circuit confirmed that under New York law some policy provisions, although placed outside of the policy's "Exclusions" section, may nonetheless be considered an exclusion and, therefore, subject to the timely disclaimer and denial requirement of NY Insurance Law 3420(d)(2


Pennsylvania federal court dismisses bad faith claim as subsumed by breach of contract claim, but allows statutory bad faith claim
  • Locke Lord LLP
  • USA
  • June 17 2010

Recently, a Pennsylvania federal court dismissed a bad faith claim against an insurer on the grounds that the claim was subsumed by the plaintiff's breach of contract claim in the same proceeding


Ninth Circuit affirms ruling that reinsurer has no duty to contribute to settlement payment where reinsured excess policy was not triggered
  • Locke Lord LLP
  • USA
  • July 2 2010

Texas Farmers Insurance Company ("Texas Farmers") issued claims-made insurance policies (transformed into occurrence-based policies through endorsement) to Kaiser Permanente, a medical facility, for the policy periods of 4999-4900, 4900-4901, and 4901-4902


Update: Bloomberg reports sharp decline in offshore oil rig drilling insurance as underwriters tack away from BP disaster-type risk
  • Locke Lord LLP
  • USA
  • July 13 2010

Citing a number of industry executives, Bloomberg recently reported that the Deepwater Horizon rig explosion causing the largest oil spill in U.S. history has prompted a reduction in the placement of insurance coverage for deepwater oil exploration


Federal court confirms foreign arbitration award, even though appeal of award in foreign jurisdiction was pending
  • Locke Lord LLP
  • USA
  • December 15 2009

Plaintiff China National Chartering Corp. (“CNCC”) petitioned the U.S. District Court for the Southern District of New York to confirm an arbitration award rendered in its favor against defendant Pactrans Air & Sea, Inc. (“Pactrans”) by the China Maritime Arbitration Commission (“CMAC”


The Florida Office of Insurance Regulation enters cooperation agreement with the United Kingdom’s financial regulator
  • Locke Lord LLP
  • USA
  • July 24 2009

On Tuesday, July 21, 2009, the head of the Florida Office of Insurance Regulation ("FLOIR"), Commissioner Kevin McCarty, announced the signing of a memorandum of understanding ("MoU") with the United Kingdom Financial Services Authority ("FSA"), the United Kingdom’s regulator responsible for regulatory oversight of the insurance, banking and securities markets


Missouri Appellate Court affirms no duty to defend based on allegations of complaint even if allegations groundless
  • Locke Lord LLP
  • USA
  • November 2 2009

In Custom Hardware Engineering & Consulting, Inc. v. Assurance Company of America, No. ED 91441 (Mo.App.E.D. Aug. 11, 2009), a Missouri Appellate Court declined to consider any findings made by the court in an underlying matter in its analysis of whether a policy exclusion applied and precluded coverage