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October 23, 2009 Excess Insurance

New York’s Highest Court Denies Law Firm Excess Coverage for Client Fraud

Executive Risk Indem. v. Pepper Hamilton LLP

(N.Y. Oct. 20, 2009)

New York’s highest court held that Philadelphia-based Pepper Hamilton LLP is not entitled to excess insurance coverage for litigation arising from its client’s securities fraud. The coverage litigation stemmed from fraud perpetrated by Pepper Hamilton’s client, a company that serviced the vocational portion of the student loan market. The client repackaged loans acquired from other lenders into certificates, which it sold to investors. Pepper Hamilton prepared memoranda used by the client in connection with …

August 31, 2009 Reinsurance

Court Determines Plaintiffs Punitive Damages Claims Are Futile In Reinsurance Dispute Under New York Law

Callon Petroleum Co. v. National Indemnity Co. et. al.

(United States District Court, Eastern District of New York, August 24, 2009)

Plaintiff commenced this reinsurance action against National based upon a judgment it obtained against insurer Frontier in Louisiana for $2.7 million. The reinsurance agreement, which was negotiated and executed in New York, required National to reinsure Frontier’s liabilities and payments for all amounts of “Ultimate Net Loss.” Pending before the Court was plaintiff’s motion to amend the complaint to include …

August 19, 2009 Policy Conditions, Considerations, Construction, and Formation

NEW YORK APPELLATE COURT STATES THAT STRANGER TO POLICY HAS STANDING TO COMMENCE A DECLARATORY JUDGMENT ACTION WITHOUT NECESSITY OF JUDGMENT AGAINST INSURED

RLI INSURANCE COMPANY v. STEELY

(N.Y.A.D. 2^nd Dept., August 4, 2009)

An insured maintained a primary homeowner’s policy and a separate umbrella policy, issued by separate insurers. He was sued in connection with a boating accident. The primary homeowner’s insurer disclaimed, citing an exclusion relating to the insured’s ownership of the boat. The umbrella insurer sued, seeking a declaration that the exclusion was inapplicable and that its policy was excess. The primary homeowner’s insurer moved to dismiss, citing the umbrella …

August 13, 2009 Bad Faith and Extra-Contractual Liability

New York Federal Court Adds Bite to the Bi-Economy Decision – Expands Recovery of Consequential Damages in Coverage Dispute

Chernish v. Massachusetts Mutual Life Insurance Company, (Case No: 5:08 CV 0957)

In 1987 Plaintiff Anne Chernish obtained a disability income insurance policy from defendant Massachusetts Mutual Life Insurance Company. In and around 1988, plaintiff allegedly became ill and filed a claim for benefits under the policy.

For reasons beyond the Court’s knowledge at the time of the decision, benefit payments were apparently stopped in 2001 and 2004. Despite plaintiff’s renewed request for benefits, the insurer did not disclaim coverage and had not …

July 1, 2009 Policy Conditions, Considerations, Construction, and Formation

New York Court Determines that Insurer Did Not Have A Duty to Defend Contractor’s Affirmative Defense

P.J.P. Mechanical Corp., v. Commerce and Industry Ins. Co., 2009 NY Slip Op 04984 (App. Div. June 18, 2009)

The policyholder purchased a commercial general liability policy from the insured which covered work it was performing for the third-party general contractor. A pipe burst in one of the houses that the policyholder worked on and the general contractor alleged it was due to the negligence of the policyholder. No suit was instituted but the general contractor withheld the remaining contract balance owed to …

May 16, 2009 Reinsurance

SOUTHERN DISTRICT OF NEW YORK ALLOWS CEDENT’S SUCCESSOR TO ASSERT NEW CAUSES OF ACTION INVOVLING DIFFERENT TRANSACTIONS AGAINST THE REINSURER

TIG INSURANCE CO. V. CENTURY INDEMNITY CO.

(CIVIL ACTION NO.: 08-CV-7322, April 8, 2009)

The cedent’s successor-in-interest filed this action against the reinsurer stating that the reinsurer breached the terms and conditions of several facultative reinsurance contracts. Specifically, the complaint alleges that the named reinsurance contracts specifically provided coverage to the cedent’s predecessor on a policy of excess liability insurance issued by the cedent’s predecessor to the insured. Upon settling the underlying action, cedent’s successor-in-interest is seeking coverage under the reinsurance contracts.

Cedent’s successor-in-interest filed …

January 29, 2020 General

Insurance Coverage Considerations Stemming from the New California Child Victims Act

On October 13, 2019, when California’s governor signed AB 218—the California Child Victims Act (CCVA)—California became one of at least nine other states to enact some form of window legislation for childhood victims of sexual assault. The CCVA became effective on Jan. 1, 2020. This article explores the CCVA’s pertinent changes to existing law for pursuing childhood sexual assault claims, as well as some of the key insurance coverage issues arising from this new law.

The text of the CCVA is substantively similar to other …

December 10, 2019 General / Uncategorized

Insurers Be Ready: New Jersey’s Two-Year Window Reviving Time-Barred Sex Abuse Suits is Open

On December 1, 2019, the two-year look-back period created by New Jersey Senate Measure S477 went into effect, reviving claims of sexual abuse that would otherwise be barred under the statute of limitations.

In March 2019, S477 passed in the New Jersey State Senate by a vote of 32 to 1, followed by passage in the New Jersey State Assembly by a vote of 71-0, with five abstentions. The bill was signed into law by New Jersey Gov. Phil Murphy on May 13, 2019.

One …

December 14, 2018 General

The Insurance & Reinsurance Report: Year in Review — Why We Think It’s the Best Legal News Blog of 2018

Goldberg Segalla’s Insurance and Reinsurance Report is in the running for The Expert Institute’s Best Legal News Blog of 2018. Fans and readers of the Report and others who stay abreast of developments in the legal blogosphere are invited to vote for the best legal news blog through the following link:

https://www.theexpertinstitute.com/legal-blog/the-insurance-reinsurance-report/

Honored to be in the running and by the support we’ve seen thus far, we took this opportunity to reflect on some of the Insurance and Reinsurance Report’s most notable accomplishments of 2018.…

March 15, 2018 General

New Wave of Products and Other Challenges to State Insurance Regulators: Reflections from ACI 14th Annual National Forum

The 14^th annual National Forum on Insurance Regulation, sponsored by American Conference Institute, convened in New York City on March 7-8, 2018. This yearly event is a great opportunity to learn about emerging issues and recent developments in state insurance regulation from leaders of the insurance industry. This year’s Forum brought together senior officials of the National Association of Insurance Commissioners (NAIC); state insurance commissioners; Chief Legal Officers of leading U.S. insurers, reinsurers and brokers; founders and CEOs from InsureTech startups; experts in the …