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According to a recent article in Business Insurance, risk management consulting firm Towers Watson & Co. estimates that commercially insured losses from the explosion at the Deepwater Horizon oil rig in the Gulf of Mexico will be between $4 billion and $6 billion.   Nonetheless, Towers Watson notes that its estimate represents only a fraction of the overall economic loss suffered from the Gulf oil spill, which so far is estimated to be $35 billion. …
Read More Oil Rig’s Insured Losses estimated to be $4 Billion to $6 Billion

According to a recent Dow Jones News Service article, leading insurance companies have recently stated that they do not expect the Deepwater Horizon explosion in the Gulf to be a catastrophic event for the so-called “upstream” insurance market.  The upstream insurance market, which sells coverage to companies that are involved in the search for, development and production of oil, operates in its own niche of the property and casualty insurance industry collecting roughly $2.5 billion a year in premiums. …
Read More Upstream Insurers See Losses From Gulf Oil Spill But Continue Business

In Chalbury Mccouat International Ltd v. P.G. Foils Ltd [2010] EWHC 2050 (TCC) a dispute had arisen between Chalbury, an English company, and Foils, an Indian company, under a contract between Chalbury and Foils for the dismantling of a manufacturing plant in the Netherlands. The contract contained an arbitration clause which did not provide a procedure for the appointment of a tribunal. The parties failed to appoint a tribunal. …
Read More UK: Appointment of Arbitral Tribunal by English Court

Effective July 1, 2010, Florida joined several other states in reducing the liability of trustees of irrevocable life insurance trusts (“ILITs”), with the enactment of § 736.0902 – Non-application of prudent investor rule.  The Florida prudent investor rule protections relieve the trustee from any duty to manage the life insurance as an investment.  Further, it relieves the trustee from liability for any loss sustained with respect to the life insurance. …
Read More Florida’s Statutory Reduction of ILIT Trustee Liability

The Government of the Hong Kong Special Administrative Region (the Hong Kong Government) is considering subsidising a separate insurance pool to cover Hong Kong residents at high risk of medical complications (defined as those with medical costs expected to be more than 200% of those of healthy individuals) or those with pre-existing medical conditions (high-risk individuals) who sign up to a proposed voluntary medical scheme (the Scheme) that will be generally open to all Hong Kong residents. …
Read More Hong Kong: “High-Risk Pool” to Take Heat off Health Insurers

Edwards Angell Palmer & Dodge is proud to provide its clients and friends with a comprehensive introductory guide to insurance and reinsurance regulations, claims, coverage, and transaction-related information and tips. This collection touches on both the US and UK laws and business practices and reflects the work of our attorney teams across practices and around the world. …
Read More EAPD Announces Publication of 2010 Insurance and Reinsurance Guide

The Court of Appeal has had to consider the application of Civil Procedure Rule (CPR) 19.5 in the case of Lockheed Martin Corporation v Willis Group Ltd [2010] EWCA Civ 927. Lockheed Martin entered into a global settlement agreement with London Market insurance companies in 2002. However, it was unable to claim all that was due to it under that agreement because many of the insurance policies in question had been lost and could not be identified. As a consequence, Lockheed Martin brought proceedings against its broker for professional negligence. …
Read More UK: Court of Appeal Rules on Substitution of a Party After Expiration of Limitation

CMS PROPOSES CHANGES TO “36 MONTH RULE” FOR HOME HEALTH:  In late July, the Centers for Medicare and Medicaid Services (CMS) published a proposed rule for the Medicare Home Health Prospective Payment System (HH PPS) Rate Update for Calendar Year 2011.  As anticipated, the proposed rule promulgates changes to the so-called “36 month rule” for home health agencies (HHAs) that went into effect in January 2010. …
Read More Healthcare News from Capitol Hill and the Department of Health and Human Services – August 9, 2010

The comment period for the New York Insurance Department’s (“NYID”) Proposed Tenth Amendment to New York Regulations 17, 20 and 20-A (the “2010 Proposal”) came to a close on August 4, 2010.  The 2010 Proposal, which was released for public comment on July 22, 2010, would reduce the amount of collateral that unauthorized reinsurers must post in order for insurers to receive full credit for reinsurance ceded. …
Read More New York Considers Amendment to Credit for Reinsurance Regulation

In Axa Corporate Solutions SA v National Westminster Bank Plc & Marsh Ltd [2010] EWHC 1915 (Comm) Axa sought a declaration by the Court that a terrorism exclusion clause had been incorporated into its renewal of a public and products liability (PPL) policy with RBS, of which NatWest is a group company. …
Read More UK: English High Court Accepts Incorporation of Terrorism Exclusion Clause in PPL Policy