In Mylcrist Builders Limited v. Mrs G Buck [2008] EWHC 2172 (TCC) an important issue arose in respect of an arbitration clause in a construction contract between Mylcrist and Buck. One issue was the correct appointment of an arbitrator. The clause did not provide the mechanism for the appointment of an arbitrator and, accordingly, under s.16(3) Arbitration Act 1996, the parties were to jointly appoint an arbitrator.
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Jurisdictions
Reinsurance Under 40s Group’s ReIndustry Speak on October 23 in New York
By Troutman Pepper Locke on
Don’t forget to RSVP for the U.S. Reinsurance Under 40s Group’s ReIndustry Speak on October 23 in New York from 6:00 – 9:00 p.m. The event, which is sponsored by Swiss Re, will feature hear Jim Fiore (QBE the Americas, Chief Operating Officer) and Alan J Levin (Edwards Angell Palmer & Dodge, co-chair of Insurance & Reinsurance Department), as they speak about the reinsurance industry. They will speak about how the industry has changed over the years, where the industry is going, and will give advice about climbing the ladder of (reinsurance) success.
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Adopted Proposal Aims to Collect and Aggregate Insurance Company Market Conduct Information into a Centralized Database
By Troutman Pepper Locke on
Last month the National Association of Insurance Commissioners (“NAIC”) adopted a proposal to develop a uniform system for collecting the market conduct information of insurance companies. Market-conduct information includes, for example, how often a company cancels policies, delays claim payments or is in litigation.
Delaware Court Declines to Delay Merger Pending Finalization of the Terms of Government’s $700 Billion Bailout
By Troutman Pepper Locke on
As previously reported here, a PFBB Bancorp (“PFBB”) shareholder filed a derivative action against PFBB’s directors in the Delaware Chancery Court, New Castle County, on September 22, 2008 (a copy of the complaint can be found here). …
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Fannie Mae and Freddie Mac Receive Federal Grand Jury Subpoenas
Three weeks after the federal government seized control of Freddie Mac and Fannie Mae – the two biggest mortgage companies in the United States – news reports indicate that on September 26, 2008, Fannie Mae and Freddie Mac each received federal grand jury subpoenas from the United States Attorney’s Office for the Southern District of New York. …
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Damages Caused To Component Parts By Subcontractors’ Deficient Work Is Not “Property Damage” Caused By An Occurrence”
By Troutman Pepper Locke on
An Indiana federal district court recently granted summary judgment on the ground that an insurer had no duty under a CGL policy to indemnify its insured, a general contractor, in a suit premised on alleged faulty workmanship of the insured’s subcontractors. …
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Insurer to Exclude Nanotube and Nanotechology from Coverage
By Troutman Pepper Locke on
Posted in Coverage & Claims, United States
On October 2, 2008, Advisen reported that insurance company Continental Western Group (“CWG”) announced that it would exclude nanotube and nanotechnology from its coverage.
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New Jersey Appeals Court Holds Pollution Exclusion Does Not Apply to D&O Claim Related to Asbestos Disclosures
By Troutman Pepper Locke on
The New Jersey Superior Court, Appellate Division recently held that a pollution exclusion contained in a D&O liability policy does not bar coverage for shareholder claims alleging fraudulent statements in SEC disclosures concerning alleged pollution.
Government Officials Announce Three Measures Taken to Shore-Up the United States Financial Market
A joint statement was issued by United States Treasury Secretary Henry Paulson, Federal Reserve Chairman Benjamin Bernanke, and Federal Deposit Insurance Corporation (“FDIC”) Chairman Sheila Bair regarding the role each governing body will play in bolstering public confidence in the United States banking system and the restoration and stabilization of market liquidity needed to support economic growth.
UK: English High Court Rules on Law Applicable to the Effects of an EU Insolvency Proceeding on Pending Lawsuits
In Elektrim SA (In Bankruptcy) v Vivendi Universal (& Ors) [2008] EWHC 2155 (Comm) the claimant and defendant companies had entered into an investment agreement governed by Polish law, which contained an arbitration clause providing for arbitration in London. It was common ground that unlike the rest of the investment agreement , the arbitration agreement was governed by English law. …
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