Jurisdictions

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In the UK, insurance business transfer schemes (known as Part  7 transfers) allow an insurer or reinsurer to transfer portfolios of insurance or reinsurance business from another entity by way of a court sanctioned regulatory mechanism.  

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Read More HM Treasury Publishes Responses Regarding its Part 7 Scheme Consultation

In Dunlop Haywards (DHL), Erinaceous Commercial Property Services Limited v Erinaceous Insurance Services Limited and Lockton Companies International Limited [2008] EWHC 520, the Claimants instructed the Defendant broker (Erinaceous Insurance) to renew professional indemnity insurance for the companies in the Claimants’ group and to procure a primary layer of insurance cover of £10 million and an excess layer of £10 million. 

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Read More The English High Court considers whether excess insurers could be joined into proceedings between an insured, its broker and a sub-broker

Last fall, we posted about a New England furniture company that, backed by prize indemnification insurance, offered customers the chance to get their furniture purchase for free if the Boston Red Sox won the World Series.  Click here.  We later posted about the approximately 30,000 fans that won reimbursement of their furniture purchase when the Red Sox defeated the Colorado Rockies in the World Series.  Click here. 

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Read More Risk Management? Red Sox Will Have To Sweep The World Series This Year For Fans To Get Free Furniture

On April 4, 2008, Maryland Attorney General Douglas F. Gansler announced that his office reached an agreement regarding certain consumer protections with four of the nation’s largest wireless telephone carriers, as well as a provider of cellular phone insurance protection policies.  Under the agreement, key terms in the cellular phone protection plans will be more clearly disclosed to consumers. 

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Read More Maryland Attorney General Obtains Clearer Disclosure for Cellular Phone Protection Plans