Jurisdiction: United Kingdom
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Read MoreBritish Insurer Seeks to Confirm Arbitration Award Against Former Tyco CEO
Recently, Corporate Officers & Directors of Assurance Ltd. (“CODA”), a U.K. insurer that issued a directors and officers policy to Tyco International Ltd., petitioned a New York state court to confirm an arbitration award directing Tyco’s former CEO, L. Dennis Kozlowski, to pay CODA about $2 million.
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Nevada Court Vacates Arbitrator’s Award of Punitive, Other Damages
Recently, the United States District Court for the District of Nevada vacated an arbitration panel’s award that consisted of, among other things, punitive damages, finding that the award was in manifest disregard of the law and outside the scope of the panel’s jurisdiction.
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Seventh Circuit Enforces 30-Day Deadline to Select Party-Appointed Arbitrator
The United States Court of Appeals for the Seventh Circuit recently affirmed a district court’s decision finding that a cedent’s appointment of an arbitrator in a reinsurance arbitration was invalid because it did not fall within the time limitations set forth by the reinsurance contract at issue.
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California Supreme Court Finds Reinsurance Information Outside the Scope of Discovery Rules
Recently, the California Supreme Court held that the alleged victims of child abuse by certain priests in the Catholic Church will not have access to the reinsurance information of the defendant Church’s nonparty liability insurers in the course of discovery.
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No Right To New York Review Of Arbitration Decision Under Bermuda Form Arbitration Clause
A recent ruling from the English Commercial Court illuminates one risk with the use of the Bermuda form arbitration clause: if the losing party is dissatisfied with the arbitration result, it may not be permitted to challenge the result under New York law in a New York court, but may instead be limited to challenging the arbitration award under English law in English court.
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Massachusetts: Excess Insurers Not Bound To Follow The Settlement Decisions Made By A Primary Carrier
In a case of first impression, the Massachusetts Supreme Judicial Court (“SJC”) ruled on August 6, 2007 that a “follow-form” excess liability insurer is not bound by the decision of a primary insurer to settle a claim.
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New United Kingdom Life Insurance Product Offers Vegetarians Discount
Animal Friends Insurance (“Animal Friends”), a UK nonprofit pet insurance specialist, has partnered with Liverpool Victoria to introduce a novel term life insurance product that gives vegetarians and fish-eaters an average discount of six percent on premiums.
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Defective Products Claims Against ExxonMobil Deemed Multiple “Occurrences” Under New York Law
On June 5, 2007, a New York State Court located in Manhattan ruled that various products liability claims relating to ExxonMobil Corporation’s defective resin and lubricant products were multiple “occurrences” under liability insurance policies issued to ExxonMobil by Lloyd’s of London.
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