Greg Hoffnagle and Marc Voses of Edwards Angell Palmer & Dodge’s New York office will be presenting “Green Buildings and Risk Management: What Reinsurers Need to Know” at 4:30 p.m. on September 15, 2010.  EAPD is hosting a reception following their presentation so if you are planning to attend the conference, please come by and meet our attorneys and network with your peers in the industry. …
Read More Reinsurance Association of America’s ReClaims Conference – September 15-16, 2010 (New York)

A Maryland bankruptcy court has declared that Side A benefits under a D&O policy are not property of the bankrupt estate, with the result that two former executives who have been accused of making illegal payments and diverting funds from their former employer to start a new venture may be able to recoup certain defense costs. …
Read More Court Rules D&O Policy’s Side-A Benefits Not Property of Bankrupt Estate

A recent coverage dispute presented a fascinating combination of two classic and thorny legal issues – what is the “proximate cause” of a loss, and what constitutes an “accident” for the purposes of insurance coverage. …
Read More Storm Rages; MRI Machine Dies; Court Finds No Coverage

The Massachusetts Appeals Court recently affirmed the Superior Court’s granting of an insurer’s motion to dismiss after finding that the standard mortgage clause in a business owner’s policy did not confer coverage on a mortgagee for loss of rent where the mortgagor had executed an assignment of rent in the event of default. …
Read More Massachusetts Appeals Court Affirms Dismissal of Action Against Business Owner Policy by Mortgagee

The law firm of Akin Gump Strauss Hauer & Feld, LLP is seeking to quash a subpoena from accused Ponzi schemer Allen Stanford in the U.S. District Court for the Southern District of Texas, where Mr. Stanford’s criminal case is pending.  Mr. Stanford allegedly conducted an $8 billion Ponzi scheme involving certificates of deposit. …
Read More Insurers’ Law Firm Engaged In Multi-Pronged Legal Battle Against Accused Ponzi Artist

In a case of first impression, the Massachusetts Appeals Court has ruled that an insured’s waiver of its carrier’s subrogation rights can survive the completion of a construction project.  Middleoak Ins. Co. v. Tri-State Sprinkler Corp., No. 09-P-1265 (Mass. App. Ct. Aug. 5, 2010).  The court’s decision puts Massachusetts in the majority of jurisdictions to have considered the issue. …
Read More Massachusetts Court Says Subrogation Waiver Can Survive Project Completion

Japan moved to impose new sanctions against Iran on September 3, 2010, including freezing the assets of people and entities associated with its nuclear program and imposing tighter restrictions on financial transactions.  Although we have not yet obtained a draft of the sanctions, Japanese officials have indicated that new investments in Iran’s oil and gas industries would also be suspended under the new sanctions according to a recent article in Agence France Presse (AFP). …
Read More Japan Imposes New Sanctions Against Iran

California legislators are ready to pass a bill to entice insurance companies to invest in “green” technology projects in low- and moderate-income urban and rural communities. …
Read More Insurance Turning “Green” in California: Lawmakers Propose Tax Credit for Insurers Who Invest in “Green” Tech Projects

A press release issued by BP states that it has made claim payments of nearly $400 million during the 16 weeks it managed claims related to the Deepwater Horizon Incident.  A copy of the press release and its exhibits can be found here. …
Read More Deepwater Horizon Incident: Lost Income and Lost Profits Claims Paid By BP