(1) Roger Shashoua (2) Rodemadan Holdings Ltd (3) Stancroft Trust Ltd v Mukesh Sharma [2009] EWHC 957 (Comm) involved a dispute over a shareholders agreement governed by Indian law, which contained an arbitration clause providing for an arbitration in London, under the rules of the International Chamber of Commerce (the ICC). 

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Read More UK: Supranational Arbitrations and the Laws of England

As discussed here, a magnitude 7.1 earthquake occurred in Honduras on May 28, 2009.  According to reports in Central American newspapers, Honduran authorities have now estimated property losses from the earthquake at US$100 million, much of that concentrated in the nation’s largest port in Puerto Cortes, the Empresa Nacional Portuaria. 

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Read More Update: Honduran Earthquake Property Losses Estimated at $100 Million

New York’s highest court recently held that an exclusion for “earth movement” in a property policy did not exclude coverage for damage to the policyholder’s building that resulted when excavation of the adjacent lot caused earth to slide away beneath the insured building. 

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Read More New York Court of Appeals: Earth Movement Exclusion Does Not Apply to Damage Caused by Adjacent Lot Excavation

In a recently released report, Brazilian insurance regulator SUSEP maintained its projection of approximately 4.9% insurance premium growth in 2009, despite revising downward from 1.5% to -.5% its assumption about GDP growth for the year.  4.9% premium growth in 2009 would result in total premiums in Brazil of approximately US$35.5 billion. …
Read More Brazilian Regulator Predicts 4.9% Premium Growth Projection for 2009, Reports 7.05% Premium Growth for 1Q09

On Thursday, May 28, 2009, it was announced that Eric Dinallo, Superintendent of the New York State Insurance Department (“NYSID”), intends to resign effective as of July 3, 2009.  Dinallo has accepted a position as a visiting professor at New York University’s Stern School of Business. …
Read More New York Insurance Superintendent Eric Dinallo Resigns

Midgulf (M) was a trader in sulphur and Groupe Chimiche Tunisien (G) was a company owned by the state of Tunisia. The parties entered into a contract for the sale and purchase of sulphur in June 2008 and a further contract for the same in July 2008. The June 2008 contract contained a London arbitration clause. G complained about the quality of the sulphur provided under both contracts and subsequently terminated the July contract. A dispute arose as to whether the July 2008 contract contained a London arbitration clause. 

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Read More UK: Midgulf International Ltd v Groupe Chimiche Tunisien (2009) [2009] EWHC 963 (Comm)

A magnitude 7.1 earthquake occurred near the coastal Honduran island of Roatan at 3:24 a.m. local time on Thursday May 28, 2009.  Although the earthquake caused relatively little property damage to the tourist resorts on Roatan or to buildings on mainland Honduras and nearby Guatemala and Belize, it may pose the risk of business interruption claims due to infrastructure damage in the Honduran business hub of San Pedro Sula. …
Read More Magnitude 7.1 Earthquake in Honduras Causes Relatively Minor Property Damage But May Pose Business Interruption Issues

On May 21, 2009, Representative Ron Klein (D-FL) reintroduced the Homeowners’ Defense Act of 2009, H.R. 2555 (the “Act”), which would allow states to join a national catastrophe insurance pool and would potentially reduce the cost and improve the availability of homeowners’ insurance in Florida and in other states.  As we reported here, the Act is similar to the legislation previously passed in the House, but failed to gain Senate support in 2007 and 2008. 

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Read More Representative Ron Klein (D-FL) Reintroduces the Homeowners’ Defense Act