As reported here, here, and here, Florida legislators and insurance regulators actively are seeking to shed some of the state’s hurricane risk and to strengthen the financial condition of the Florida Hurricane Catastrophe Fund (the “Fund”).  As reported here, the Fund, which was established after Hurricane Andrew, provides reinsurance coverage for residential property insurers in Florida in the event of major windstorm events. 

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Read More Florida Hurricane Catastrophe Fund Reforms May Impact Demand for Private Reinsurance Coverage

Defendant New York Merchants Protective Co. Inc. (“NYMP”) is engaged in the business of installing and/or maintaining alarm systems.  See Custom Metal Inc. v. New York Merchants Protective Co. Inc., 21343/08 (Nassau County, Sup. Ct., Apr. 6, 2009).  Plaintiff Custom Metal Inc. (“Custom Metal”) was a customer of NYMP and entered into a contract in 2003 by which NYMP was responsible for installing and maintaining a security system at Custom Metal’s principal place of business. 

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Read More New York State Court Orders Parties to Arbitrate Dispute, even where Plaintiff Alleges that Contract Containing Arbitration Clause Was Induced by Fraud

In IMT Shipping & Chartering GMBH v Chansung Shipping Co Ltd, owners of Zenovia [2009] EWHC 739 (Comm), the appellant time charterer appealed against the decision of arbitrators concerning the status and effect of a notice of approximate redelivery date given by the charterer to the respondent ship owners. …
Read More UK: Notice of Approximate Redelivery Date by Time Charterer Does Not Give Rise to Promissory Estoppel and Prevent Subsequent Change

The FSA has published Policy Statement 09/7 (the PS) in connection with its review of the limits under the Financial Services Compensation Scheme (FSCS). The PS addresses changes to FSCS limits in connection with insurance, insurance mediation, investments and home finance mediation and home finance lending and administration which will come into effect on 1 January 2010. …
Read More FSA to Simplify FSCS Compensation Rules

Region: The International Development Bank, World Bank Group, Andean Development Corporation, Caribbean Development Bank and the Central American Bank for Economic Integration recently announced their pledge to lend US$90 billion to Latin America and the Caribbean in the next two years. …
Read More Latin America Update: World Bank and Others Pledge US$90 Billion in Loans to Latin America and Caribbean over Next Two Years; Total Premiums Grow in Peru and Venezuela; Brazilian Regulator Approves Two More Occasional Foreign Reinsurers

An insurer represented by Edwards Angell Palmer & Dodge attorneys Dennis Brown, Julia Ulrich and John Hughes was recently granted summary judgment by the Connecticut Superior Court based on an insurance policy’s provision defining “uninsured motor vehicle” as not including any vehicle owned by a self-insurer. 

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Read More Connecticut Superior Court Grants Summary Judgment for Insurer on Uninsured Motor Vehicle Claim

On Wednesday, April 29, 2009, the U.S. Reinsurance Under 40s Group will host its first ever event in Philadelphia!  The event will take place between 5:30 p.m. and 7:30 p.m. at the Union League of Philadelphia, which is located at 140 S. Broad Street (between 15th and Samson streets). …
Read More U.S. Reinsurance Under 40s Group to Host Reception in Philadelphia

On Wednesday, May 6, 2009, the U.S. Reinsurance Under 40s Group will host the the Lloyd’s Under 30’s Non-Marine Group at its annual Spring event in New York City.  The Lloyd’s Under 30’s Non-Marine Group was established more than 30 years ago, and is an organization that is open to all those under the age of 30 years who are engaged in the Lloyd’s Non-Marine market. 

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Read More U.S. Reinsurance Under 40s Group to Host Lloyd’s Non-Marine Under 30s Group on May 6th for Spring Event in New York City

For the first time, the ABI has on 21 April published guidance governing the trade credit insurance industry. The guidance, which is not legally binding, is published in the form of a Statement of Principles outlining how trade credit insurers operate and what policyholders can expect. …
Read More UK: The Association of British Insurers (the ABI) Publishes a Statement of Principles on Trade Credit Insurance

City lawyer, Patrick Raggett, is suing the Jesuit run school he attended for £5 million in damages alleging sexual abuse in the 1970s by the now deceased Father Spencer, a priest at the school before it closed in 1978. If successful, the claim will be by far the largest court award for damages in England for sexual abuse (the current record being £600,000). …
Read More UK: City Lawyer Sues Jesuit School for £5 million Alleging Sexual Abuse