The English Commercial Court in Gater Assets Limited v. NAK Naftogaz Ukrainiy [2008] EWHC 1108 (Comm)  recently considered the award of interest on an order of the  English  court entering judgment in terms of a New York Convention arbitration award. The arbitrators had not awarded post-award interest but the claimant applied to enforce the court order,  claiming interest on the award at 8%pa from the date of the court order. The defendant disputed the claimant’s entitlement to interest. 

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Read More UK: Interest Payable on a New York Convention Arbitration Award

A secondhand exposure lawsuit in New Jersey state court resulted in a February 2008 jury award of $30.3 million to the family of Mark Buttitta, who died from mesothelioma. 

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Read More Secondhand Asbestos Lawsuit results in $30.3 Million Jury Award

The legislation listed below is under consideration for inclusion on a future Assembly Insurance Committee agenda. In order to gather input on these bills, all interested parties are invited to offer comments in support or opposition to the bills listed below. Suggestions for proposed language changes are also welcome at this time. 

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Read More Requests for Comments on Proposed Legislation from New York State Assembly Committee on Insurance

Last month, the Florida Senate introduced S.B. 2860, a comprehensive property insurance bill aimed at protecting property owners from arbitrary and unsupported property rate increases.  Florida’s House of Representatives subsequently approved an amended version of the bill, which the Florida Senate adopted earlier this month.  The Governor approved the bill on May 28, and it will take effect on July 1, 2008. 

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Read More Florida Enacts New Property Insurance Legislation

On May 21, 2008, the Louisiana Supreme Court issued a pro-insurer decision in Landry v. Louisiana Citizens Property Insurance Company, enforcing a policy’s explicit loss computation method, under the Louisiana Valued Policy Law (“VPL”).  The court held that an insurer is not obligated to pay the total loss of an insured’s property when damages are caused concurrently by covered and non-covered perils if the policy explicitly contains a loss computation method that differs from that set forth in the VPL. 

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Read More Louisiana Supreme Court Tackles Valued Policy Law

The United States District Court for the Southern District of Illinois recently adopted a restrictive view of the government contractor immunity defense when it remanded an asbestos-related lawsuit to Illinois state court for lack of federal subject-matter jurisdiction. …
Read More Illinois Federal Court Takes Restrictive View of Government Contractor Immunity Defense

At an Extraordinary General Meeting held on 21 May 2008, the membership of Lloyd’s approved a resolution to consent to the proposals by the UK’s Treasury to amend the Lloyd’s Act 1982. The proposals are as described in the Consultation Document issued in March 2008. …
Read More Lloyd’s Members Vote to Approve Treasury Proposals to Amend Lloyd’s Act

Please join the U.S. Reinsurance Under 40s Group for its Spring Event on May 29 in New York. 

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Read More REMINDER — U.S. Reinsurance Under 40s Spring Event to Take Place on May 29 in New York

In Steamship Mutual Underwriting Association (Bermuda) Limited v Sulpicio Lines Inc [2008] EWHC 914 (Comm), the English Commercial Court considered an application for declaratory and injunctive relief by Steamship Mutual (the Club) against its insured, Sulpicio, a Filipino company and a member of the Club for many years. 

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Read More UK: High Court Considers Grant of Anti-Suit Injunction in Support of Arbitration

The First Circuit Federal Court of Appeals recently affirmed dismissal of a suit against the Puerto Rico Insurance Commissioner on the basis of a Puerto Rico Insurance Code Article that bars suit against the Commissioner once a liquidator has been appointed. 

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Read More First Circuit Federal Court of Appeals: Spanish Language Version of Puerto Rican Insurance Code Mandates Dismissal of Suit Against Puerto Rico Insurance Commissioner