In Mr John Pratt v Aigaion Insurance Company SA [2008] EWHC 489 (Admlty) the Court was asked to consider the meaning of “at all times” in the context of a condition to a marine insurance policy. …
Read More The English High Court construes a condition in a marine insurance policy

On April 3, 2008, Commissioner Nonnie Burns of the Massachusetts Division of Insurance issued a new bulletin permitting insurance companies to offer the option of purchasing automobile policies with six-month terms. …
Read More Massachusetts To Allow Six-Month Automobile Policies

In Dunlop Haywards (DHL), Erinaceous Commercial Property Services Limited v Erinaceous Insurance Services Limited and Lockton Companies International Limited [2008] EWHC 520, the Claimants instructed the Defendant broker (Erinaceous Insurance) to renew professional indemnity insurance for the companies in the Claimants’ group and to procure a primary layer of insurance cover of £10 million and an excess layer of £10 million. 

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Read More The English High Court considers whether excess insurers could be joined into proceedings between an insured, its broker and a sub-broker

Last fall, we posted about a New England furniture company that, backed by prize indemnification insurance, offered customers the chance to get their furniture purchase for free if the Boston Red Sox won the World Series.  Click here.  We later posted about the approximately 30,000 fans that won reimbursement of their furniture purchase when the Red Sox defeated the Colorado Rockies in the World Series.  Click here. 

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Read More Risk Management? Red Sox Will Have To Sweep The World Series This Year For Fans To Get Free Furniture

On April 4, 2008, Maryland Attorney General Douglas F. Gansler announced that his office reached an agreement regarding certain consumer protections with four of the nation’s largest wireless telephone carriers, as well as a provider of cellular phone insurance protection policies.  Under the agreement, key terms in the cellular phone protection plans will be more clearly disclosed to consumers. 

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Read More Maryland Attorney General Obtains Clearer Disclosure for Cellular Phone Protection Plans

Michael Travaglini, who oversees the Massachusetts Pension Reserves Investment Management Board, recently voiced his disagreement with California Treasurer Bill Lockyer’s plan to form a state-owned bond insurer, saying that pension funds should not be in the business of insuring securities.  “I am very glad that in Massachusetts we are prohibited by our enabling statutes [from creating a bond insurer],” Travaglini said.  He continued, “I’m in the investment business, not the lending business in any way, shape or form. 

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Read More Massachusetts State Pension Fund Will Not (and Cannot) Form Bond Insurer

New York Superintendent of Insurance, Eric Dinallo, recently revealed that the New York State Insurance Department is working “avidly” to alleviate the capital crisis at bond insurer FGIC.  FGIC was the subject of ratings downgrades by both Fitch Ratings and S&P earlier this year. …
Read More Dinallo: NY is Working “Avidly” to Solve the Crisis at FGIC

The FSA has restated the UKs support for the creation of a single market in financial services in Europe, and has called for further development of the existing arrangements for regulatory cooperation among national regulators. The recommendation was contained in the latest edition of what the FSA described as its ‘new look’ International Regulatory Outlook (IRO). 

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Read More UK: Regulatory: The Financial Service Authority (FSA) Calls for Increased Co-Operation in Europe

Last week, Fitch Ratings downgraded MBIA Insurance Corp. and its subsidiaries from AAA to AA, stating that the bond insurer’s pro-forma claims paying resources at year-end 2007 now fall below Fitch’s AAA capital targets by $3.4 to $3.8bn.  Instead, Fitch concluded that MBIA’s pro-forma claims paying resources fall squarely within its standards for AA capital. 

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Read More Fitch Downgrades MBIA to AA