On 12 March, the UK Chancellor of the Exchequer, Alistair Darling, delivered the Government’s 2008 Budget Report, which acknowledged the susceptibility of the UK economy to the unfolding financial credit crisis. The Report noted that the world economy was facing a more challenging environment than was apparent in 2007, with continued disruption in global financial markets, which had caused the downgrading of the UK economy growth forecast for 2009 from 2.5 – 3% to 2.25 – 2.75%. …
Read More UK 2008 Budget Report

The Missouri Court of Appeals recently affirmed an $8 million punitive damages award against an insurer in a breach of contract, malicious prosecution, and punitive damages action arising from a denied automobile insurance claim valued at $10,300. 

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Read More Missouri Court of Appeals Upholds $8 Million Punitive Damages Award Against Insurer In Case Arising From $10,300 Auto Claim

The Claimant in Kosmar Villa Holidays plc v Trustees of Syndicate 1243 [2008] EWCA Civ 147 was a tour operator who had a public liability policy with the Defendant’s predecessor, Euclidian Direct Limited (Euclidian). …
Read More English Court of Appeal Considers the Effect of a Notice Clause in a Public Liability Policy

A Massachusetts trial court recently held that an insurer must pay the attorneys’ fees incurred by its insured in the successful defense of a duty to defend declaratory coverage action brought by the insurer. …
Read More Gamache Exception Extended: Massachusetts Trial Court Orders Insurer To Pay Insured’s Attorneys’ Fees In Unsuccessful Duty to Defend Declaratory Judgment Action

On November 16, 2006, Financial Security Assurance Holdings Ltd. (“FSAH”) received subpoenas from the Securities and Exchange Commission and the Antitrust Division of the U.S. Department of Justice issued in connection with ongoing civil and criminal investigations of brokers, financial institutions and bond insurers suspected of bid rigging awards of municipal guaranteed investment contracts (“GICs”). 

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Read More Wells Notice Received by Bond Insurer in Municipal Guaranteed Investment Contracts Antitrust Investigation

A federal district court recently held that an ambiguity in a reinsurance contract’s arbitration provision regarding the structure of the arbitration and selection of arbitrators was for the arbitrators, not the court, to decide. 

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Read More Court Refers Ambiguity Over Structure of Arbitration and Selection of Arbitrators to the Panel

Mark Meyer, a partner in the London office of Edwards Angell Palmer & Dodge, attended the recent seminar hosted by Lloyd’s in Tel Aviv, Israel, to mark 60 years of trading with the country. …
Read More Lloyd’s Hosts Anniversary Seminar in Tel Aviv

The issue in Qayyum Ansari v New India Assurance Limited [2008] EWHC 243 was whether, when a sprinkler system had been turned off prior to a fire, there had been a material change in cover in the facts stated in a proposal form so as to bring into effect a termination of cover. …
Read More The English High Court Has Ruled on the Proper Construction of a Condition Dealing with Increase of Risk

Edwards Angell Palmer & Dodge Hosts Seminar on Directors’ Duties and Sub-prime Issues
On 6 March 2008 Edwards Angell Palmer & Dodge hosted a seminar in London for over 90 representatives from a broad cross section of the insurance and reinsurance industry. Helen Clark and Antony Woodhouse, partners in the London office, spoke about codified duties and shareholder actions in the UK following the coming into force of the Companies Act 2006, which introduces a new statutory statement of directors’ duties and reforms to shareholder derivative actions. 

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Read More Edwards Angell Palmer & Dodge Hosts Seminar on Directors’ Duties and Sub-prime Issues