As previously reported here, the National Flood Insurance Program (“NFIP”) is due to expire at the end of this month. With the House of Representatives and Senate still at odds over key provisions, Rep. Barney Frank (D-MA) has introduced a bill, H.R. 6965, which would temporarily extend the NFIP for an additional seven months.
Read More Congress Still Unable to Agree on NFIP, Considers Short-Term Extension
Catastrophe Claims
Florida Insurance Commissioner Orders State Farm to Refund $120 Million for Unpaid Windstorm Mitigation Discounts
By Troutman Pepper Locke on
On September 9, 2008, Florida Insurance Commissioner Kevin McCarty ordered State Farm Florida to issue $120 million in credits or refunds to approximately 98,000 current or former policyholders who did not receive, or who did not apply for, Windstorm Loss Reduction Rating Plan discounts that were available to Windstorm policy holders who made their homes more windstorm resistant.
Ninth Circuit Holds Flood Exclusion Clearly Barred Coverage for Katrina Storm Surge Losses
By Troutman Pepper Locke on
The Ninth Circuit recently reversed the California district court’s decision in the case of Northrop Grumman Corp. v. Factory Mutual Ins. Co. (click here to read our blog post about the district court’s decision and click here to read the Ninth Circuit’s opinion). The Ninth Circuit held that Factory Mutual’s excess all risk policy’s flood exclusion was not ambiguous and served to exclude coverage for damage caused by Hurricane Katrina’s storm surge to the insured’s shipyards.
…
Read More Ninth Circuit Holds Flood Exclusion Clearly Barred Coverage for Katrina Storm Surge Losses
McCain Opposes National Catastrophe Fund, but Supports Regional Alternative
On a recent campaign trip to Florida, Republican presidential nominee John McCain restated his opposition to the national “Cat Fund” bill that passed the U.S. House last year and was sponsored by Palm Beach County Democratic Congressmen. Ron Klein and Tim Mahoney. McCain did say that he would consider a “Gulf States Compact” or other regional risk pool alternative to a national catastrophe insurance fund. …
Read More McCain Opposes National Catastrophe Fund, but Supports Regional Alternative
Tropical Storm Fay Temporarily Halts Writing of New Property Insurance Policies
By Troutman Pepper Locke on
With Tropical Storm Fay on the map and threatening to become a hurricane before landfall on August 19th, property insurers stopped writing new policies in Florida.
…
Read More Tropical Storm Fay Temporarily Halts Writing of New Property Insurance Policies
TODAY’S WEBINAR: Insurance Implications of Climate Change
By Troutman Pepper Locke on
Posted in Bermuda, Catastrophe Claims, Climate Change, Connecticut Developments, European Union, Florida Developments, Hong Kong, Industry Developments, Latin American Developments, Life Insurance & Annuities, Massachusetts Developments, New Jersey Developments, New York Developments, United Kingdom, United States
Today, Thursday, August 28, Edwards Angell Palmer & Dodge’s Insurance and Reinsurance Department will host a webinar entitled “Insurance Implications of Climate Change”. This 60 minute webinar will comprise a discussion of the global legal framework which recognizes the reality of climate change.
…
Read More TODAY’S WEBINAR: Insurance Implications of Climate Change
August 28 EAPD Webinar: Insurance Implications of Climate Change
By Troutman Pepper Locke on
Posted in Bermuda, Catastrophe Claims, Climate Change, Connecticut Developments, European Union, Florida Developments, Hong Kong, Industry Developments, Latin American Developments, Life Insurance & Annuities, Massachusetts Developments, New Jersey Developments, New York Developments, United Kingdom, United States
On Thursday, August 28, Edwards Angell Palmer & Dodge’s Insurance and Reinsurance Department will host a webinar entitled “Insurance Implications of Climate Change”. This 60 minute webinar will comprise a discussion of the global legal framework which recognizes the reality of climate change. …
Read More August 28 EAPD Webinar: Insurance Implications of Climate Change
Governor Charlie Crist and Florida Insurance Commissioner Kevin McCarty meet with Lloyd’s of London
By Troutman Pepper Locke on
Governor Charlie Crist, Florida Insurance Commissioner Kevin McCarty, and Florida House Speaker Designate Ray Sansom were in London on July 15th to discuss state insurance issues. Representing Governor Crist’s Team Florida Trade and Business Development Mission, the delegation met with Lord Levene, Lloyd’s of London chairman. Crist and his team were expected to discuss the role of global reinsurance and the threat of global warming.
Antitrust Lawsuit Filed By Louisiana Against Insurers and Insurance Industry Participants Stays In Federal Court
By Troutman Pepper Locke on
On November 7, 2007, former Louisiana Attorney General Charles C. Foti, Jr. filed a lawsuit in the Civil District for the Parish of Orleans alleging that under Louisiana’s antitrust laws certain insurers and insurance industry participants fixed prices, manipulated damage estimates and low-balled claims payments after hurricanes Katrina and Rita.
Dickie Scruggs Sentenced to Five Years in Prison
By Troutman Pepper Locke on
Dickie Scruggs, the Mississippi lawyer who represented thousands of policyholders in their Hurricane Katrina coverage litigation against property insurers, was recently sentenced to five years in prison for conspiring to bribe a judge in a Hurricane Katrina case. In addition, Scruggs was ordered to pay a fine of $250,000. …
Read More Dickie Scruggs Sentenced to Five Years in Prison