As part of its ongoing review of insurance contract law, the Law Commission has recently published a policy statement on the passing of pre-contract information from consumer to insurer.
Coverage & Claims
UK: Law Commission Publishes Memo on Section 83 of the Fires Prevention (Metropolis) Act 1774
By Troutman Pepper Locke on
Posted in Coverage & Claims, United Kingdom
Section 83 of this ancient Act gives interested persons the right to demand that insurance money is used to reinstate a building damaged by fire, rather than being paid to the policyholder.
Supreme Court of Texas Strictly Applies Eight-Corners Rule to Coverage Dispute, Declines to Consider Extrinsic Evidence
By Troutman Pepper Locke on
Posted in Coverage & Claims, United States
The Supreme Court of Texas recently affirmed summary judgment in favor of an insurer in a declaratory judgment action, holding that the allegations in the underlying complaint against its insured did not fall within the coverage provided by the insurance policy. Pine Oak Builders, Inc. v. Great American Lloyds Ins. Co., No. 06-0867 (Tex. February 13, 2009).
Fifth Circuit: Coverage for Subsidiary “Corporations” Unambiguously Excludes LLC’s
By Troutman Pepper Locke on
Posted in Coverage & Claims, United States
The Fifth Circuit recently affirmed a District Court decision holding that coverage for subsidiary “corporations” does not ordinarily include limited liability companies. American Electric Power Company Inc., et al. v. Affiliated FM Insurance Company, No. 07-31061 (5th Cir. Jan. 21, 2009).
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Third Circuit Rules Interpleader Motion by Insurer Proper to Resolve Inheritance Dispute
By Troutman Pepper Locke on
Posted in Coverage & Claims, United States
The U.S. Court of Appeals for the Third Circuit recently held that an insurance carrier properly filed an interpleader complaint against policyholders to determine the distribution of $100,000 in life insurance proceeds. Prudential Ins. Co. of Am. v. Hovis, et al., — F.3d –, (3d Cir. Jan. 27, 2009).
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District Court Affirms Summary Judgment for Insurer in Employee Theft Case
By Troutman Pepper Locke on
The federal district court for the district of New Jersey recently denied an insured’s motion for reconsideration of its prior award of summary judgment in favor of its insurer. Pine Belt Automotive, Inc. v. Royal Indemnity Co., et al., Civil Action. No. 06-5995 (D.N.J. Feb. 19, 2009).
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Federal Court in Illinois Grants Judgment on the Pleadings in Legionnaire’s Disease Coverage Suit Based On Insureds’ Lack of Denial That Policy Contained Bacteria Exclusion
By Troutman Pepper Locke on
An Illinois federal district court recently granted an insurer’s motion for judgment on the pleadings in a declaratory judgment suit regarding coverage for claims related to bacteria. AMCO Ins. Co. v. Swagat Group, LLC, et al., No. 07-3330 (C.D.Ill. Feb. 10, 2009).
Stringfellow Decision: Split in California Appellate Courts on Stacking of Policy Limits Across Policy Periods
By Troutman Pepper Locke on
Posted in Coverage & Claims, United States
California’s Court of Appeal for the Fourth District has held that an insured is entitled to stack policy limits of all applicable policies when there is a continuous loss spanning multiple policy periods and policy provides for payment of “all sums” that insured becomes liable to pay, State of California v. Continental Insurance Company.
Updated Whitepaper: Venture Capital, Private Equity and Hedge Funds: Structure and Risk Exposures
By Troutman Pepper Locke on
John Hughes and Machua Millett of EAPD have recently released an updated version of their whitepaper entitled Venture Capital, Private Equity and Hedge Funds: Structure and Risk Exposures. The whitepaper leads the reader through the structure and characteristics of venture capital, private equity and hedge funds, presents the latest market trends in these areas and then discusses the risk exposures for such funds and related entities.
New Jersey Appellate Court Weighs in on Coverage of Asbestos Claims, Known Loss and Loss in Progress Doctrines
By Troutman Pepper Locke on
The Superior Court of New Jersey, Appellate Division recently held that an insured that had received asbestos claims against it prior to the time it applied for an excess insurance policy was not precluded by the known loss or loss in progress doctrines from receiving coverage for subsequent asbestos-related claims.