Coverage & Claims

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In Coromin Ltd v AXA Re & Ors [2007] EWHC 2818 (Comm), the Commercial Court considered whether Coromin was entitled to be indemnified by its reinsurers for the physical damage and business interruption losses suffered by its insured as a result of a defective mill motor at a copper mining and processing facility in Chile. 

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Read More Policy construction: The English Commercial Court has construed the terms of a business interruption policy

Earlier this month, President Bush announced a voluntary five-year interest rate freeze plan for subprime borrowers facing large increases in their monthly mortgage payments due to rate resets. 

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Read More Government Moves to Prevent Foreclosures and Other Fallout from the Subprime Meltdown

In the context of a Katrina-related claim, in its recent decision in Sher v. Lafayette Insurance Company, et al., a Louisiana state appellate court held that an insurer’s water exclusion was ambiguous and that the insurer could not deny coverage for water damage sustained to an insured’s property on the basis of the exclusion. 

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Read More Louisiana Appellate Court Holds that Insurer’s Water Exclusion is Ambiguous

The case of Law Society v Dixit Shah (2007) EWHC 2841 (Ch) arose from the intervention of the Office for the Supervision of Solicitors into an association of firms owned by Dixit Shah which traded under “the BJ Brandon Group” name. The Law Society alleged that the OSS discovered that around £12.5 million of client money had been misappropriated by Mr Shah. 

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Read More Third party claims: A decision of the High Court clarifies the law with regard to claims under the Third Party (Rights against Insurers) Act 1930

In HLB Kidsons (A Firm) v Lloyds Underwriters & Others [2007] EWCH 2699, a dispute arose over whether the claimant firm of accountants had properly notified claims to the defendant insurers. 

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Read More Costs: The English High Court has ruled on various costs issues following judgment in a late notification case involving the Lloyd’s Market

The Commercial Court has published the report of its Long Trials Working Party set up under the chairmanship of Mr. Justice Aikens. The Working Party was established following criticisms arising from the duration and cost of the infamous BCCI v Bank of England and Equitable Life trials. 

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Read More Commercial Court Publishes Working Party Report On Long Trials

In a ruling that may impact the world of commercial arbitrations, the United States Court of Appeals for the Seventh Circuit affirmed a district court’s denial of a motion to vacate an arbitration award on the basis that it was filed one-day too late. 

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Read More Contesting an Arbitration Award? Seventh Circuit Affirms That Statute of Limitation Runs From Date the Award is Sent

A New York appellate panel recently affirmed a lower court’s decision finding that each worker’s injuries from exposure to chemicals found in popcorn flavoring resulted from separate occurrences for purposes of applying a “per occurrence” deductible under certain general liability insurance policies. 

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Read More New York Court Holds That Injuries Caused By Exposure to Popcorn Chemicals Resulted From Multiple Occurrences

Several investors in a failed Bear Stearns Hedge Fund recently filed arbitration claims against two subsidiaries of Bear Stearns Companies, Inc. — Bear Stearns & Co., Inc. and Bear Stearns Securities Corp. The investors are represented by a group of four law firms with extensive arbitration experience against hedge funds. The fund at issue — the Bear Stearns High Grade Structured Credit Strategies Enhanced Leverage (Overseas) Fund — is one of two Bear Stearns hedge funds that filed for bankruptcy earlier this year after suffering heavy losses from their investments in subprime debt. 

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Read More Bear Stearns Faces Arbitration Claims Over Hedge Fund Subprime Losses Following Administrative Action in Massachusetts