Sports fans learn to assume certain risks when purchasing advance tickets for sporting events. Uncontrollable events often make it impossible for ticket holders to attend specific events, often leading to the forfeiture of high-priced tickets.
Industry Developments
National Insurance Act/Optional Federal Charter Legislation Reintroduced in House
Following up on our post last month, on July 24, 2007, a bipartisan optional federal charter (OFC) bill was proposed in the House by Reps. Melissa Bean (D-IL) and Ed Royce (R-CA), serving as a companion bill to the previously-filed Senate version, both of which are entitled the National Insurance Act of 2007. …
LLoyd’s Insurer Launches Nuclear, Biological and Chemical Cover
By Troutman Pepper Locke on
Managing Agency Partners (“MAP”) recently launched one of the broadest forms of terrorism coverage available since 9/11, a physical damage and liability cover that includes nuclear, biological and chemical risks and both first-party and third-party clean up and decontamination costs.
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Private Equity Firms Brace for Expected Increase in Litigation
By Troutman Pepper Locke on
Posted in Industry Developments, United States
The results of a recent survey conducted by Marsh, a branch of the world’s largest insurance broker Marsh & McLennan, suggest that the private equity sector is bracing itself for a substantial increase in potential lawsuits.
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SEC New Rules for Rating Agencies
By Troutman Pepper Locke on
On June 26, 2007, final Securities and Exchange Commission (“SEC”) rules implementing the Credit Rating Agency Reform Act of 2006 (“Rating Agency Act”) and certain provisions of the Rating Agency Act went into effect.
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Congress Begins Move Against General Partners’ Carried Interests
By Troutman Pepper Locke on
Posted in Industry Developments, United States
Investment fund managers may be forced to pay higher tax rates on income from their investment funds if a bill introduced in the House of Representatives on Friday, June 22, 2007 becomes law.
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Pending Legislation May Change New York Law of No-Prejudice
Both houses of the New York State legislature passed a bill proposing to reverse the longstanding New York rule that an insurer need not establish prejudice in order to disclaim coverage based upon late notice.
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New Cover Blurs the Distinction Between War and Terrorism
By Troutman Pepper Locke on
Posted in Industry Developments, United States
In the United States, a hotly debated industry issue is the future of the Terrorism Risk Insurance Program . We have recently seen a proposal in a House Bill to extend and expand TRIA.
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Insurance Company Provides New Video Game Development Coverage
By Troutman Pepper Locke on
Posted in Industry Developments, United States
Fireman’s Fund Insurance Company recently released a new insurance coverage product for the video game development industry. The policies will insure video game producers in a similar manner as policies that insure television and film producers.
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SEC Prevails in Fraud Case Against Risk Manager
By Troutman Pepper Locke on
Posted in Industry Developments, United States
A New York jury recently found a cell phone distributor’s risk manager liable for his alleged role in a scheme to commit securities fraud. According to the SEC’s allegations, the scheme involved the cell phone distributor’s purchase of a multi-year finite risk insurance policy, which enabled the company to spread a loss over several years.
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