A New York appellate court recently held that an insurer’s liability for certain underlying lead paint claims was limited to a single per-occurrence limit, enforcing a policy’s noncumulation clause and finding that the claims arose from the same occurrence. See Nesmith, et al. v. Allstate Ins. Co., No. 12-00182 (4th Dep’t Feb. 1, 2013).
Read More New York State Court Enforces Policy’s Noncumulation Clause and Finds That Multiple Lead Paint Claims Arose From the Same Occurrence
New York Developments
TRIA – Possible Extension Involves Many Unresolved Issues
As we recently blogged, Rep. Michael Grimm (R-NY) and Rep. Carolyn Maloney (D-NY), both of whom sit on the House Financial Services Committee, have introduced a bill to extend the federal Terrorism Risk Insurance Program (the “Program”) through 2019. …
Read More TRIA – Possible Extension Involves Many Unresolved Issues
New York Federal Court Finds That Insurer Was Prejudiced By Late Notice of an Insured’s Claim, Relieving Insurer of its Duty to Defend or Indemnify
By Troutman Pepper Locke on
A federal court in Manhattan recently found that a policyholder’s untimely notice of a roof collapse relieved a general liability insurance carrier of any duty to defend or indemnify. The decision is notable because it involved a carrier’s late notice defense under New York Insurance Law § 3420(a)(5), which changed New York’s long-standing no-prejudice rule for policies issued on or after January 17, 2009. …
Read More New York Federal Court Finds That Insurer Was Prejudiced By Late Notice of an Insured’s Claim, Relieving Insurer of its Duty to Defend or Indemnify
Please Join the U.S. Reinsurance Under 40s Group for its First Social Event of 2013
By Troutman Pepper Locke on
The U.S. Reinsurance Under 40s Group will be hosting its first social event of the year this Wednesday, January 30th, at Three Sheets Saloon, which is located on 134 West 3rd Street (between 6th Avenue and MacDougal St.). The event will kick-off at 5:30 pm, and include various drink specials until closing. …
Read More Please Join the U.S. Reinsurance Under 40s Group for its First Social Event of 2013
New York Amends Holding Company Regulations
By Troutman Pepper Locke on
Last month, the New York Department of Financial Services (“DFS”) published notice in the New York State Register that it would be adopting several amendments to its holding company regulations. The DFS stated that the purpose of the amendments is to bring New York regulation in conformance with the National Association of Insurance Commissioners (“NAIC”) 2010 model Insurance Holding Company System Regulatory Act in order to ensure that New York maintains its NAIC accreditation status. …
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Join the U.S. Under 40s Group This Thursday in New York
By Troutman Pepper Locke on
The next U.S. Under 40s Group social event will take place this Thursday evening at B Smith in midtown New York and we hope to see you there. B Smith is located at 320 West 46th Street (between 8th Ave and 9th Ave) and the Under 40s Group will be on the second floor balcony beginning at 6:00 pm. …
Read More Join the U.S. Under 40s Group This Thursday in New York
Sandy: Déjà Vu?
Seven years ago, Hurricane Katrina made landfall in New Orleans. In the days that followed Katrina, we and others who focus on questions of insurance coverage debated whether the devastation in Mississippi and Louisiana had been caused by water or by wind. We discussed slabs, anti-concurrent causation clauses, levees, efficient proximate cause, valued policy laws, and local and national political dynamics. …
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“Sandy” Brings Costs to Homeowners, but not Hurricane Deductibles
In response to the extensive damage suffered throughout the northeastern corridor during October, 2012 as a result of Superstorm Sandy, multiple state insurance agencies are intervening on behalf of homeowners by announcing that they will not be required to pay hurricane deductibles on their insurance policies. …
Read More “Sandy” Brings Costs to Homeowners, but not Hurricane Deductibles
New York Adopts Delaware’s “Tooley Test” for Distinguishing Between Derivative and Direct Actions
By Troutman Pepper Locke on
The New York Supreme Court, Appellate Division, First Department, issued a ruling this past week in which it adopted a “clear approach” for determining the difference between direct and derivative claims. The decision clarifies heretofore murky New York law on the topic. A copy of the slip opinion, Yudell v. Gilbert, 2012 N.Y. Slip Op. 05896 (N.Y. App. Div. 1st Dep’t Aug. 7, 2012), is available here. …
Read More New York Adopts Delaware’s “Tooley Test” for Distinguishing Between Derivative and Direct Actions
New York Appellate Division Affirms Lower Court’s Ruling That Excess Insurers Have No Payment Obligations Where The Insured Fails to Satisfy Conditions Precedent to Exhaustion
In JP Morgan Chase & Co. v Indian Harbor Ins. Co., 2012 NY Slip Op 4702 (N.Y. App. Div. 1st Dep’t June 12, 2012), the New York Appellate Division, applying Illinois law, held that an insured was unable to access numerous excess layers due to its failure to show that the exhaustion provisions in the excess policies had been satisfied. …
Read More New York Appellate Division Affirms Lower Court’s Ruling That Excess Insurers Have No Payment Obligations Where The Insured Fails to Satisfy Conditions Precedent to Exhaustion