Property

  • October 13, 2021

    Insurer Exposure To Climate Change Focus Of Conn. Summit

    The Connecticut Department of Insurance kicked off the first day of its climate-focused conference Wednesday with a look at the effect climate change is having on insurance industry assets and actions, and what role regulators should play in holding insurers accountable.

  • October 13, 2021

    Task Force Suggests Sweeping Changes To Fla. Condo Law

    A Florida Bar task force assembled to review the state's condominium law following the deadly Champlain Towers collapse has proposed sweeping changes that include making it harder for condominium associations to waive reserves, making financing more accessible to associations and increasing liability against developers and municipalities that conduct inspections.

  • October 13, 2021

    Med Center's Bad Faith Claim Against Insurer Can Proceed

    An eye surgery center sufficiently argued that a CNA Financial Corp. unit acted in bad faith in refusing to cover losses caused by the COVID-19 pandemic, a New Mexico federal judge said, but she found the policyholder's other allegations need refining.

  • October 13, 2021

    Liberty Tells 11th Circ. To Keep Hotelier's Virus Coverage Loss

    Liberty Mutual Insurance Co. urged the Eleventh Circuit to uphold a decision finding that a Georgia-based hotel operator isn't entitled to coverage for its pandemic losses because it failed to allege the virus caused any physical damage required for coverage.

  • October 13, 2021

    Miss. Justices Told Pollution Exclusion Doesn't Apply To Blast

    Omega Protein Inc. urged the Magnolia State's high court Wednesday not to allow a subcontractor's excess insurer to avoid its obligations in personal injury suits stemming from a plant explosion, saying this isn't a "pollution case" in which the excess insurer can escape coverage under a pollution exclusion.

  • October 13, 2021

    Judge Halts Wash. Insurance Chief's Emergency Credit Rule

    A Washington state judge blocked an emergency rule banning the use of credit scores in pricing personal line policies, a big setback for state Insurance Commissioner Mike Kreidler's efforts to make the ban permanent.

  • October 12, 2021

    Ind. Building Owner Says Insurer Ignored Fire Claim

    The owner of a building in Culver, Indiana, has sued United States Liability Insurance for coverage of damage from a fire two years ago, telling a federal judge the insurer tried to deny there was ever insurance for the building.

  • October 12, 2021

    Geico Inks $19.5M Deal With Policyholders Over Payments

    Geico has agreed to pay up to $19.5 million to policyholders who claimed the insurer didn't pay them the full amount of sales tax and regulatory fees after their vehicles were deemed total losses, according to a proposed deal filed in California federal court.

  • October 12, 2021

    Pa. Salon Sues Insurer Seeking Virus Closure Coverage

    The owners of a Pittsburgh-area hair salon have launched a proposed class action accusing a Twin City Fire Insurance Co. of breaching the terms of their policy by refusing to provide coverage for financial losses sustained after they were forced to shut down last year as a result of the pandemic.

  • October 12, 2021

    10th Circ. Upholds Travelers' Win On Burst Pipe Coverage

    A Travelers Cos. Inc. unit doesn't have to cover New Mexico building owners for damage caused by a broken water pipe, the Tenth Circuit ruled Tuesday, saying there wasn't any building "collapse" covered under the policy and an earth-movement exclusion removed any coverage for the loss.

  • October 12, 2021

    Insurers Push For Better Building Safety After Surfside

    In the wake of the Surfside, Florida, condominium collapse, experts say there is a renewed sense of urgency in the insurance industry to work with vulnerable communities to improve building safety, as the tragedy highlighted that disasters aren't always a result of natural catastrophes.

  • October 08, 2021

    Pa. Businesses Join Up To Bring Virus Coverage Suit

    A group of Pennsylvania businesses joined together to bring a putative class action against Cincinnati Insurance Co. for coverage of their pandemic-related losses, saying the presence of the coronavirus at their properties resulted in physical damage required for coverage.

  • October 08, 2021

    US Insurers' CLO Investments Pass Stress Test, Report Says

    U.S. insurers are investing in more collateralized loan obligations, but the pooled-loan investments continue to make up a small portion of their investments, according to a new report looking at how the investments would perform under worse economic conditions.

  • October 08, 2021

    Court Divide Deepens For Insurers' Labor Cost Battles

    The Illinois Supreme Court recently ruled that State Farm cannot automatically depreciate labor costs on top of the cost of materials when handling property damage claims, deepening a divide among state high courts across the country on the insurance industry's high-stakes issue.

  • October 08, 2021

    Zurich Can't Shake Life Time Fitness' Virus Coverage Suit

    A Minnesota judge on Thursday denied Zurich's bid to toss Life Time Fitness's coverage suit under a builder's risk insurance policy for construction project delays during the coronavirus pandemic, saying it was enough to link the work stoppage to contamination by the virus and government-imposed closures.

  • October 08, 2021

    Many Insurers Remain Hesitant On Cannabis Biz Coverage

    The ongoing illegality of marijuana on the federal level still has many insurance companies steering clear of covering businesses in the industry, but several pending bills that would provide protection for cannabis companies and their service providers could spur more carriers to enter the market.

  • October 07, 2021

    Microsoft, Amazon Urge Climate Mitigation At Wash. Summit

    Washington's insurance industry took a look at the threat of climate change in a summit this week that included input from executives at Microsoft and Amazon, who said private companies should take a leadership role in not just mitigating the risks of climate change, but also working to stop it.

  • October 07, 2021

    Insurers Could Invest More In US Infrastructure, Report Says

    The insurance industry is a prominent backer of infrastructure in the United States, but it could play a larger role yet in helping to close a gap in funding for important projects, the National Association of Insurance Commissioners said in a recently released report.

  • October 07, 2021

    Insurer Can't Nix Florida Golf Club Suit Over Irma Damage

    A Florida federal court declined Thursday to dismiss a suit that a Fort Myers-area golf club leveled against its insurer for coverage of Hurricane Irma losses, saying the insurer failed to adequately confer with the golf club's counsel before lodging its dismissal bid.

  • October 07, 2021

    Dallas-Area Firm Adds IP-Focused Office In Austin

    Ferguson Braswell Fraser Kubasta PC has opened an office in Austin, Texas, with the hiring of three attorneys whose small firm has done intellectual property work for clients like Whataburger and Frost Bank.

  • October 07, 2021

    SXSW Wants Defense Against COVID Refund Class Action

    The organizers behind the annual South by Southwest festival are suing a Chubb unit, arguing that it is required to defend and indemnify them in a recently settled class action by customers seeking refunds for last year's event, scrubbed for the pandemic.

  • October 07, 2021

    Insurers Hit US Coast Guard With Suit Over Sunken Vessel

    Three insurance companies are suing the U.S. Coast Guard and Army Corps of Engineers to recoup more than $740,000 that they paid a barge company after one of its vessels sank upon hitting an underwater navigational structure in the Ohio River. 

  • October 06, 2021

    Preschool, Insurer Seek Dueling Wins In Virus Coverage Suit

    A California preschool and its insurer at odds with it over coverage for the school's pandemic losses both asked a federal court to rule in their favor, filing dueling requests for wins based on the language in a communicable disease endorsement.

  • October 06, 2021

    NC Insurance Chief Talks Storms, Cybersecurity And Fraud

    North Carolina Insurance Commissioner Mike Causey said he believes the availability and affordability of insurance is essential to protecting consumers and keeping the economy healthy in his catastrophe-prone state.

  • October 06, 2021

    Ohio High Court Majority Nixes OK Of Sewer Backup Claim

    A split Ohio Supreme Court on Wednesday reversed an appeals court's decision finding in favor of Akron-based Bank Nightclub, ruling on a matter of first impression that damage caused by a 2014 sewage backup fits within a policy's water backup exclusion.

Expert Analysis

  • COVID Rulings May Support Ransomware Insurance Denials

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    A recent spate of pandemic-related insurance decisions — where federal courts found that a temporary inability to use property doesn't qualify as physical loss or damage for coverage purposes — may be used as favorable precedent by cyber insurers denying ransomware loss claims for temporary inability to access data, say Thomas Caswell and Peter Kelly Golfman at Zelle.

  • 3 Risk Management Lessons From Pandemic Insurance Wars

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    As appellate decisions in COVID-19 business interruption insurance claims continue to clarify the state of the law, there are some things that policyholders' lawyers and risk managers can do in the meantime to help prepare for future unforeseen events affecting coverage, says Peter Halprin at Pasich.

  • Why Legacy Insurance May Not Protect Adopters Of Bitcoin

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    Evidenced by El Salvador's adoption of the Bitcoin standard this week, there is an emerging need for insurance products to cover the risk of owning and holding the digital asset, as it may not fall into the protected categories in legacy insurance products, say attorneys at Mound Cotton.

  • Insurers Have Cause For Optimism In Labor Cost Rulings

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    Recent decisions from the high courts of South Carolina and North Carolina — holding that embedded labor costs can be depreciated from the replacement cost of property — bolster insurers’ moderate edge in these disputes and point to important implications for both insureds and insurers, says Richard Mason at MasonADR.

  • Insurance Could Be A Solution To Microchip Shortage Losses

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    To the extent that companies experiencing lost income from the global microchip shortage have contingent business interruption or dependent property coverage and can trace their impaired revenues to physical loss or damage to a supplier, there may be some potential for insurance recovery, says Micah Skidmore at Haynes and Boone.

  • Outliers Offer False Hope For Virus Biz Interruption Claims

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    A few recent policyholder wins have caused some to overstate the potential for recovery in commercial property claims over COVID-19 prevention efforts, but in reality business interruption decisions are consistently and overwhelmingly favoring insurers, say Erin Bradham and Keith Moskowitz at Dentons.

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