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TODAY'S TOP DEVELOPMENTS Thursday, July 18, 2013

Industry news, expert analysis, and daily updates on the most significant insurance coverage legal developments—from the insurance and legal experts of The National Underwriter Company.


Crime and Employee Dishonesty
MF Global's Trading Loss Was a "Direct Financial Loss" under Fidelity Bonds, New York Appeals Court Decides
An intermediate appellate court in New York has ruled that a trading loss sustained by MF Global, Inc., was a "direct financial loss" under its fidelity bonds.  Read More

Directors & Officers
D&O Insurer Must Pay Full Attorney's Fees Award to Lawyers Who Successfully Challenged Proposed Merger, Circuit Rules
The U.S. Court of Appeals for the First Circuit has affirmed a district court's decision ordering a directors and officers insurance carrier to pay the full amount of an attorney's fee award against its insured - including both the lodestar amount and the multiplier amount. The circuit court found that attorney's fees were not subject to the policy's exclusion for the "multiplied portion of multiplied damages." Read More

Commercial General Liability
West Virginia's High Court Holds Defective Workmanship Causing Bodily Injury or Property Damage Does Constitute an "Occurrence" Under Standard CGL Policy
West Virginia has left the shrinking minority of states still precluding coverage for bodily injury and property damage claims arising out of defective workmanship. Influenced by the growing number of states allowing for such coverage, the Supreme Court of Appeals of West Virginia recently held that defective workmanship causing bodily injury or property damage constitutes an "occurrence" under a policy of commercial general liability insurance. Read More

Excess v. Prime
Look Out Below, the Sequel: Excess Insurers Argue (Again!) that Settlement with an Underlying Insurer Negates Excess Coverage
Bloggers for the insurance industry are trumpeting the recent decision by the U.S. Court of Appeals for the Second Circuit in Ali v. Federal Insurance Co., arguing that it drives a stake through the heart of the Second Circuit's venerable 1928 pro-insured decision in Zeig v. Massachusetts Bonding & Insurance Co., at least in the context of third-party liability policies. They are wrong. To paraphrase Mark Twain, reports of Zeig's death are greatly exaggerated.  Read More

View All Case Law Developments

Terrorism Risk Insurance

President's Working Group on Financial Markets Seeks Input on Terrorism Risk Insurance
The President's Working Group on Financial Markets, which is analyzing the long term availability and affordability of terrorism risk insurance to be able to submit a report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives, has issued a notice seeking public comment on the terrorism risk insurance. Read More

Worker's Compensation
Florida Ban Reduced Opioid Prescribing for Injured Workers, Workers Comp Research Institute Finds
A new study from the Workers Compensation Research Institute found that a Florida law banning physician dispensing of stronger opioids reduced the use of opioids prescribed for injured workers. Read More

View All Legislative/Regulatory Developments
The Car that Thieves Most Like to Steal is... Read More

NCCI Names Katherine Antonello as Chief Actuary
 Read More

Knights of Columbus Tops $90 Billion of Life Insurance in Force
 Read More

RGA Receives Preparatory License from China Insurance Regulatory Commission for Branch Office in Shanghai
 Read More

Parthasarathy Srinivasa Named Chief Information Officer for HCC Insurance
 Read More

View All Industry News

Coverage Analysis
Commercial Umbrella Liability Insurance


Browse our entire library of over 2,500 insurance resources and forms.

View Entire July Insurance Coverage Law Report
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60px_newMeyerowitz Steven A. Meyerowitz, ESQ.
Director, FC&S Legal
60px_newSpears Victoria Prussen Spears, ESQ.
Associate Director, FC&S Legal
FC&S Legal Editorial Advisory Board
Mitchell J. Auslander, Willkie Farr & Gallagher LLP
Carrie Cope, Schuyler, Roche & Crisham, P.C.
Anjali C. Das, Wilson Elser
John F. Finnegan, Chadbourne & Parke LLP
Michele L. Jacobson, Stroock & Stroock & Lavan LLP
Timothy P. Law, Reed Smith LLP
Donald S. Malecki, Malecki, Deimling, Nielander &
Associates, LLC
Cort T. Malone, Anderson Kill & Olick, P.C.
D. Milone, Kelley Drye & Warren LLP
Joseph P. Monteleone, Tressler LLP
Anne M. Murray, Rivkin Radler LLP
Jerold Oshinsky, Kasowitz, Benson, Torres &
Friedman LLP
Seth B. Schafler, Proskauer Rose LLP
David D. Thamann, The National Underwriter Company

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