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TODAY'S TOP DEVELOPMENTS Wednesday, September 30, 2015

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.


Commercial General Liability
Nebraska Supreme: Insurer Not Liable for Defense Costs Where Insured Settled Suit Before Notifying Insurer
The Nebraska Supreme Court has ruled that an insurer was not liable for defense costs where defense of a claim had concluded before the insured had brought the suit to the attention of the insurer and after the parties had entered into a final settlement agreement, reasoning that the “complete lack of an opportunity to engage in the defense” had been “prejudicial to the insurer.” Read More

Commercial Property
Third Circuit: Mortgagor Was Entitled to Hazard Insurance Proceeds Exceeding Deficiency Judgment for Damage that Occurred to Property Prior to Foreclosure
The U.S. Court of Appeals for the Third Circuit, applying Pennsylvania law and reversing a decision by the U.S. District Court for the Eastern District of Pennsylvania, has ruled that a mortgagor was entitled to hazard insurance proceeds in excess of a deficiency judgment for damage that had occurred to the insured property prior to foreclosure. Read More

Errors & Omissions
Neither Financial Institutions Bond Nor E&O Policy Covered Theft of Clients’ Funds, Michigan District Court Rules
A federal district court in Michigan has ruled that insurers that had issued a financial institutions bond and an errors & omissions policy to a financial services company were not responsible for theft of clients’ funds by one of the insured’s employees. Read More

Attorney's Fees
Virginia Supreme: Judge, Not Jury, Must Decide If Insurer Acted in Bad Faith Before Judge May Award Statutory Attorneys’ Fees and Costs
The Virginia Supreme Court, affirming a trial court’s decision, has ruled that a trial judge, not a jury, must determine whether an insurer had breached an insurance contract in bad faith before the trial judge may award attorneys’ fees and costs to the insured pursuant to Virginia Code § 38.2–209(A). Read More

View All Case Law Developments

In the States

Rhode Island Insurance Bulletin Rejects Price Optimization in Personal Line Ratemaking
The Rhode Island Insurance Department has issued a bulletin to all property and casualty insurers issuing personal lines policies in Rhode Island about so-called “price optimization.” Read More

N.Y. Assemblyman Seeks National Coalition on Flood Insurance Reform
New York State Assemblyman Phil Goldfeder (D - Rockaway Beach) has written letters to Congressional representatives in Louisiana and Mississippi to request meetings and encourage collaboration on flood insurance reform. Read More

View All Legislative/Regulatory Developments
Fitch Publishes Report on U.S. and Canadian Life Insurers Read More

Scottsdale Insurance Names David Nelson Leader of Contract Underwriting 
Read More

Aon Identifies Seven Emerging Risk Opportunities for Insurance Growth 
Read More

ACE to Appoint Juan Andrade to Lead Company’s Future International Non-Life Insurance Operations 
Read More

Deutsche Bank Hires Celeste Guth to Advise Insurance Companies and Banks 
Read More

View All Industry News
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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
Cort T. Malone, Anderson Kill, P.C.
Richard D. Milone, Kelley Drye & Warren LLP
Joseph P. Monteleone, Rivkin Radler LLP
Anne M. Murray, Rivkin Radler LLP
Jerold Oshinsky, Kasowitz, Benson, Torres & Friedman LLP
Seth B. Schafler, Proskauer Rose LLP
Thomas F. Segalla, Goldberg Segalla
David D. Thamann, The National Underwriter Company

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