The Situation: On September 26, 2024, Hurricane Helene made landfall and left a path of destruction from the Florida coast through North Carolina, with total insured losses estimated in the tens of billions of dollars....more
In Short -
The Situation: Commercial policyholders are increasingly being targeted by climate change lawsuits alleging that greenhouse gas emissions from their normal operations—and the alleged failure to take...more
Introduction -
Cryptocurrency, such as Bitcoin, is a decentralized and exclusively virtual currency that is secured through cryptography. Companies using or investing in cryptocurrency face various risks, such as market...more
Political risk insurance ("PRI") policies may provide corporate policyholders experiencing business losses in Ukraine or Russia with coverage potentially excluded under traditional property insurance policies.
Russia's...more
New York's novel mandatory disclosure requirement is more extensive than what is required by its federal counterpart, mandating the disclosure of a litany of "information and documentation," accompanied by affidavits from a...more
Reversing the New York Appellate Division, First Department, the New York Court of Appeals, in a 6–1 landmark decision, held that a $140 million disgorgement payment is an insured "loss," after a long history of insurance...more
12/3/2021
/ Bear Sterns ,
Denial of Insurance Coverage ,
Disgorgement ,
E&O Insurance ,
Insurance Claims ,
Insurance Litigation ,
Liability Insurance ,
Loss Coverage ,
Penalties ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Settlement Agreements ,
Wrongful Acts
With Hurricane Ida having battered Louisiana, Mississippi and various other states, businesses will soon look to secure insurance recoveries for the significant property damage and business income losses left in its wake....more
The Situation: Although COVID-19-related insurance coverage litigation is still in its early stages, there are now well over 1,200 lawsuits pending across the United States and Europe, which seek to recover billions of...more
11/4/2020
/ Business Interruption ,
Business Losses ,
Commercial Insurance Policies ,
Coronavirus/COVID-19 ,
Corporate Counsel ,
Insurance Claims ,
Insurance Industry ,
Insurance Litigation ,
NC Supreme Court ,
Policy Exclusions ,
Property Insurance
In a significant victory for policyholders, on 15 September 2020, the English High Court delivered judgment in the UK Financial Conduct Authority's ("FCA") COVID-19 Business Interruption Test Case.
In a significant victory...more
The Situation: This month, a Michigan state trial court dismissed the COVID-19-related business interruption coverage lawsuit filed by two policyholder restaurants on the pleadings, finding that they had failed to allege any...more
7/16/2020
/ Business Interruption ,
Commercial Insurance Policies ,
Coronavirus/COVID-19 ,
Corporate Counsel ,
Executive Orders ,
Infectious Diseases ,
Insurance Claims ,
Insurance Industry ,
Insurance Litigation ,
Loss Coverage ,
Property Damage ,
Property Insurance
The Situation: In an ongoing effort to discourage commercial policyholders from pursuing COVID-19-related business interruption claims, the insurance industry continues to issue sweeping pronouncements of alleged "no...more
The Situation: On the evening of July 13, 2019, a massive blackout struck Manhattan's West Side, prompting the cancellation of 26 out of 30 Broadway performances and postponement of the second night of Jennifer Lopez's...more
8/8/2019
/ Business Interruption ,
Cancellation Rights ,
Commercial Insurance Policies ,
Event Tickets ,
Insurance Claims ,
Insurance Industry ,
Lost Profits ,
Natural Disasters ,
Notice Requirements ,
Policy Exclusions ,
Proof of Loss
The Situation: On August 23, 2018, Hurricane Lane made landfall on Hawaii, dropping more than 52 inches of rainfall—the second-highest storm rainfall total in U.S. history.
The Result: Hawaiian businesses are recovering...more
With Hurricane Harvey having pummeled much of the Texas Gulf Coast, businesses will soon look to secure insurance recoveries for the estimated billions of dollars in property damage and business income losses left in its...more
8/31/2017
/ Attorney's Fees ,
Business Interruption ,
Claim Procedures ,
Denial of Insurance Coverage ,
Flood Insurance ,
Homeowners ,
Hurricane Harvey ,
Insurance Claims ,
Interest Rate Adjustments ,
Natural Disasters ,
New Legislation ,
Post-Judgment Interest ,
Property Damage ,
Property Insurance ,
Property Owners ,
Reporting Requirements ,
Severe Weather ,
Written Notice