Spring is upon us, which means the return of baseball. It seems only fitting that with a new season of America’s pastime just underway, we discuss another area where the performance in the lead-off position can be vital: leading off the claims process by providing notice to your insurer. Say…
This post is a continuation of my top ten recommendations for negotiating your cyber insurance policy. The first five tips are in Part 1. Consider the Allocation of Defense Costs Where both covered and non-covered claims are asserted in the same lawsuit against the insured, an issue often arises regarding…
North Texas never felt an earthquake until 2008. Since then, well over one hundred have been recorded—including a whopping five earthquakes confirmed in a single day in April 2015. Oklahoma had 585 earthquakes of magnitude 3 or greater in 2014, which rose to 907 in 2015. Areas spread across the…
As more and more companies ranging across a wide spectrum of industries have been exposed to network and data security breaches, the market for insurance products to cover cyber risks has grown just as fast. With policies sold under names like “cyberinsurance,” “privacy breach insurance,” “media liability insurance” and “network…
In Fabozzi v. Lexington Insurance Company, the United States Court of Appeals for the Second Circuit has reaffirmed that ambiguities in an insurance policy must be construed against the insurer. The Fabozzis were renovating their home when they learned that its interior walls were so rotted that the entire house…
Subcontractor default insurance (SDI) was created more than twenty years ago. Despite its relatively recent vintage, SDI is now offered by multiple insurers and is quickly replacing traditional subcontractor payment and performance bonds as a go-to option on large-scale construction projects. SDI has many benefits that surety bonds don’t. We’ll be…
Spring brings warmer weather and a welcome return to green after winter gray. But spring can sometimes go too far, with rain that escalates into destructive floods. As floodwaters recede and cleanup begins, obtaining insurance proceeds and FEMA assistance are critical and immediate steps to recovery. The following practices can…
Houdini managed an escape from a straight jacket while suspended 40 feet in the air. But that trick turned out to be easier than a primary insurer’s recent attempt to escape its duty to defend in California. In Underwriters of Interest Subscribing to Policy No. A15274001 v. ProBuilders Specialty Ins.…
Acquiring adequate insurance coverage against environmental risks, in particular the spill or release of pollutants or contaminants in day-to-day operations, is important to many construction businesses confronting the requirements of environmental regulation. For example, EPA’s hazardous waste rules require permittees (at both the state and federal level) to demonstrate financial…
The universe of insurers still available to pay long-tail liability claims (e.g., asbestos, pollution, and other health hazards) is getting smaller every year. Significant domestic insurers like The Home, Midland and Mission declared bankruptcy years ago. Significant London Market companies continue to fade away, depriving policyholders with historic London Market…