02/27/2014 - A Desk Guide to Data Protection and Breach Response - Part 3
In this installment of A Desk Guide to Data Protection and Breach Response
, we outline issues businesses should consider when purchasing cyber liability policies.
02/17/2014 - New York Court of Appeals Rules Contractual Limitations Period Unenforceable, Resolving Conflicting Policy Conditions in Favor of Coverage
In a decision issued on February 13, the New York Court of Appeals ruled that a policy’s contractual limitations provision requiring suit to be filed within two years of a loss is “unreasonable and unenforceable” when the insured’s property cannot be reasonably replaced (as necessary to fulfill a separate condition of coverage) within the two-year limitations period.
01/21/2014 - Texas Supreme Court Limits the Scope of the Contractual Liability Exclusion
On Friday, January 17, 2014, the Texas Supreme Court issued its opinion in Ewing Construction Company v. Amerisure Insurance Company
- holding that “a general contractor who agrees to perform its construction work in a good and workmanlike manner, without more, . . . does not ‘assume liability’ for damages arising out of its defective work so as to trigger the Contractual Liability Exclusion.”
10/10/2013 - The Government Shutdown: Can “Contingent Business Interruption” or “Civil Authority” Coverage Mitigate Business Losses?
Whether you call it a “shutdown” or a “slowdown,” the lack of a fully-funded federal government is impacting more than the 800,000 federal workers furloughed since October 1.
09/17/2013 - Law360 Guest Article: Deepwater Horizon is Not Over Yet
BP will have to wait a little longer to find out whether it is entitled to as much as $750 million of “additional insured,” or AI, coverage under Transocean’s policies for BP’s subsurface pollution liability arising out of the Deepwater Horizon incident in 2010.
09/04/2013 - Fifth Circuit Court of Appeals Certifies Deepwater Horizon “Additional Insured” Issues To The Texas Supreme Court
On March 1, the Fifth Circuit Court of Appeals ruled that $750 million of primary and excess coverage issued to Transocean Holdings, Inc. (“Transocean”) “imposes no relevant limitations upon the extent to which BP [BP American Production Company] is covered” as an additional insured in connection with the Deepwater Horizon incident in April 2010.
08/16/2013 - Bloomberg BNA Corporate Accountability Report Guest Article: A Policyholder’s Guide to Insurance Coverage for ‘‘Cyber’’ Events (Part II)
Insurance policies are as varied as the risks they address,from ordinary commercial general liability coverage to more exotic coverages such as political risk insurance or warranty and indemnity contracts. However, with respect to the risks commonly associated with a ‘‘cyber event,’’ three traditional coverage types are relevant: liability insurance, property insurance, and crime/fidelity insurance.
08/09/2013 - Bloomberg BNA Corporate Accountability Report Guest Article: A Policyholder’s Guide to Insurance Coverage for ‘‘Cyber’’ Events (Part I)
The threats facing U.S. companies from cyber attacks are myriad.
07/31/2013 - Fifth Circuit Court of Appeals Addresses Insurers’ Claims to Enforce Indemnity Rights in an Insured’s MSA
Third party insurers are not entitled to enforce an insured’s defense, indemnification or insurance rights in a master services agreement (“MSA”) according to a three-judge panel of the Fifth Circuit Court of Appeals in an opinion issued on July 5.
06/24/2013 - Texas Authorizes Domestic Pure Captive Insurance Companies
On June 14, 2013, Governor Rick Perry signed legislation, which for the first time authorizes domestic captive insurers in Texas. The bill, known as SB 734, allows Texas businesses to realize the advantages, including tax benefits, of forming and operating a “pure” captive insurance company without the burden and cost associated with an out-of-state captive.
06/19/2013 - Cyber Liability & Loss: Practical Tips on Preparing for and Responding to a Cyber Security Breach
Haynes and Boone, PricewaterhouseCoopers, McGriff, Seibels & Williams (a BB&T Company) recently hosted an event to discuss practical tips for directors, officers, risk managers and general counsel on how to mitigate the risk of a cyber/privacy breach.
05/28/2013 - Tornado Insurance Claims: A Seven-Point Checklist for Commercial Property Policyholders
Every year, tornadoes in the United States cause dozens of fatalities and inflict billions of dollars in property damage.
05/06/2013 - Top Ten Tips for Purchasing and Negotiating Representations and Warranty Insurance
In recent months, high profile M&A warranty claims and falling premiums have dramatically increased the utilization of "representations and warranty insurance" (RWI), also known as "warranty and indemnity insurance," in mergers, acquisitions and related transactions.
03/06/2013 - Determining the Scope of “Additional Insured” Coverage: Fifth Circuit Issues New Decision in Deepwater Horizon Coverage Litigation
Only the terms of the insurance policy itself - and not the provisions of an underlying indemnity contract - determine the scope of coverage afforded to an additional insured, provided that the insurance and indemnity provisions in the underlying indemnity contract are separate and independent from one another.
02/25/2013 - Insurance Coverage for Cyber Attacks
On Tuesday, February 19, 2013, information security firm Mandiant issued a report documenting computer security breaches at hundreds of organizations, allegedly resulting from a cyber-espionage campaign undertaken by elements of the Chinese government.
10/15/2009 - Directors' & Officers' Coverage Priorities in the Financial Crisis: A Seven-Point Inspection for Your D&O Policy
Over the past year, the “financial crisis” has become a euphemism meaning different things to different people. For employees, the “financial crisis” may mean the loss of savings, wages or even a job. For thousands of homeowners, the “financial crisis” could suggest “foreclosure.” Alternatively, business owners may equate the “financial crisis” with an inability to obtain capital or a loss of revenue. For directors and officers, however, the “financial crisis” may also mean increased exposure, both in size and number, to claims by shareholders and regulators.
04/20/2009 - Finding the Silver Lining: General Liability Coverage For FHA/ADA Claims
Over the past several years, developers and owners of multifamily housing have been the targets of numerous lawsuits filed by government enforcement agencies, including the United States Department of Justice, private disability rights organizations, and individuals alleging violations of the Fair Housing Act (the “FHA”) and Americans with Disabilities Act (the “ADA”). The “damages” and attorneys’ fees claimed by plaintiffs in these lawsuits, including the cost to modify existing buildings to comply with applicable accessibility guidelines, have created significant financial exposure to the multifamily housing industry.
04/02/2009 - After Don's Building: Change is the One Thing We Can Be Sure Of
In 2008, the Texas Supreme Court completely changed the trigger of coverage theory for occurrence based Commercial General Liability (“CGL”) policies in Texas. The Court held that, where damage occurs over multiple policy periods, coverage is triggered for any policy period in which actual damage transpires.