Reinsurance Law Blog

Reinsurance Law Blog

Category Archives: Uncategorized

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Concurrent cause, financial institution bond, computer virus and theft claim covered 8th Circuit, Minnesota

Posted in New Case, Uncategorized
In State Bank of Bellingham v. BancInsure, Inc., one of the Bank’s computers became infected with malware, allowing a criminal third party to transfer $485,000 from the Bank to a foreign bank account. BankInsure, sold a financial institution bond to Bank, which provided coverage for losses caused by such things as employee dishonesty and forgery… Continue Reading

Arkansas statute of repose

Posted in Uncategorized
In Platinum Peaks, Inc., v. Bradford, the court held that Arkansas’ statute of repose (Arkansas Code Annotated section 16-56-112 (Repl. 2005)) did not bar a property damage claim made more than 4 years after substantial completion.  The statute only barred tort claims for personal injury, not property damage.  Thus, property damage resulting from a landslide… Continue Reading

Excess Insurer Had No Duty to Initiate Settlement Negotiations with Third-Party Claimant 10th Circuit , Oklahoma

Posted in Insurance Bad Faith, New Case, Uncategorized
Under Oklahoma law, a primary insurer owes its insured a duty to initiate settlement negotiations with a third-party claimant if the insured’s liability to the claimant is clear and the insured likely will be held liable for more than its insurance will cover. Here the insured, SRM, Inc., seeks to extend this obligation to its… Continue Reading

Latest issue of Coverage Opinions is now available

Posted in Uncategorized
The latest issue of Coverage Opinions is now available here. Below is a list of articles available in the latest issue.   Declarations: The Coverage Opinions Interview With Frank Shorter – Olympic Gold Medalist And Lawyer Running From The Law; The Amateur Trust Fund; From The Guns In Munich To The Bombs In Boston; The… Continue Reading

The New York Court of Appeals Considers the Consequences of a Liability Insurer’s Breach of the Duty to Defend

Posted in Uncategorized
The insurer's determination whether a suit against the insured gives rise to the duty to defend is a key moment in any liability insurance claim. As illustrated by the K2 decisions and judicial opinions nationwide, an incorrect determination could have an impact on not just the defense, but also the potential duty to indemnify and the availability of other remedies. Where the duty to defend is subject to dispute, consult your insurance advisors regarding applicable law and identify next steps to obtain the most favorable outcome for your company.… Continue Reading

Guy Carpenter Names Chris McKeown CEO of Global Analytical and Specialty Practices

Posted in Uncategorized
Guy Carpenter & Company, LLC, the leading global risk and reinsurance specialist, today announced that it has named Chris McKeown as Chief Executive Officer of Global Analytical and Specialty Practices. Mr. McKeown will be responsible for Guy Carpenter’s Instrat® modeling and actuarial group, the company’s Line of Business Specialties and the Rating Agency, ERM Advisory… Continue Reading