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|Insurance Coverage Claims: Narrowing the Information Gap|
Brouse McDowell A Legal Professional Association;
March 12, 2014, previously published on February 25, 2014Businesses spend hundreds of thousands or even millions of dollars a year on insurance policies. These policies are valuable assets that a company relies upon when it suffers a loss to its business. Most policyholders expect to get exactly what was promised to them when they bought the policies - a...
|House Passes Flood Insurance Legislation|
McDonald Hopkins LLC;
March 11, 2014, previously published on March 7, 2014On Tuesday, the House passed legislation aimed at curbing premium increases in the nation's flood insurance program by a vote of 306 to 91. The legislation, sponsored by Representatives Michael Grimm (R-NY) and Maxine Waters (D-CA), reverses some of the changes to the National Flood Insurance...
|Ongoing or Completed Operations? Fifth Circuit Finds No Duty to Defend Contractor under Additional Insured Endorsement|
John M. Lassiter, Christopher D. Meyer; Burr & Forman LLP;
March 11, 2014, previously published on March 10, 2014In Woodward, L.L.C. v. Acceptance Indemnity Insurance Company, WL 535726 (5th Cir. 2014), the Fifth Circuit Court of Appeals held the insurer had no duty to defend the contractor named as an additional insured under a subcontractor’s Commercial General Liability policy. The Court’s...
|Understanding the “Your Work” Exclusion in CGL Insurance Policies|
Maggie D. Finnegan; Vandeventer Black LLP;
March 11, 2014, previously published on March 2014Most construction contracts require contractors to carry CGL insurance to cover potential liability due to property damage and bodily injury. However, it is important to note that CGL policies often include numerous policy exclusions.
|NCOIL Unclaimed Property Task Force Springs Into Action; Co-Chair Keiser Seeks Proposed Changes to Model Unclaimed Life Insurance Benefits Act at Spring Meeting|
Ellen M. Dunn, Robert D. Owen, Phillip E. Stano, Steuart H. Thomsen, Mary Jane Wilson-Bilik; Sutherland Asbill & Brennan LLP;
March 11, 2014, previously published on March 10, 2014On Friday, March 7, 2014, the National Conference of Insurance Legislators’ (NCOIL) Unclaimed Property Task Force (Task Force) met in-person at NCOIL’s spring meeting. Led by the Task Force’s Co-Chair George Keiser (ND), the meeting focused on the top issues affecting unclaimed...
|RAND Corporation: Expiration of Terrorism Risk Insurance Act Could Hurt National Security|
Colodny Fass Talenfeld Karlinsky Abate Webb P.A.;
March 10, 2014, previously published on March 6, 2014Allowing the federal terrorism risk insurance act to expire could have negative consequences for U.S. national security, according to a new study issued by the RAND Corporation today, March 6, 2014.
|Enterprise Risk Report For Certain New York Insurers Due April 30, 2014|
Julie L. Mahaney, Nick Pearson; Edwards Wildman Palmer LLP;
March 10, 2014, previously published on March 2014The New York State Department of Financial Services (the “Department”) recently proposed Regulation 203 (the “Proposed Regulation”) which attempts to assess the “enterprise risk” impacting New York authorized insurers and business risks disclosed by New York...
|New FATCA Regulations Address Certain Concerns of the Insurance Industry|
Dennis L. Allen, Jeffrey H. Mace, Michael R. Miles, William R. Pauls, M. Kristan Rizzolo; Sutherland Asbill & Brennan LLP;
March 10, 2014, previously published on February 28, 2014On February 20, Treasury and the IRS issued new final and temporary Foreign Account Tax Compliance Act (FATCA) regulations. In brief, the new FATCA regulations provide positive changes with respect to several issues raised by the insurance industry, including the treatment of:
|New York Court of Appeals Sustains Delay in Disclaimer Based on Insured’s Lack of Cooperation|
Wendy J. Keenan, Carl J. Pernicone; Wilson Elser Moskowitz Edelman & Dicker LLP;
March 10, 2014, previously published on March 6, 2014Will a New York court excuse an insurer’s delay in disclaiming coverage based on an insured’s failure to cooperate, when the facts confirm that it did so as soon as reasonably possible after it determined that the insured would not cooperate in the defense, investigation or settlement...
|Potential Impact of the Tax Reform Act of 2014 on Insurance Companies|
Dennis L. Allen, Thomas A. Gick, Jerome B. Libin, Jeffrey H. Mace, Michael R. Miles; Sutherland Asbill & Brennan LLP;
March 10, 2014, previously published on February 28, 2014On February 26, House Ways and Means Committee Chairman Dave Camp (R-Mich.) released a “Discussion Draft” of the Tax Reform Act of 2014, which sets forth his much-anticipated tax reform proposals. Of note, the Discussion Draft aims to transition the corporate tax rate to a flat 25% rate...