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HTMLUnderstanding the “Your Work” Exclusion in CGL Insurance Policies
Maggie D. Finnegan; Vandeventer Black LLP;
Legal Alert/Article
March 11, 2014, previously published on March 2014
Most 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.

 

Adobe PDFOngoing or Completed Operations? Fifth Circuit Finds No Duty to Defend Contractor under Additional Insured Endorsement
John M. Lassiter, Christopher D. Meyer; Burr & Forman LLP;
Legal Alert/Article
March 11, 2014, previously published on March 10, 2014
In 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...

 

HTMLHouse Passes Flood Insurance Legislation
McDonald Hopkins LLC;
Legal Alert/Article
March 11, 2014, previously published on March 7, 2014
On 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...

 

HTMLNCOIL 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;
Legal Alert/Article
March 11, 2014, previously published on March 10, 2014
On 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...

 

HTMLRAND Corporation: Expiration of Terrorism Risk Insurance Act Could Hurt National Security
Colodny Fass Talenfeld Karlinsky Abate Webb P.A.;
Legal Alert/Article
March 10, 2014, previously published on March 6, 2014
Allowing 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.

 

Adobe PDFPotential 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;
Legal Alert/Article
March 10, 2014, previously published on February 28, 2014
On 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...

 

Adobe PDFFY 2015 Budget Tax Proposals Target Insurance Companies
Dennis L. Allen, Thomas A. Gick, Jerome B. Libin, Jeffrey H. Mace, Michael R. Miles; Sutherland Asbill & Brennan LLP;
Legal Alert/Article
March 10, 2014, previously published on March 5, 2014
On March 4, the Obama Administration released its fiscal year 2015 budget (FY 2015 Budget). In keeping with the Administration’s past budgets, the FY 2015 Budget includes a number of tax proposals that target insurance companies or that otherwise would have a direct effect on them....

 

Adobe PDFKozel v The Personal Insurance Co.: The Latest Word on Relief From Forfeiture
Lori D. Mountford; Blaney McMurtry LLP;
Legal Alert/Article
March 10, 2014, previously published on March 2014
On February 19, 2014, the Ontario Court of Appeal released its decision in Kozel v The Personal Insurance Company, 2014 ONCA 130. The case will be of interest to auto insurers and representatives presented with “authorized by law to drive” issues. Its significance, however, is broader....

 

Adobe PDFNew 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;
Legal Alert/Article
March 10, 2014, previously published on February 28, 2014
On 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:

 

HTMLNew 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;
Legal Alert/Article
March 10, 2014, previously published on March 6, 2014
Will 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...

 


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