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CACI Int’l, Inc. v. St. Paul Fire & Marine Insurance Company ─ Courts Continue to Struggle with the Boundaries of the Eight Corners Rule

In their article appearing in the November/December 2009 issue of Coverage , “ CACI Int’l, Inc. v. St. Paul Fire & Marine Insurance Company ─ Courts Continue to Struggle with the Boundaries of the Eight Corners Rule,” John Mumford and Kathryn Kransdorf find that the apparent simplicity...

Reed Smith on Contra Proferentem and the Not So "Hapless" Sophisticated Insured: An Analysis of Farmers Automobile Insurance Association v. St. Paul Mercury Insurance Company

Under the doctrine of contra proferentem, insurance policy ambiguities are construed against the insurer, in favor of coverage. In Farmers Automobile Insurance Association v. St. Paul Mercury Insurance Company , the Seventh Circuit, in interpreting Illinois law, applied the rule of contra proferentem...

McCarter & English LLP on Viking Pump, Inc. v. Century Indemnity Company

A recent Delaware Chancery Court ruling in Viking Pump, Inc. v. Century Indemnity Company addressed two issues of significant under New York law: allocation of insurance losses and assignment of insurance rights. As to the former, the Court upheld a policyholder’s right to transfer insurance for...

McCarter & English LLO on Martco Ltd. Partnership v. Wellons, Inc.

In Martco Ltd. Partnership v. Wellons, Inc. , No. 08-31247 & No. 08-31248, 2009 U.S. App. LEXIS 25428 (5th Cir. Nov. 19, 2009), the United States Court of Appeals for the Fifth Circuit rejected an insurance carrier’s argument that a commercial general liability (“CGL) policy allegedly...

SEC's New Guidance for Public Companies to Discuss Material Effects of Climate Change on Financial Performance

The SEC yesterday announced new disclosure guidance requiring public companies to discuss material effects of climate change on their financial performance. This new requirement exposes a risk for public companies and their directors and officers who should be insured against securities litigation arising...

Statute of Liberty: New York Appeals Court Frees Huddled Masses of Insurers from the Bonds of Section 3420(d)

Whenever I am involved in a case involving New York Insurance Law § 3420(d) I always make the same two observations: (1) Wow, there sure are a lot of cases on this issue; and (2) Wow, insurers lose pretty much every time. Section 3420(d) is that pesky New York statute that so frequently trips...

Reed Smith LLP on Mortgage Insurers Cannot Cry Insurance Fraud: An analysis of United Guaranty Mortgage Ins. Co., v. Countrywide Financial Corp., et al.

By Lilit Asadourian, Reed Smith LLP In United Guaranty Mortgage Ins. Co. v. Countrywide Financial Corp., et al . , 2009 U.S. Dist. Lexis 96283 (C.D. Cal. 2009), the United States District Court for the Central District of California dismissed with prejudice United Guaranty Insurance Co.'s ("United...

DETERMINING COVERAGE IN PROPERTY INSURANCE POLICIES - New Appleman on Insurance Law Library Edition, Chapter 42

By John Garaffa, Kathy Maus and Julie Simonsen This chapter addresses the issues that can govern whether the loss or damage to particular property falls within the coverage provided by an insurance contract. As in a news story, the critical questions affecting coverage for loss or damage to property...

California Appellate Court Addresses Professional Liability Coverage Issues

Court Discusses Meaning of "Claim," Scope of Dishonest Acts Exclusion and Defense Duties Most professional liability policies contain an exclusion for dishonest acts. Many also include provisions giving the insurer a right, but not a duty, to defend against covered claims. A recent decision...