We hope your business did not sustain any direct property damage. Even if that’s the case, do not fail to consider that you may have insurance coverage for financial losses caused by the storm.
Continue Reading Superstorm Sandy: Financial Loss May Be Covered Even Without Property Damage
Financial Crisis
Bad Facts Make Good Law in Howard v. American National
By Erica Villanueva on
A recent California Court of Appeal case, Howard v. American National Fire Insurance Co., 187 Cal. App. 4th 498 (2010), addresses a question that all insurance litigators will find of particular interest: whether an insurer can breach its duty to settle by rejecting a settlement offer that is within the total available limits of…
Kemper Finally Close to Liquidation?
By Tyler Gerking on
Kemper has been on the brink of insolvency for years. It may have finally reached the end of its runway. Last week, Kemper disclosed its most recent financials, which show that very little cash is left in its two major member companies, raising the specter that it may finally be placed into a liquidation proceeding. Policyholders should be aware of the ramifications of a Kemper liquidation and take steps, if possible, to mitigate the impact a Kemper liquidation could have on their businesses.
Continue Reading Kemper Finally Close to Liquidation?
AIG Policyholders Seek Coverage for Maddoff Losses
By Amber Chrystal on
Posted in Financial Crisis, General Liability Policies
The litigation fallout from the Bernard Madoff investment scandal recently entered the realm of insurance when two individuals brought a class action suit against American International Group Inc. (“AIG”) in US District Court in the Southern District of NY, alleging the wrongful denial of coverage for losses suffered as a result of Madoff’s scheme. The…
All May Not Be Lost In The Financial Crisis: Bankrupt Defendants’ D&O Insurance
By Tyler Gerking on
Posted in D & O, Financial Crisis
The current financial crisis has led to a number of corporate bankruptcies. Lehman’s filing in September 2008 – the largest bankruptcy case the
U.S.
has ever seen – is one obvious example. There are bound to be many more bankruptcies in 2009 as the financial crisis chew up more struggling businesses. As the Lehman bankruptcy…