The general liability market has changed beyond recognition since the start of the COVID-19 pandemic. Ever-increasing economic and social inflation, medical expenses and litigation financing have all resulted in spiraling claim losses and legal costs, which continue to outstrip rates.
As the crypto market crashes, some insurance companies are stepping up efforts to exclude coverage for crypto-related risks under a range of insurance policies. But because crypto is still new, insurers are having a hard time defining and pricing the risk.
A Delaware bankruptcy judge has approved parts of the Boy Scouts of America’s reorganization plan but rejected other provisions, saying in a recent ruling that the organization has ‘decisions to make.’ One part Judge Laurie Selber Silverstein refused to approve was $250 million coming from The Church of Jesus Christ of Latter-day Saints to help settle claims alleging child sexual abuse by Scout leaders.
There is a hole in the dam. Prior to June 14, every one of the 77 federal and 44 state court appellate decisions interpreting the meaning of ‘direct physical loss or damage’ in a standard-form commercial property insurance policy had ruled against the policyholder.
Paramount has reached a confidential settlement with Chubb, its insurer, over claims arising from repeated COVID-19 production delays on ‘Mission: Impossible 7.’ The studio sued in August 2021, alleging that the insurer was trying to limit its losses to just $1 million.
All carriers and brokers encourage their insureds to read and understand their policies. Claims resolution relies on all the work after that. At best, when a claim occurs it is swiftly paid and insureds understand their policy language and feel protected by it.
After a construction project along Volunteer Parkway in Bristol partially collapsed in late 2020, the project’s owner and insuring agency are at odds due to a disputed payout that could total in the millions of dollars.
Twenty men who say they were sexually abused decades ago as students at a northwest Georgia private school are seeking $345 million in damages from the school’s insurers.
The wife of a decorated New York City firefighter is suing the Biltmore Estate in Asheville, North Carolina, after a tree on the property fell on the family car and killed her husband, according to a lawsuit.
The Supreme Court’s decision last month to overturn Roe v Wade, which provided constitutional protection of abortion rights, has sent shockwaves across the country, and raised many questions about the future of reproductive care.
Earlier this month, the Occupational Safety and Health Administration announced a new initiative to conduct surprise safety inspections for fall hazards. A day later, the agency announced $32,113 in fines for a Florida construction company where a 19-year-old worker died after falling from a clubhouse roof.
Damages are an essential part of nearly every third-party liability claim. Yet, evaluating damages can invoke a sense of dread and anxiety in even the most seasoned of claims professionals and litigators.
An insurance company is suing actress Amber Heard on a three-pronged request: (1) that it be absolved of any duty to pay for her defense in a recent defamation case by her ex-husband Johnny Depp, (2) that it not be required to pay the multi-million dollar judgment Depp won against her, and (3) that it not have to pay any costs of ongoing litigation associated with an appeal.
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A federal appeals court affirmed a lower court ruling in a Chubb Ltd. unit’s favor on Tuesday in litigation filed by Admiral Insurance Co. over settlement of a construction claim.
