In a highly anticipated decision, New York’s highest court held in a securities-related dispute that funds the insureds disgorged as part of a settlement with the SEC did not constitute a “penalty imposed by law” under the policies at issue in J.P Morgan Securities Inc., et al. v. Vigilant Ins. Co., et al.Read More
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The Issue is Joined: Whether Losses Incurred Due to the Coronavirus Constitute Direct Physical Loss or Damage
While there is much uncertainty about the extent and scope of the coronavirus’ impact, one thing is certain: insurers and policyholders are sure to clash over whether their policies provide coverage for losses related to the coronavirus pandemic. In fact, that clash has begun.Read More
Insurance recovery for coronavirus raises a wide range of issues, including (i) liability arising out of civil authority, (ii) what constitutes physical injury to property and (iii) the applicability of pathogen-related exclusions, if any. As a preliminary matter, each individual insurance policy must be reviewed, as the applicable language may vary from policy-to-policy.Read More
We won’t know the full extent of the fallout from the coronavirus but we can confidently predict that insurance will play a prominent role in spreading the losses among all stakeholders and anticipated claimants.Read More