Insurance

May 12, 2021

During April 2021, ASIC has used its product intervention powers to ban the sale of binary options to retail clients, as well as to extend temporary relief instruments amidst COVID-19. ASIC has also urged claims handling firms to lodge licences by next month. The superannuation sector has seen the release of exposure draft regulations to improve the superannuation system, containing proposed changes to the “Your Future, Your Super” package, and APRA has released consultations on…

Insurance Law Hawaii

Dentist Issued Summary Judgment on Business Interruption Arising From COVID-19

By Tred Eyerly

May 12, 2021

The Pennsylvania trial court granted summary judgment on the dentist’s business interruption claim due to closure caused by COVID-19. Ungarean v. CNA, 2021 Pa. Dist. & Cnty. Dec. LEXIS 2 (Pa. D.& C. March 22, 2021). The governor issued mandates restricting the operations of certain types of businesses in Pennsylvania due to the onslaught of the pandemic in March and April 2020. Plaintiff had to shut down the majority of its…

The D&O Diary

SEC Establishes its Cryptocurrency Enforcement Credentials

By Kevin LaCroix

May 11, 2021

https-www-dandodiary-com-wp-content-uploads-sites-893-2020-10-cornerstoneresearch1-jpg

In recent years, the SEC has established itself as an active cryptocurrency enforcement agency, according to a new report from Cornerstone Research. The report, entitled “SEC Cryptocurrency Enforcement: Q3 2013 – Q4 2020,” details that between July 2013 and year end 2020, the agency initiated a total of 75 enforcement actions and 19 trading suspension orders against respondents involved with digital assets. The report also shows that the agency’s cryptocurrency activity has steadily increased throughout…

Policyholder Pulse

How Forum-Selection and Choice-of-Law Provisions in Insurance Policies Can Affect Coverage

By Matthew F. Putorti & Jeffrey Mikoni

May 11, 2021

https-www-policyholderpulse-com-files-2021-05-space-needle-610712690-300x188-jpg

Location matters. Some states are more protective of policyholder or consumer interests than others. And so, where the case is ultimately litigated, and what law applies, can have profound implications for a policyholder’s recovery. In an effort to secure the application of a body of jurisprudence they perceive to be more favorable to them, insurance companies will sometimes include provisions in policies mandating either that cases arising under the policy be filed in a certain…

Zalma on Insurance

EUO is a Condition Precedent

By Barry Zalma

May 11, 2021

https-i0-wp-com-zalma-com-blog-wp-content-uploads-2021-05-euo-is-a-condition-precedent-jpgresize355%2c200

Fail to Appear for, or Sign and Return, EUO Breaches Material Condition People who commit insurance fraud tend to run from serious insurers who deny claims for fraud, misrepresentation, concealment or failure to fulfill conditions precedent. State Farm filed an unopposed motion for summary judgment against defendants All Med Merchandise and Trading, Inc., Haar Orthopedics & Sports Medicine, P.C., Park Avenue Orthopedics, P.C., and Anthony Vigorito, D.C., probably because the defendants knew they had no…

Zalma on Insurance

Mold Myths

By Barry Zalma

May 11, 2021

https-i2-wp-com-zalma-com-blog-wp-content-uploads-2021-05-mold-myths-1-jpgresize353%2c199

Insurance Claims and Mold Reality See the full video at https://rumble.com/vgta21-mold-myths.html and at https://youtu.be/EwII0VakWeE Get Rich Quick Thanks to Mold Although there have been successful lawsuits, the days of multi-million dollar verdicts in insurance mold claims are probably disappearing. As for the get-rich-quick mold remediation companies, they are finding that they must give real service or they will soon be visiting the bankruptcy court. “Killer Mold” Exists Despite alarmist headlines that pronounce “Black mold can…

Property Insurance Coverage Law Blog

Can Mitigation Costs Be Subject to Appraisal?

By Chip Merlin

May 11, 2021

When I first left property insurance defense in 1985 and started exclusively representing policyholders, the number of appraisal cases decided by appellate courts on a national basis were about the same as the number of wins the Tampa Bay Buccaneers had in their first two years in the NFL. With appraisal today as the ever-increasing predominant method of property insurance claim dispute resolution, appraisal cases are the frequent topic of property insurance law and disputes.…

Property Insurance Coverage Law Blog

The Standard Fire Policy—Are You in a State With a Standard Policy?

By Chip Merlin

May 10, 2021

The Standard Fire Policy still exists in a number of states. Some states also have standard policy forms although not the Standard 165 Line Fire Policy. The Property Casualty Insurance Association of America made the following chart several years ago for use when considering the impact of the Terrorism Insurance and its related federal legislation on standard policies mandated by various states:…

The D&O Diary

Online Gaming Platform Hit with Post-SPAC Merger Securities Suit

By Kevin LaCroix

May 10, 2021

https-www-dandodiary-com-wp-content-uploads-sites-893-2021-05-skillz-png

In the latest SPAC-related securities class action lawsuit filing, a plaintiff shareholder has initiated a securities suit against Skillz, Inc., an online gaming platform that in December 2020 merged with Flying Eagle Acquisition Corp. (FEAC), a publicly traded special purpose acquisition company (SPAC). The share price of the post-merger publicly traded company declined after short sellers issued reports questioning the company’s revenue recognition practices and other financial details. The lawsuit followed after the share price…

California Insurance Lawyer Blog

May is Lupus Awareness Month

By Cari M. Schwartz

May 10, 2021

The Lupus Foundation of America estimates that 1.5 million Americans, and at least five million people worldwide, have a form of lupus. According to the Lupus Foundation of America most lupus sufferers are misdiagnosed or can go undiagnosed for years. The goal of Lupus Awareness Month is to inform practitioners, patients, care givers, and the public about how best to diagnose, care for, and live with lupus. What is Lupus? Lupus is a chronic disease that can cause inflammation and pain…