Property

Expert Analysis

• Superfund Site Reopenings Carry Insured Risk, Opportunity

  

  The U.S. Environmental Protection Agency's reported plans to reopen certain Superfund sites citing the presence of per- and poly-fluoroalkyl substances raise notable liability concerns, but may also present unique opportunities for policyholders under the Comprehensive Environmental Response, Compensation, and Liability Act, say attorneys at Haynes and Boone.

• 3 AI Regulation Developments Insurers Must Follow

  

  Insurance regulators continue to actively develop regulations and guidance on the use of artificial intelligence, so insurers should be aware of recent developments from the Colorado Division of Insurance, the National Association of Insurance Commissioners and the New York Department of Financial Services, say attorneys at Willkie.

• DC Ruling Provides Support For Builders Risk Claim Recovery

  

  To deny coverage for builders risk claims, insurers have been increasingly relying on two arguments, both of which have been invalidated in the recent U.S. District Court for the District of Columbia decision, South Capitol Bridgebuilders v. Lexington, say Greg Podolak and Cheryl Kozdrey at Saxe Doernberger.

• Deal Over Jets Stranded In Russia May Serve As Blueprint

  

  In the face of a pending "mega-trial" over leased airplanes held in Russia after its invasion of Ukraine, a settlement between leading aviation lessor AerCap Holdings NV and NSK, the Russian state-controlled insurance company, could pave the way for similar deals, say Samantha Zaozirny and Timeyin Pinnick at Browne Jacobson.

• Illinois Trump Tower Ruling Illuminates Insurance 'Occurrence'

  

  In Continental Casualty v. 401 North Wabash Venture, an Illinois appellate court found that Trump Tower was not entitled to insurance coverage for operating its HVAC system without a permit, helping to further define a widely litigated general liability insurance issue — what constitutes an "occurrence," say Robert Tugander and Greg Mann at Rivkin Radler.

• How Shareholder Activists Are Targeting Insurers

  

  As shareholder activists take a closer look at the insurance industry, they are pushing insurers to take value-enhancing and climate-related measures — but insurers can prepare by anticipating activist concerns, maintaining robust shareholder engagement, and considering changes in response to the universal proxy rules, say attorneys at Debevoise.

• Insurers Should Prepare For 'Black Swan' Climate Disasters

  

  As rapid climate change results in increased risk of casualties and property loss from rare, severe weather events, the insurance industry should take five crucial steps toward evolving and continuing operations, including advanced analytic techniques and investments in alternative energy sources, say Stephen Brown and Irena Maier at Wilson Elser.

• 3 Quirks Of New Jersey Insurance Coverage Law

  

  There are a multitude of state-specific requirements and nuances that make New Jersey insurance law unique, including in the areas of duty to defend, reservation of rights and bad faith, say attorneys at Goldberg Segalla.

• Conn. Insurers Should Note Stricter Market Exit Oversight

  

  The Connecticut Insurance Department recently issued a bulletin that reflects a unique and stricter approach to insurers' market withdrawals and reductions in property and casualty business, making clear that it will not assess compliance based on an insurer's intent, but on the effect of the insurer's actions, says Elizabeth Retersdorf at Day Pitney.

• Extreme Weather And Renewable Project Insurance Coverage

  Excerpt from Practical Guidance

  

  The regularity and severity of extreme weather events driven by climate change are putting renewable energy projects increasingly at risk — so project owners, contractors and investors should understand the issues that can arise in these situations when seeking recovery under a builder's risk insurance policy, say Paul Ferland and Joshua Tumen at Cozen O'Connor.

• Potential Relief For Nevada Insureds Is On The Horizon

  

  A proposed regulation recently issued by the Nevada Division of Insurance would severely restrict the state's new law prohibiting burning-limits policies, enacting welcome changes to address businesses' concerns that the law will make it harder to obtain cost-effective liability insurance, says Sheri Thome at Wilson Elser.

• NY Co-Ops Must Avoid Pitfalls When Navigating Insurance

  

  In light of skyrocketing premiums, tricky exclusions and dwindling options, New York cooperative corporations must carefully review potential contractors' insurance policies in order to secure full protection, as even seemingly minor contractor jobs can carry significant risk due to New York labor laws, says Eliot Zuckerman at Smith Gambrell.

• Insurance Rulings Continue Expansion Of Appraisal's Ambit

  

  Two recent Illinois insurance cases allowing property damage appraisers to determine causation — Wysoczan v. Cambridge in federal court and Shelter v. Morrow in state appellate court — perpetuate a judicial trend that will result in a slower, more expensive and cumbersome appraisal process that resembles litigation, says Matthew Fortin at BatesCarey.