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One of the industries hardest hit in the aftermath of September 11 is the insurance industry. It is estimated that the insurance claims associated with the events of September 11 will approach, if not exceed $45 billion, which, by anyone’s measure, is the largest insurance claims event in U.S. history. And the insurance industry will [...]
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Introduction A year ago, we predicted price increases for 2001 as carriers sought to improve underwriting results. What we didn’t anticipate was the significant reduction of investment income for the industry. Through nine months of 2001, net investment income (including capital gains) decreased by $7.5 billion. Underwriting losses (including some initial losses from September 11) [...]
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Mold Problems Increase: Is Coverage Available?
Insurance,Insurance-Pollution Coverage,Mold,Pollution Exclusion
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The presence of mold in buildings and the resulting health effects are increasingly becoming a public concern. Office buildings have been evacuated, homeowners are fleeing their homes, renters are being relocated, and schools have been closed all due to what some think will be the next “asbestos”. Mold is a microscopic fungi and is present [...]
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Additional Insured Entitled to Be Defended Under General Contractor’s Completed Operations Coverage
Additional Insured,CGL,Insurance,Insurance - Completed Operations,Insurance Coverage Disputes,Your
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Insurance Companies that issued Commercial General Liability (CGL) policies to subcontractors, including completed operations coverage as to projects completed before the inception dates of the policies were held to owe a duty to defend the additionally insured general contractor in third party litigation asserting its vicarious liability for the subcontractors’ acts. The carriers argued that [...]
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Cost of replacing contractor’s defective workmanship not covered by CGL policy
CGL,Insurance,Insurance Coverage Disputes,Your Work
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When a painting subcontractor’s work proved to be defective, the prime contractor expended $10,000 for stripping and refinishing cabinets and woodwork, and then submitted a claim to its commercial general liability (CGL) insurance carrier to recover the costs. The carrier declined coverage on the basis that there was no “accident” but only a breach of [...]
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Insurance Company Improperly Refused to Defend Additional Insured Under Contractor’s Policy
Additional Insured,CGL Professional Exclusion,duty to defend,Insurance,Insurance Coverage Disputes
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An additional insured endorsement to an insurance policy entitled the Texas Department of Transportation (TxDOT) to a defense by the Contractor’s insurance company. St. Paul Insurance Company did not deny that it owed some coverage to TxDOT, but it refused to defend the agency, claiming that TxDOT would be adequately protected from vicarious liability by [...]
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