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S&P500
2445.2
-7.31
-0.30%
 
NASDAQ
6280.847
-16.631
-0.2641%
 
NYSE
11791.647
-13.644
-0.1156%
 
MMM
202.44
-1.85
-0.90%
 
AXP
85.34
+0.04
+0.05%
 
T
37.92
-0.06
-0.16%
 
BA
237.479
-2.271
-0.9471%
 
CAT
115.04
-0.78
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CVX
106.9
+0.54
+0.51%
 
CSCO
31.04
-0.23
-0.74%
 
KO
45.595
-0.005
-0.011%
 
DD
82.805
-0.205
-0.247%
 
XOM
76.72
-0.02
-0.03%
 
GE
24.37
-0.23
-0.93%
 
GS
223.98
+0.4
+0.18%
 
HD
148.5
-1.41
-0.94%
 
INTC
34.61
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IBM
142.26
+1.25
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JNJ
132.96
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JPM
91.87
+0.31
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MCD
158.85
-0.79
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MRK
62.24
-0.18
-0.29%
 
MSFT
72.85
-0.31
-0.42%
 
NKE
53.77
-0.36
-0.6656%
 
PFE
33.3
+0.15
+0.45%
 
PG
92.595
-0.195
-0.210%
 
TRV
127.19
-0.58
-0.45%
 
UNH
194.048
-0.742
-0.3811%
 
UTX
117.98
+2.29
+1.98%
 
VZ
48.27
-0.08
-0.17%
 
V
103.143
-0.927
-0.891%
 
WMT
80.05
+0.03
+0.04%
 
DIS
101.91
-0.86
-0.84%
 
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Excess Coverage Means Excess Coverage, Unless it Doesn’t: Texas Court Holds Umbrella Policy is Excess over a Primary Policy that is “Excess by Coincidence”

Not all excess coverage is created equal. Some excess coverage is true excess coverage of last resort. But other times, excess coverage is not. For example, a Texas Federal Court recently ruled that a true excess policy applied as excess over a CGL policy that was excess due to the circumstances of the underlying action. By way of background, Pace was the real estate manager for the property owner, Dolce. Pace was an insured under Dolce’s CGL policy, with $1

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Excess Coverage Means Excess Coverage, Unless it Doesn’t: Texas Court Holds Umbrella Policy is Excess over a Primary Policy that is “Excess by Coincidence”

Not all excess coverage is created equal. Some excess coverage is true excess coverage of last resort. But other times, excess coverage is not. For example, a Texas Federal Court recently ruled that a true excess policy applied as excess over a CGL policy that was excess due to the circumstances of the underlying action. By way of background, Pace was the real estate manager for the property owner, Dolce. Pace was an insured under Dolce’s CGL policy, with $1

Read More

Calling all Policies! N.J. Special Master Allocating Costs under Owens-Illinois Implicates Excess Before Primary Exhausts

In The Travelers Indemnity Company v. Thomas & Betts Corporation, No. 13-6187, 2017 WL 3187217 (D.N.J. July 26, 2017), New Jersey’s federal court offers a meaningful example of how trial courts can use a special master to help resolve the tricky issue of allocating defense and indemnity costs involving multiple policies, layers, and years. In Owens-Illinois, Inc. v. United Ins. Co., the Supreme Court of New Jersey urged trial courts to use a special master with “a substantial measure of

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Calling all Policies! N.J. Special Master Allocating Costs under Owens-Illinois Implicates Excess Before Primary Exhausts

In The Travelers Indemnity Company v. Thomas & Betts Corporation, No. 13-6187, 2017 WL 3187217 (D.N.J. July 26, 2017), New Jersey’s federal court offers a meaningful example of how trial courts can use a special master to help resolve the tricky issue of allocating defense and indemnity costs involving multiple policies, layers, and years. In Owens-Illinois, Inc. v. United Ins. Co., the Supreme Court of New Jersey urged trial courts to use a special master with “a substantial measure of

Read More

New York Court Denies Reinstatement of STOLI Policies for Lack of Standing, Finds Issue of Fact on Good Faith and Fair Dealing

The plaintiff was an investment trust that purchased life insurance contracts. It brought the instant action seeking damages for the insurer’s alleged breach of nine lapsed life insurance policies on three different individuals with a collective face value of over $80 million. It was undisputed that all nine policies were pieces of a “Stranger Originated Life Insurance” or “STOLI” transaction. Although purchasing life insurance with the intent of selling it to strangers became illegal in 2009, these transactions were legal at the time the policies in

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New York Court Denies Reinstatement of STOLI Policies for Lack of Standing, Finds Issue of Fact on Good Faith and Fair Dealing

The plaintiff was an investment trust that purchased life insurance contracts. It brought the instant action seeking damages for the insurer’s alleged breach of nine lapsed life insurance policies on three different individuals with a collective face value of over $80 million. It was undisputed that all nine policies were pieces of a “Stranger Originated Life Insurance” or “STOLI” transaction. Although purchasing life insurance with the intent of selling it to strangers became illegal in 2009, these transactions were legal at the time the policies in

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Catch-All RORs? South Carolina Again Says No

The South Carolina Supreme Court reaffirmed that when an insurer reserves rights to deny coverage, the specific grounds stated in the insurer’s reservation of rights letter are critical. In reaffirming a much-discussed decision from earlier this year, the court refused to consider policy defenses asserted by an insurer because the insurer failed to properly reserve its rights to contest coverage. According to the opinion, the insurer’s letter (1) failed to notify the policyholders of the particular grounds upon which it

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