McGuireWoods Insurance Recovery Blog

McGuireWoods Insurance Recovery Blog

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Property Insurance

Hurricane Florence Commercial Property Damage and Business Interruption Insurance Checklist

Over the weekend, Hurricane Florence caused substantial damage in many communities in North and South Carolina. Early estimates put the damages from Florence in the billions of dollars.  These losses include both direct property damage as well as business interruption losses.  In addition, many businesses outside of the areas of storm damage may experience lost… Continue Reading

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Hurricane Irma – Commercial Property Damage and Business Interruption Insurance Checklist

Hurricane Irma was one of the most devastating storms in United States history, with sustained winds of over 190 miles per hour. Insurance industry experts have estimated the insured damages arising from this storm may reach $50 billion.  These losses include both direct property damage as well as business interruption losses.  In addition, many businesses… Continue Reading

Business Interruption, Cyber Insurance

Insurance Coverage for Lost Profits Arising from Cyber Attacks on the U.S. Power Grid – Contingent Business Interruption Coverage for the Internet of Things

The Washington Post reported last week that Russian hackers had penetrated the U.S. utility grid through Burlington Electric Department, a Vermont utility.  Although the utility later clarified that the attacked computer was not connected to the grid and that the connection to Russia was not confirmed, hundreds of news sources picked up the story, demonstrating… Continue Reading

Best Practices, Policy Interpretation

Avoiding the Minefields of Claims-Made Insurance Coverage

This is the first in a series of posts relating to what we will call the “minefields” of claims made insurance coverage.  Fifty years ago, most insurers issued liability insurance policies on “occurrence” policy forms.  As insurers expanded their coverage offerings for professional and executive risks in the 1960s and 1970s, they began to use… Continue Reading

Policy Interpretation, Professional Liability Insurance

Fifth Circuit Narrowly Construes Prior Knowledge Exclusion in Claims-Made Policy and Affirms Bad Faith Verdict

Insurers frequently rely on “prior knowledge” exclusions in an effort to avoid coverage under claims-made liability insurance policies.  In OneBeacon Insurance Co. v. T. Wade Welch & Associates et al., the Fifth Circuit recently affirmed a $28 million judgment following a jury verdict against One Beacon Insurance Company, finding that the insurer had wrongfully declined… Continue Reading

Crime Insurance, Cyber Insurance

Arizona Court Rules That Chubb Cyber Policy Does Not Cover Credit Card Theft Losses

As cyber attacks increase at an unprecedented pace, more and more businesses are purchasing cyber insurance to protect against that risk. The insurance industry now faces an avalanche of claims, and those claims now are moving to the litigation phase. In one of the first decisions interpreting a cyber insurance policy, an Arizona federal court… Continue Reading

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Pennsylvania Supreme Court Rules that an Insured Receiving a Defense Under Reservation of Rights May Settle Without the Insurer’s Consent

In a case with significance beyond the Commonwealth of Pennsylvania, the Pennsylvania Supreme Court recently ruled that an insured, while receiving a reservation of rights defense from its insurance company, may settle the underlying case over the objection of the insurer and obtain reimbursement from the carrier.  The case is styled Babcock & Wilcox Co.… Continue Reading

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