The court began its analysis of the insurer’s motion for summary judgment by noting that an insurer’s duty to promptly pay a legitimate claim does not end because the insured sues them for nonpayment. Therefore, the court held that the insureds are entitled to take discovery concerning the handling of their claim, both before and after the filing of the lawsuit. It should also be noted that the insurance company made a payment of $94,409.68 to the Odoms prior to the court’s ruling. But the court apparently found that payment to be spurious. … [Read more...] about Insurer’s Post-Litigation Conduct Leads to Charge of Bad Faith “The Remnants of Hurricane Katrina”
Armed forces insurance company
As per medical records in the case, the cause of death was heart attack, and the fall from the scooter did not contribute to it. There was no no evidence to show that any bodily injuries were suffered due to the fall from the motorcycle or that they led to the assured suffering a heart attack. The bench of Justices D Y Chandrachud and Hemant Gupta found that the fall from the bike, which was taken as the accident in the case, did not contribute to death. Death was attributable to heart attack, which was not treated as an accident caused by 'violent, visible and external means' … [Read more...] about What Is ‘Accidental Death’ In The Context Of Insurance Law?
To adequately insure artwork against theft or loss, special attention must be paid to the valuation clause of the policy. For instance, will the reimbursement involve an agreed-upon value, a scheduled value, or the current market value of the artwork at time of loss? To what extent, if any, will the insurance company make efforts to recover the stolen or lost art? Furthermore, if the artwork is recovered after the insurance company has paid out on the policy, then the insurance company may become the new owner of the work by subrogation. Since the fair market value of fine art tends to increase over the long term, the insured should therefore consider requesting a right of first refusal to repurchase the recovered artwork from the insurance company at a pre-negotiated price (i.e. the original value of the claim). … [Read more...] about Art Insurance: Clean as a Rockwell
In DepthOn May 11, 2017, the United States Court of Appeals for the Ninth Circuit reversed a district court ruling, and upheld a California law that invalidates a plan provision that assigns the final determination on benefit payout determinations to an insurer. [Talana Orzechowski v. Boeing Co. Non-Union LTD Plan, et al., Case No. 14-55919 (9th Circ. May 11, 2017)]. Thus, the Ninth Circuit remanded the case and required the lower court to review the claim denial based on a de novo standard of review. … [Read more...] about Future of Discretionary Clauses in California Life and Disability Insurance Agreements
This is not the first time AXA has been a target of protests for its investment in Israeli businesses. In July 2017, activists from BDS protested outside the company’s annual meeting in Paris. At the time, dozens of other organizations, including political parties and trade unions, also urged the French government to pressure financial companies to stop their investments in Israeli businesses that support what the activists called “Israeli apartheid.” … [Read more...] about Insurance Giant AXA Linked To Israeli Settlements In Palestinian Territories, Arms Manufacturer