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Insurance
The Effects of the Extant Clauses Limiting Auditor Liability on Audit Fees and Overall Reporting Quality
August 1, 2019
Regulators and shareholders generally oppose any restriction on clients' rights to sue their auditors, believing that such restrictions would impair reporting quality. However, the evidence suggests that the opposition to limitation of liability agreements (LLAs) between clients and auditors is likely unwarranted. Specifically, the evidence indicates that LLAs are beneficial to clients by lowering their audit fees. More importantly, we find no evidence that they impair financial reporting quality...
August 1, 2019
Regulators and shareholders generally oppose any restriction on clients' rights to sue their auditors, believing that such restrictions would impair reporting quality. However, the evidence suggests that the opposition to limitation of liability agreements (LLAs) between clients and auditors is likely unwarranted. Specifically, the evidence indicates that LLAs are beneficial to clients by lowering their audit fees. More importantly, we find no evidence that they impair financial reporting quality...
Legal Data Analytics in Insurance Litigation
June 29, 2019
The rapidly growing area of legal data analytics provides insurers and their counsel with powerful technology to use when handling litigated claims. Legal data analytics provides unequaled insight into the behavior of courts, judges and counsel in litigated insurance cases. Analyzing data from actual cases allows insurers and their counsel improved understanding of how insurance cases are actually decided, how long cases last, and what litigation strategies have been successful. With...
June 29, 2019
The rapidly growing area of legal data analytics provides insurers and their counsel with powerful technology to use when handling litigated claims. Legal data analytics provides unequaled insight into the behavior of courts, judges and counsel in litigated insurance cases. Analyzing data from actual cases allows insurers and their counsel improved understanding of how insurance cases are actually decided, how long cases last, and what litigation strategies have been successful. With...
Legal Analytics Are The Successful Insurance Litigator’s Secret Weapon
May 25, 2019
Lex Machina's white paper provides valuable insights into legal cases and trends to help provide better legal advice, develop better litigation strategies, and win more cases. Insurance litigators: Whether you represent policyholders or insurers, whether you’re with a Biglaw firm or a solo practitioner, the Lex Machina white paper Legal Analytics — The Secret Weapon of Successful Insurance Litigators is a must-read, data-driven analysis of the practice landscape. By...
May 25, 2019
Lex Machina's white paper provides valuable insights into legal cases and trends to help provide better legal advice, develop better litigation strategies, and win more cases. Insurance litigators: Whether you represent policyholders or insurers, whether you’re with a Biglaw firm or a solo practitioner, the Lex Machina white paper Legal Analytics — The Secret Weapon of Successful Insurance Litigators is a must-read, data-driven analysis of the practice landscape. By...
Am I Still Covered Under the Title Insurance Policy?
May 16, 2019
An important issue to keep in mind when transferring property for estate planning purposes is whether the successor owner will be covered by the grantee’s title insurance policy. Title insurance policies insure only the title of the “Insured” identified in the policy, and older ALTA policies created confusion by being vague about whether certain subsequent owners were insured. By expanding the definition of the "insured," the ALTA 2006 policy form eliminates much of the doubt regarding...
May 16, 2019
An important issue to keep in mind when transferring property for estate planning purposes is whether the successor owner will be covered by the grantee’s title insurance policy. Title insurance policies insure only the title of the “Insured” identified in the policy, and older ALTA policies created confusion by being vague about whether certain subsequent owners were insured. By expanding the definition of the "insured," the ALTA 2006 policy form eliminates much of the doubt regarding...
How to ‘Own the Anchor’ in Settlements
May 10, 2019
Anchoring occurs in third-party settlement negotiations when one side throws out a number in an effort to influence—or “anchor”—the way the opposing party values a claim. Our experience shows that anchoring directly affects the settlement value of injury claims, so it’s critically important for insurance adjusters to “own the anchor” in negotiations.
May 10, 2019
Anchoring occurs in third-party settlement negotiations when one side throws out a number in an effort to influence—or “anchor”—the way the opposing party values a claim. Our experience shows that anchoring directly affects the settlement value of injury claims, so it’s critically important for insurance adjusters to “own the anchor” in negotiations.
Swedloff on Regulating Algorithmic Insurance
April 12, 2019
Rick Swedloff (Rutgers Law School) has posted Regulating Algorithmic Insurance on SSRN. Here is the abstract: This article addresses emerging gaps in consumer protection. As is true in other industries, insurers are revolutionizing their practices with artificial intelligence and big data. Insurers are finding new ways to price risks and policies, tailor coverage, offer advice to purchasers, identify fraud, and sequence the payment of claims. Regulators are struggling to keep...
April 12, 2019
Rick Swedloff (Rutgers Law School) has posted Regulating Algorithmic Insurance on SSRN. Here is the abstract: This article addresses emerging gaps in consumer protection. As is true in other industries, insurers are revolutionizing their practices with artificial intelligence and big data. Insurers are finding new ways to price risks and policies, tailor coverage, offer advice to purchasers, identify fraud, and sequence the payment of claims. Regulators are struggling to keep...
The Changing Nature of Insurance Claims Litigation
February 6, 2019
Mergers and acquisitions, sophisticated litigation management technology and hedge fund-backed capital has made the plaintiffs’...
February 6, 2019
Mergers and acquisitions, sophisticated litigation management technology and hedge fund-backed capital has made the plaintiffs’...
Does this make sense to you? AI in the insurance industry??
January 26, 2019
Businessinsurance.com reported that “Artificial intelligence and other technologies hold great promise for the insurance industry but are not without issues, such as adoption and security…” The January 17, 2019 article entitled “AI holds promise for insurance industry, but with caveats” is based on a “panel of insurance and technology industry executives speaking at the Insurance Information Institute’s Joint Industry Forum in New York” who opined: There are two areas that...
January 26, 2019
Businessinsurance.com reported that “Artificial intelligence and other technologies hold great promise for the insurance industry but are not without issues, such as adoption and security…” The January 17, 2019 article entitled “AI holds promise for insurance industry, but with caveats” is based on a “panel of insurance and technology industry executives speaking at the Insurance Information Institute’s Joint Industry Forum in New York” who opined: There are two areas that...
Super Rich Drive Rise in Whisky Insurance
January 13, 2019
6Changing ValuesAnd while noteworthy on its own, the rise in both prices and attendant need for insurance also gives a view into the changing landscape of alternative investments. For instance, art and jewelry continue to top the list of insured collectibles at AIG right now, says Fiamma, but there’s been a significant increase in interest in protection for whisky, watches, and cars, marking a shift in focus from what many view as traditional collectibles and also how wealth is being transformed...
January 13, 2019
6Changing ValuesAnd while noteworthy on its own, the rise in both prices and attendant need for insurance also gives a view into the changing landscape of alternative investments. For instance, art and jewelry continue to top the list of insured collectibles at AIG right now, says Fiamma, but there’s been a significant increase in interest in protection for whisky, watches, and cars, marking a shift in focus from what many view as traditional collectibles and also how wealth is being transformed...
Appellate Jurisdiction Sails Away in Fifth Circuit Coverage Dispute
November 26, 2018
The issue in SCF Waxler Marine LLC v. Aris T MV was whether the excess insurers for a multi-vessel accident could enforce a “Crown Zellerbach clause,” and thus limit their liability to the value of the insured vessel. (The vessel at issue, the Aris T (right) is presently in the Atlantic en route to Rotterdam from Mobile.) The Fifth Circuit found that it lacked appellate jurisdiction over the district court’s ruling that the excess insurers could enforce such a clause: “The fundamentals...
November 26, 2018
The issue in SCF Waxler Marine LLC v. Aris T MV was whether the excess insurers for a multi-vessel accident could enforce a “Crown Zellerbach clause,” and thus limit their liability to the value of the insured vessel. (The vessel at issue, the Aris T (right) is presently in the Atlantic en route to Rotterdam from Mobile.) The Fifth Circuit found that it lacked appellate jurisdiction over the district court’s ruling that the excess insurers could enforce such a clause: “The fundamentals...
