Law Offices of Gary Martin Hays & Associates
P.C.
75 Ponce De Leon Ave NE Ste 101
Atlanta,
GA 30308(470) 294-1674
www.garymartinhays.com
By Terrence Tracy | August 29, 2017
Many types of insurance are viewed only as a form of protection against downside risk. But certain coverages can do much more than offer protection, they can actually offer a business advantage that allows companies to achieve success relating to an acquisition where it would otherwise not be possible. Such is the case with Reps and Warranty (R&W) insurance. R&W insurance provides coverage against financial loss caused by breaches of the representations and warranties made in the M&A agreement. While every business does extensive due diligence to verify information provided by their deal partner before closing, the fact is that any complex transaction contains a certain number of unknown risks and unforeseeable circumstances. Often these unknowns do not reveal themselves until well after a deal has closed. R&W insurance is particularly useful to buyers in these circumstances.
By Joshua A. Mooney and Richard Borden | August 29, 2017
Cyberregulation and the meaning of reasonable cybersecurity measures are changing rapidly. Insurance companies are in the red zone for new regulatory schemes and heightening expectations of duties of care that are well beyond the responsibility of a company's CIO. In January, the New York State Department of Financial Services (NYDFS) promulgated 23 NYCRR 500, a first-of-its-kind cyberregulation that requires companies to conduct assessments of their information systems and affirmatively build cybersecurity policies and programs based on those assessments. This includes creating oversight committees of senior officers, reliable chains of communication, and internal reports to educate appropriate decision-makers. The regulation also requires companies to make determinations as to the materiality of risks and events that may implicate other reporting obligations, such as SEC reporting requirements of public entities. The approach outlined in the NYDFS regulation is catching on. Recent NAIC Insurance Data Security Model Law drafts (drafts four and five) are based on the regulation and incorporate many of the same requirements. So is pending legislation in other states.
By Nichole Morford | The Legal Intelligencer | August 29, 2017
In The Legal's Insurance Law supplement read about how marijuana's legalization will affect coverage, reps and warranty insurance and whether or not businesses like Airbnb are covered.
By Michael H. Sampson | August 29, 2017
Entrants into Pennsylvania's medical marijuana industry will want—and, in many cases, need—to obtain various types of insurance coverage. What happens, though, when one of those businesses is sued or suffers a loss and turns to its insurer for coverage? Will the insurer provide coverage? Or, will the insurer disclaim coverage because it remains illegal under federal law to manufacture, distribute or dispense marijuana? If the insurer attempts to avoid coverage on the basis of public policy or an illegal-acts exclusion, will courts in Pennsylvania allow the insurer to do so, or will they protect the policyholder's right to coverage?
By P.J. D'Annunzio | August 18, 2017
The Commonwealth Court has upheld a ruling letting Montgomery County out of a case brought by the Archdiocese of Philadelphia, in which the church sought $1 million of liability insurance from the county.
By thelegalintelligencer | The Legal Intelligencer | August 11, 2017
Based on the unambiguous language of an insurance policy, a material misrepresentation by an insured to the insurer could void the policy even though the statement was allegedly made in connection with a claim, rather than at the time of the initial application. The insured was only required to cooperate in providing documentation in connection with a claim, and not with the insurer's attempt to deny coverage based on a policy exclusion.
By thelegalintelligencer | The Legal Intelligencer | August 11, 2017
The defendant insurer was obligated to provide a defense to plaintiff, a manufacturer of fire engines facing hundreds of firefighter claims of occupational noise-induced hearing loss, where the coverage provided was primary under the general provisions of the applicable policies rather than excess, as the insurer maintained. The court denied the defendant's motion for summary judgment.
By Max Mitchell | August 4, 2017
The Pennsylvania Supreme Court has turned back UPMC's efforts to keep its dispute with Highmark over the pricing of cancer treatment services in arbitration.
By Kenneth M. Portner | August 3, 2017
Insurance companies often prefer to litigate insurance coverage issues in federal courts. There are a number of reasons for this. First, well-founded or not, there is a general perception that the federal bench is more accustomed to addressing the complex legal issues that can sometimes arise in insurance coverage disputes. Second, while insurance coverage litigation is often adjudicated on dispositive motions, where there is a factual dispute to be resolved, the federal courts offer a more diverse jury pool, an important factor where the state court jury pool is perceived as unfriendly to insurers. Finally, litigation in federal court insulates an insurer from any perceived local bias in favor of a local insured.
By thelegalintelligencer | The Legal Intelligencer | July 28, 2017
Plaintiffs failed to establish a final disposition from which they could take an appeal where the court granted defendants summary judgment on all but one count and transferred that remaining count for resolution through arbitration. The court recommended that plaintiffs' appeal be quashed or, alternatively, that its decision be affirmed.
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