U.S. Commercial Bank – Cyber Insurance

Represented a U.S. commercial bank regarding an analysis of its existing cyber insurance policy and advice with respect to policy modifications.

Metropolitan Commercial Bank – Insurance Policy

Representation of Metropolitan Commercial Bank in connection with the negotiation and drafting of the terms of a prepaid card fraud insurance policy that the bank is considering purchasing from an international underwriter.

Insurance Coverage Dispute – Theft by Armored Car Executives

Representation of a major national bank and its subsidiary in an insurance coverage dispute involving cash transported in armored cars. A unanimous New York State Appellate Division, First Department panel ruled in favor of our clients, finding that the "in transit" clause of the insurance policy also covers theft by the armored car company's executives while the money was in their vault as part of the contracted-for delivery process.

Insurance Coverage Dispute — Commercial Liability Insurance

Representation of an insurer in a coverage dispute over whether the insurer had a duty to indemnify its insured in connection with an underlying tenant class action litigation alleging unlawful overpayment of charges and assessments.

Reinsurance Company – Successful Prosecution of Malpractice Claims Related to Insurance Agreements

Successful representation of a prominent insurance managing agent and reinsurance company in their claims of legal malpractice against former counsel arising from insurance agreements prepared by the defendant, a New York-based insurance law firm. This matter was settled for approximately $1 million.

Insurance Producer – Commission Dispute

Herrick represented an insurance producer embroiled in an arbitration with a former client over unpaid commissions. The arbitration resulted in a recovery of over $1 million.

Insurance Coverage Dispute — Commercial Property Insurance

Representation of an insurer in a dispute with a building owner over whether coverage existed under its commercial property insurance policy for over $1 million in claimed property damage caused by an underground water supply line rupture.

Diamond Company – Insurance Litigation

Representation of a public diamond company in complex insurance coverage litigation in New York and London.

Bermudian Reinsurer – Creative International Indemnity Plan

Representation of a major Bermudian reinsurer in forming a limited medical benefit indemnity plan for members of an association which included reimbursement for in-patient hospital procedures, surgical benefits, doctor visits, emergency treatment, and accidental death and dismemberment benefits. We helped the reinsurer choose the most appropriate structure to reinsure the plan, drafted the necessary policy and treaty documentation, and analyzed pertinent regulatory issues.

Offshore Insurer – ERISA Stop-Loss Insurance

Advice to an insurer on providing stop loss insurance to large employers which provide group health insurance coverage to their retirees under self-funded welfare benefit arrangement plans (Section 419E plans under ERISA).

Five-State Residential Portfolio Acquisition and Financing

Represented a major real estate investment and service company in its acquisition and financing of a five-state, 14-property portfolio of residential rental and condominium apartment complexes. The portfolio was financed through 14 first mortgage loans and 12 mezzanine loans, culminating in a four-day closing.

European Insurer – Customized Political Risk Coverage

Representation of a major European insurer in designing and drafting an insurance policy covering political risks of an insured's non-European operations (for example, forced abandonment of a foreign country due to a governmental evacuation order). We drafted the policy to address the unique risks facing the insured, such as the potential loss of business income due to the cessation of the insured's operations of a railway in Africa. We also designed it to combine other risks such as pollution liability and coverage for the insured's construction projects.

European Insurer – Filling the Gaps

Representation of a European insurer in drafting an insurance policy for a large French food product company with worldwide operations. The policy covers certain risks not covered by the insured's other insurance policies, such as business interruption losses arising from an act of terrorism resulting in the contamination of the insured's food products.

European Insurer – Chunnel Policy

Representation of a European insurer in structuring an aggregate declared risk capacity contract under which the insurer will provide insurance capacity to one of the world's leading engineering and construction companies for certain lines of insurance, including a cost overrun insurance program for the Channel Tunnel Rail Link.

Medical Practice – Equipment License

Represented a professional medical practice in connection with the license and turnkey delivery of nuclear cardiology imaging equipment and operation.

New Yankee Stadium Financing and Development

Represented the New York Yankees in the issuance of $960 million of municipal tax-free and taxable bonds by the New York City Industrial Development Agency, which financed the lease and construction of the new Yankee Stadium. We also drafted and negotiated the lease agreement for the new stadium, as well as ancillary real estate agreements pertaining to parking lots and garages; construction, demolition and insurance, and public transportation. We were also integrally involved in navigating the Yankees through the lengthy federal, state and local governmental permit and approval process.

Housing Authority Risk Retention Group – Pollution Exclusion Coverage Litigation

Representation of a risk retention group in litigation against a housing authority over whether an insurance policy excluded a judgment against the housing authority for exposure to pollution. In a case of first impression under Illinois law, the 7th Circuit Court of Appeals ruled in favor of our client, holding that the absolute pollution exclusion excluded coverage for an underlying $10 million judgment against the insured based upon exposure to pollutants, even though the insured did not actively cause the pollution, and even though the pollution originated off-site and migrated to the insured's property. (Housing Authority Risk Retention Group, Inc. v. Chicago Housing Authority, 378 F.3d 596 (7th Cir. 2004))