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.
Private Equity Credit Investing Arm – Disability Insurance Dispute
Representing the credit investing arm of a publicly traded private equity firm, with $19 billion under management, in a dispute with insurers over payment of disability benefits under a multimillion dollar "key man" policy insuring our client's former co-chief executive officer.
$141 Million Rogue Trader Insurance Coverage Dispute
Representing an FCM in ongoing litigation with insurers over their refusal to honor claims arising from $141 million in losses caused by a rogue employee’s unlawful and unauthorized trades. Recent victories include a ruling by the Special Referee, upheld by the court, which required the consortium of insurers to turn over hundreds of pages of documents they had sought to shield under the attorney/client privilege.
Condominium Sponsor – Construction Defect Dispute with Construction Manager and Contractors
Representing the sponsor of a Brooklyn, NY condominium development in litigation with the project's construction manager and contractors arising from claims by the condominium's board of managers that work in accordance with an offering plan under which the condominium's units were sold was not adequately performed.
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.
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).
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.
Life Settlement Investment Firm – Advice and Litigation
Representation of a German investment firm with respect to its investment portfolio of U.S. life insurance policies. In addition to providing advice concerning life settlement laws and regulations in various jurisdictions, Herrick has also represented the company in litigation on its disputed claims in multiple jurisdictions. In 2012, Herrick procured a multi-million dollar settlement for the client, almost 90 percent of the policy value, in New Jersey federal litigation in which the carrier contested the claim as a likely STOLI ("stranger originated life insurance") policy. More recently, in 2013, Herrick settled a large claim filed in Pennsylvania federal court in which our client received approximately 70 percent of the policy value in a case where the age of the insured, a former Syrian national, was disputed. Herrick will continue to represent the client on U.S. claims going forward.
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.
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 – 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.
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))
Diamond Company – Insurance Litigation
Representation of a public diamond company in complex insurance coverage litigation in New York and London.
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 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.
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 — 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.
Insurer – Regulatory and Administrative Advice
Representation of an insurer with respect to the regulatory and administrative aspects of its rebate programs, including audit advice as well as representation in disputes with pharmacy benefits managers.
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.
Medical Practice – Equipment License
Represented a professional medical practice in connection with the license and turnkey delivery of nuclear cardiology imaging equipment and operation.
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.