insurance & reinsurance : news
Countdown to TRIA's Renewal. We Hope
November 25, 2014 -- GlobeSt.com
Alan Lyons was quoted in a Globe St. story on Congress' delay in renewing the Terrorism Risk Insurance Act (TRIA) and how the commercial insurance industry is responding to the uncertainty. TRIA, signed into law in 2002 and extended in 2005 and 2007, created a federal backstop for insurance claims related to acts of terrorism. Alan said, "As the December 31, 2014, expiration date looms closer without definitive action from Congress, a certain level of frustration is developing in the insurance industry due to the lack of certainty as to whether TRIA will be renewed and, if so, on what terms."
Panel Says Insurance Covers Theft by Armored Car Executive
March 12, 2014 -- The New York Law Journal
Alan Lyons is quoted in The New York Law Journal article "Panel Says Insurance Covers Theft by Armored Car Executives," which notes a unanimous New York State Appellate Division, First Department ruling in favor of Herrick client Metropolitan Bank, and the bank's CashZone subsidiary. The First Department, reversing a prior Manhattan Supreme Court decision, ruled that the "in transit" clause of Metropolitan Bank and CashZone's insurance policy covering cash being transported in armored cars 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. Alan is quoted as saying, "The decision confirms New York courts' broad interpretation of 'in transit' clauses, in contrast to other states like California that have narrowly interpreted those clauses."
Ripped-Off Check-Cashing Co. Wins Coverage For Loss
March 12, 2014 -- Law 360
Alan Lyons is quoted in the Law360 article “Ripped-Off Check-Cashing Co. Wins Coverage For Loss,” which discusses a New York State Appellate Division, First Department ruling in favor of Herrick client Metropolitan Bank, and the bank's CashZone subsidiary. The First Department ruled that the “in transit” clause of CashZone’s insurance policy on transported cash refers to the entire time the armored car contractor possessed the cash. Alan said that the court correctly interpreted that policy “not in a vacuum,” but also in light of the contract between the insured and the armored car company, “which expressly contemplated a stoppage at the Mount Vernon facility.”
Appeals court rules in Lazare Kaplan’s favor
June 24, 2013 -- National Jeweler
A recent U.S Court of Appeals ruling in favor of our client, global diamond manufacturer and distributor Lazare Kaplan, is noted in the National Jeweler article "Appeals court rules in Lazare Kaplan's favor."
Insurers Settle Lazare Diamond Coverage Row For $32M
July 6, 2011 -- Law360
Our representation of Lazare Kaplan International is noted in this article, which reports LKI's settlement with American and British insurance carriers. According to LKI's mandatory 8K filing, the $32 million is on top of the approximately $28 million that Herrick obtained for LKI from insurers prior to commencement of the lawsuits, thus bringing the total recovery to more than $60 million for losses stemming from the theft of LKI's diamonds. The story names Chris Sullivan and Jason D'Angelo as counsel to LKI.
Too Early To Rule On Diamond Coverage Row, Judge Says
5.11.11 -- Law360
This story notes our representation of Lazare Kaplan International in an insurance coverage litigation, in which LKI is suing for coverage over the disappearance of $135 million worth of diamonds. Despite having directed LKI and the insurance carriers to file motions for summary judgment, a federal court judge denied those motions as premature, but the judge generally adopted our view of the case, which was brought by Christopher Sullivan and Jason D'Angelo.