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Cyber Crime is Now Targeting Law Firms. Is Your Firm Truly Prepared?

Similar to healthcare providers, a law firm's data can be the gold standard. Unlike manufacturers, banks and retailers, law firms are unique organizations that result in them being highly vulnerable.
8 minute read

The Legal Intelligencer

Autonomous Vehicles Predicted to Change Car Ownership, Insurance Industry

Pittsburgh is at the epicenter of autonomous vehicle research and testing. Pittsburgh Uber riders are currently being serviced by a fleet of autonomous Volvo vehicles developed in conjunction with Uber's Advanced Technology Center in Pittsburgh. Ford Motor Co. committed to investing $1 billion over five years in Argo AI, a Pittsburgh-based artificial intelligence startup created by Carnegie Mellon University alumni and staff that combines computer science, robotics and artificial intelligence for fully autonomous vehicles that Ford plans to introduce in 2021. Recently, General Motors bought Cruise Automation for $1 billion and is preparing its Cadillac line for even greater automation.
7 minute read

The Legal Intelligencer

Pa. Insurer Liquidation Tests Nation's Guaranty Association System

On March 1, the Pennsylvania Commonwealth Court ordered the liquidation of affiliated long-term care insurers Penn Treaty Network America Insurance Co. (PTNA) and American Network Insurance Co. (ANIC) (collectively, Penn Treaty). Penn Treaty, which sold long-term care insurance policies for decades, had been placed into rehabilitation in January 2009 by the Pennsylvania insurance commissioner. The liquidation order followed years of litigation and efforts to rehabilitate the company. According to filings in the case, as of May 2016, the PTNA arm of Penn Treaty was insolvent by $3.82 billion and would run out of assets in 2018; with ANIC added, the total insolvency of Penn Treaty was an estimated $4.33 billion. (See In re Penn Treaty Network American Insurance, Doc. No. 1 PEN 2009, Verified Pet., July 17, 2016; In American Network Insurance, Doc. No. 1 ANI 2009, Verified Pet., July 17, 2016).
8 minute read

The Legal Intelligencer

Airbnb and Insurance Coverage: Is It Up in the Air?

Nine years. That's how long it took for Airbnb to grow from a zero-dollar company to a $30 billion company. Few other businesses in American history can boast such an impressive initial track record. Various forms of "disruptive technology"—like Airbnb—are changing the way we travel, drive, eat and live. Americans are no longer satisfied with the limited options provided by hotels, motels and traditional bed and breakfasts. Airbnb recognized this gap in the market and capitalized on it handsomely. While various other companies, including Expedia and Priceline, are racing to catch up, Airbnb remains the leading "home sharing" company. With that success, however, have come certain challenges that the government, judicial system and insurance companies are still struggling to identify and understand. One such challenge is how innovative concepts like Airbnb impact existing homeowners' insurance.
17 minute read

The Legal Intelligencer

Reps and Warranty Insurance: An Untapped Resource for Closing M&As

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.
11 minute read

The Legal Intelligencer

5 Things Insurers' GCs and Their Boards Must Know for Cybersecurity

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.
15 minute read

Corporate Counsel

From Intern to GC: Richard Ellery Promoted at OneAmerica Financial Partners

In the more than 20 years he has been with the company, Ellery has certainly climbed the legal department ladder.
4 minute read

The Legal Intelligencer

Insurance Law

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.
5 minute read

The Legal Intelligencer

How Does Marijuana's Legalization in Pa. Impact Insurance Coverage?

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?
8 minute read

The Recorder

Los Angeles Lakers, Inc. v. Federal Insurance Company

9th Cir.; 15-55777 The court of appeals affirmed a district court judgment. The court held that a claim under the under Telephone Consumer Protection…
2 minute read

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