Patrick M. McDermott Journalist Profile

Articles

Texas Federal Court Finds Settlement Demand Lacking “Sum Certain” Insufficient to Trigger Stowers Obligations

Jul 8, 2024 | lexology.com | Jae Lynn Huckaba |Patrick M. McDermott

Last week, in Golden Bear Insurance Company v. 34th S&S, LLC, a Texas federal court held that an insurer had no duty to cover a personal injury judgment in excess of the $1 million policy limit. The holding reminds parties in Texas to carefully consider the most basic—and sometimes very particular—requirements surrounding Stowers demands.
Months In Brief Archive

Apr 1, 2024 | businesslawtoday.org | K. O’Connell |Jae Lynn Huckaba |Patrick M. McDermott |Geoffrey B. Fehling

CURRENT MONTH (March 2024)Delaware Supreme Court Denies MFW Protection Due to Committee’s Financial and Legal Advisors’ Undisclosed Ties with Controlling StockholderBy K. Tyler O’Connell, Morris James LLPUnder Kahn v. M&F Worldwide Corp., 88 A.3d 635 (Del.
D&O Coverage Considerations for M&A and Government Investigations

Mar 25, 2024 | businesslawtoday.org | Geoffrey B. Fehling |Olivia G. Bushman |Jae Lynn Huckaba |Patrick M. McDermott

Macroeconomic factors and market indicators point to a rebound in M&A activity in 2024. An increase in deals necessarily affects many directors and officers (D&O) insurance policies in ways that could lead to future coverage disputes, as policy provisions addressing changes in control take effect and so-called tail policies are implemented.
Risky Business: Insuring Damage Awards through Judgment Preservation Insurance

Mar 14, 2024 | businesslawtoday.org | Jae Lynn Huckaba |Patrick M. McDermott |Geoffrey B. Fehling |Latosha M. Ellis

IntroductionA federal court recently ordered a law firm to disclose a judgment preservation insurance (“JPI”) policy it obtained to protect a $185 million fee award pending appeal.[1] The plaintiffs’ law firm received the fee award in its representation of two classes of health plan insurers, who alleged that the federal government did not compensate the insurers for losses incurred in their participation in the Affordable Care Act’s insurance marketplace.
Solefully Designed: Insurance Coverage Tailored for the Sneaker Industry

Jan 12, 2024 | businesslawtoday.org | Latosha M. Ellis |Jae Lynn Huckaba |Lorelie Masters |Patrick M. McDermott

Major sneaker brands have capitalized on new trends in technology and social media to publicize sneaker culture. As sneakers become more popular, sneaker collections increase in value, thus increasing financial exposure for collectors and other entities in the sneaker industry. One might first think of theft, authentication, fire, floods, or market valuation as the general risks associated with sneaker collections.
Delaware Issues Regulatory Guidance, Process Improvements, for D&O Captives

Oct 31, 2023 | lexblog.com | Geoffrey B. Fehling |Patrick M. McDermott

Last week, the Delaware Insurance Commissioner announced a series of process and regulatory improvements to the state’s captive regime. Building upon last year’s significant amendments to DGCL 145(g) expressly permitting captives to cover D&O liability, Bulletin No. 14 outlines several requirements for captives to write Side A D&O policies for Delaware corporations, including several process changes intended to improve approval timelines and speed to market.
Representations and Warranties Insurance: Fundamentals

May 18, 2023 | lexology.com | Patrick M. McDermott |Syed S. Ahmad |Kevin Small

This practice note addresses the fundamental aspects of representations and warranties insurance. It provides an overview of representations and warranties insurance and the underwriting of representations and warranties policies. The practice note also delves into the various aspects of representations and warranties insurance claims, coverage, and dispute resolution.
Representation and Warranties Insurance Fundamentals

May 9, 2023 | lexblog.com | Syed S. Ahmad |Patrick M. McDermott |Kevin Small

The explosive growth of representations and warranties (R&W) insurance over the last decade is no secret. But, for many, R&W insurance remains an enigma, particularly as respects filing a claim under such policies. Indeed, even those involved in buying R&W insurance may not have experience on the claims end and, as a result, possess little knowledge on how to navigate the assortment of issues that may arise.