The Prompt Payment of Claims Act is a statute ostensibly enacted to provide enforcement mechanisms for Texas businesses, among others, and their lawyers in transactions between insurance companies and their policyholders. But significant changes in the potential penalties for failing to timely investigate and pay policy benefits have been favorable to foreign insurance companies and harmful to Texas businesses.
One Nation Under Insurance: The Insurance Industry’s Hold on Our Country, Our State, and Our Pocketbooks – Part 1
Insurance. It touches everything you do as a lawyer and suffuses the entire scope of human endeavor. Think for a moment how crucial insurance, in general, and the claim process, in particular, is to the smooth functioning of every Texas business. This article considers the insurance industry’s influence in fostering a flourishing commercial environment in Texas.
Texas Stands Apart — And That’s Not a Good Thing: ‘Concurrent Causation’ in Texas Coverage Litigation
Texas prides itself on its rugged, independent spirit. Often, that’s a good thing. However, there is an aspect of insurance law in which Texas stands gloomily distant from the other 49 states. They are united, and Texas is a stuck-in-the-mud outlier rather than a paragon in its isolation. Ironically, it’s an area in which the Texas jurisprudence is distinctly detrimental to Texas businesses.
The “Texas Miracle” is by all accounts a real thing. There is little doubt that Texas businesses have thrived in the confluence of conditions existing in Texas for the past couple of decades. Then why would the Texas Legislature strive to place hardships on Texas businesses by making it more difficult for them, as property owners, to recover the full cost of repair for construction defects?
A $400 million insurance recovery action filed by Samsung Austin Semiconductor is shining a light on the playbook that insurance companies rely upon to create an unfair advantage in claim disputes. While the damages in this case are eye-popping, the allegations in the lawsuit paint a picture that is all too familiar for businesses and property owners across the state.
In sheer numbers, insurance coverage disputes arguably generate more litigation than any other. The American College of Coverage Counsel recently held its annual Insurance Law Symposium at SMU in Dallas to share best practices and explore cutting-edge and emerging issues. Practitioners also addressed two cases on this year’s Texas Supreme Court docket.