LARRY SCHIFFER QUOTED IN ARTICLE ON AN ARBITRATION PROVISION FIGHT BETWEEN CAESARS ENTERTAINMENT AND MARKEL BERMUDA LTD.
Posted on Jul 20, 2021 |News
New York, NY (July 20, 2021) – NAM (National Arbitration and Mediation), one of the nation's leading alternative dispute resolution (ADR) firms, is pleased to announce that Larry P. Schiffer, Esq. was quoted in a recent Employment 360 article, Arbitration May Favor Insurer in Caesars COVID Fight.
In the article, London Justice Simon Bryan ruled that Caesars Entertainment Inc. must halt a Nevada litigation against the insurer, Markel Bermuda Ltd., over pandemic related losses, citing that an arbitration provision in Markel's policy issued to the Nevada-based gaming industry giant was valid and binding, entitling the insurer to an anti-suit injunction. The injunction is expected to be broad and mostly like enjoin Caesars from taking any further action again Markel.
In March, Caesars hit many insurers, including Markel, with a Nevada state suit claiming various all-risk policies that covered more than $2 billion in loses suffered during the pandemic. In the Covid-19 business interruption landscape, policy holders like Caesars have alleged losses from physical damage attributed to the presence of the coronavirus or loss of use from government shutdown order. Markel is expected to take it to the Nevada court in order to separate itself from the coverage dispute.
Mr. Schiffer stated that most insurers, like Markel, would rather present to an arbitration panel that is more likely to be familiar with concepts of “direct physical loss of or damage to property” under a property policy.
About Larry P. Schiffer, Esq.
Mr. Schiffer is well known throughout the insurance and legal communities and has successfully litigated, arbitrated and mediated insurance/reinsurance and complex commercial litigation disputes. His knowledge in the property and casualty and life and health markets includes long-term care, captives, brokers and intermediaries, run-off entities and surplus and excess lines. Mr. Schiffer is well respected professionally and has provided counsel and advice on issues including coverage, insolvency, commutations and recaptures, due diligence for corporate transactions and investments, reinsurance audits and inspections, cyber insurance, claims analysis and related issues.
His distinguished career has brought him to the forefront of some of the largest insurance and reinsurance coverage disputes in the country including the World Trade Center Respiratory Coverage Litigation, the NFL Concussion Coverage Litigation, a significant Bernard Madoff bond dispute and the Unicover debacle reinsurance arbitration. Additionally, he has litigated complex commercial disputes, employment, insurance regulatory and product liability matters.
Mr. Schiffer is available to arbitrate and mediate cases throughout the United States.