
Publication
Essential Corporate News – Week ending 11 July 2025
On 1 July 2025, the Quoted Companies Alliance (QCA) published three new board committee guides to accompany the QCA Environmental and Social Guide published in December 2024.
The “known loss” principle, under New York Law, is the recognition of the universal public policy that insurance should only cover fortuitous losses. This article explores this principle as it relates to third party liability and excess liability policies, and discusses its practical implications.
The “known loss” principle under New York law is that an insured may not obtain insurance to cover a loss that is known before the policy takes effect. Stonewall Ins. Co. v. Asbestos Claims Mgmt., 73 F.3d 1178, 1214 (2d Cir. 1995), opinion modified on denial of reh’g, 85 F.3d 49 (2d Cir. 1996). The principle extends as much to third-party insurance as it does to first-party insurance. Id. at 1215.
The “known loss” principle requires that, at the time that the policy was purchased or incepted, the loss, as opposed to the risk of loss, was known. If the insured merely knows that there is a risk of loss, the principle does not apply, and the insured is entitled to coverage. City of Johnstown v. Bankers Standard Ins. Co., 877 F.2d 1146, 1152-53 (2d Cir. 1989).
Read the full article: The unknown of 'known losses'
Publication
On 1 July 2025, the Quoted Companies Alliance (QCA) published three new board committee guides to accompany the QCA Environmental and Social Guide published in December 2024.
Publication
In the two years since our last climate litigation update, the prevalence and variety of global climate litigation around the world has continued to increase.
Publication
Selon un rapport conjoint du Bureau du surintendant des institutions financières (BSIF) et de l’Agence de la consommation en matière financière du Canada (ACFC), environ 70 % des institutions financières fédérales prévoient utiliser l’IA d’ici 2026 .
Subscribe and stay up to date with the latest legal news, information and events . . .
© Norton Rose Fulbright LLP 2025