Applied Underwriters' Concept Special Risks Unit Wins Unanimous Supreme Court Decision in Great Lakes Insurance SE v. Raider Retreat Realty Co., LLC

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Feb 26, 2024, 15:00 ET

Justice Kavanaugh, joined by Justice Thomas, affirms that choice of law in maritime contracts is fixed by policy's language and incontrovertible

OMAHA, Neb., Feb. 26, 2024 /PRNewswire/ -- In a win for insurers, the Supreme Court of the United States decided unanimously in favor of the position argued by Applied Underwriters' subsidiary, Concept Special Risks, in defense of Great Lakes Insurance SE, defining the parameters of choice of law in maritime contracts (Great Lakes Insurance SE v. Raider Retreat Realty Co., LLC). The decision was written by Justice Kavanaugh who was joined separately by Justice Thomas in upholding that choice of law or venue for bringing suit in a maritime policy matter is fixed by the contract of insurance and not subject to the potentially sympathetic predisposal of a jurisdiction or the whim of the plaintiff.

Mr. Steve Menzies, Chairman of Applied Underwriters, called the decision especially important for the insurance business as a precedent, and for Applied Underwriters as a signal that its well-known pursuit of justice in the legal system is essential for insurers today: "We have long been committed to fighting and winning legal and regulatory disputes without compromise—in this case all the way up to the Supreme Court, on behalf of one of our clients, Great Lakes Insurance SE. Insurers, we believe, are obligated to hold the line on contract integrity in the face of activist and plaintiffs' bar-dominated legal battlefields. We find this win to be clarifying for the business itself and a strong encouragement to us and to our excellent legal team that our posture is a workable and wise one for our future competitiveness."

Mr. Jamie Sahara, President of Applied Underwriters, called the win gratifying and emblematic of the approach Applied takes for its valued clients: "We see in this decision, so evidently clear in the Supreme Court's wording, that it pays to stand up for clients no matter what it takes, and to insist upon the value and integrity of the policy contract. I am proud of our work and the brilliant result we have had from the wise and well-versed Justices. The industry itself now has a precedent."

A complete transcript of the decision can be viewed here.

For further information, contact [email protected].

About Concept Special Risks (www.special-risks.com)

Operating globally with a proud thirty-two-year history, Concept Special Risks has a strong presence in both the US and Caribbean marketplaces. Its flexible and responsive approach to underwriting provides specialist risk solutions for a wide variety of vessel types from small recreational pleasure craft to harder to place yacht accounts.

About Applied Underwriters (www.auw.com)

Applied Underwriters^® is a global risk services firm that helps businesses and people manage uncertainty through its business services, insurance and reinsurance solutions. As a company, Applied Underwriters has been distinguished by its innovative approaches to client care and by its strong financial strength. Applied Underwriters operates widely throughout the US, UK, EU and Middle East. Its operational headquarters is located in Omaha, Nebraska.

SOURCE Applied Underwriters