Extract to table

The Reservation Letter does not constitute a denial of coverage, but it signals potential grounds for a future coverage dispute that must be addressed proactively

Under this standard, the insurer cannot invoke the Fraud exclusion based on its own investigation or preliminary findings; rather, fraud must be established through a completed judicial or administrative proceeding that has reached finality, or through an explicit admission by the insured

" This exclusion has two cumulative elements: (1) the undervaluation must be "deliberate," and (2) the undervaluation must be undertaken "for the purpose of reducing customs duties payable

" Both elements must be satisfied for the exclusion to apply

" Notice must be provided in writing and must include a description of the claim, copies of the relevant assessment or demand documents, and a summary of the insured's response or intended response

" This definition imposes two cumulative elements that must both be satisfied for the exclusion to apply: (a) The decision must be "deliberate" — meaning that the insured must have made a conscious, intentional choice, as opposed to making an inadvertent error, following incorrect advice, or adopting a reasonable but ultimately incorrect interpretation of an ambiguous legal standard; and (b) The insured must have disregarded a "known legal obligation" — meaning that the obligation in question must have been clearly established and known to the insured at the time of the relevant conduct