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Flood of Litigation: The Water Damage Exclusion
On Aug. 29, 2006, Hurricane Katrina, one of the deadliest and costliest natural disasters ever to strike the United States, hit New Orleans and Mississippi. With winds recorded at over 135 mph, the hurricane caused severe damage to much of New Orleans and the surrounding areas. The worst was yet to come, however. Following the storm, the levees built to protect the city, which is mostly below sea level, failed to retain the water. This resulted in more than 80% of the city being flooded. This catastrophic flooding caused billions in damages and sparked the current storm of insurance coverage litigation.
Due to the crippling costs associated with flood insurance, most homeowner policies specifically exclude damages caused by flood. See 42 U.S.C. '4001(b) ('[M]any factors have made it uneconomic for the private insurance industry alone to make flood insurance available to those in need of such protection on reasonable terms and conditions.'). Because the private insurance industry could not provide flood insurance to homeowners on an economically feasible basis, Congress created the National Flood Insurance Program ('NFIP') in 1968. This program offered property owners a relatively low-cost option to cover their property in the event of a flood. See 44 C.F.R. Pt. 61, App. A. Unfortunately, these residential dwelling flood policies are capped at $250,000 for dwellings and $100,000 for contents. Many policyholders who obtained this coverage found themselves significantly underinsured for the damages to their property. Many others, inexplicably, never bought flood coverage in the first place.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
Beach Boys Songs Written Decades Ago Triggered Current Quarrel With Lawyers
There's current litigation in the ongoing Beach Boys litigation saga. A lawsuit filed in 2019 against Nevada residents Mike Love and his wife Jacquelyne in the U.S. District Court for the District of Nevada that alleges inaccurate payment by the Loves under the retainer agreement and seeks $84.5 million in damages.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Transfer Tax Implications on Real Property Leases
The real property transfer tax does not apply to all leases, and understanding the tax rules of the applicable jurisdiction can allow parties to plan ahead to avoid unnecessary tax liability.
Removing Restrictive Covenants In New York
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?