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Replacement Cost Insurance and the Issue of Matching
The typical homeowner's property insurance policy 'loss settlement' provision provides that in the event of a covered loss to a dwelling, the insurer will pay the cost to repair or to replace without deduction for depreciation, but not exceeding the lesser of the following three amounts: (a) the limit of liability applicable to the dwelling; (b) the replacement cost of that part of the dwelling damaged (for like construction and use, or equivalent construction and use, or with comparable material and quality for the same use, or using materials of like kind and quality) on the same premises; or (c) the necessary amount actually spent to repair or to replace the damaged dwelling.
Situations may arise in a claim where the damaged building material does not match the undamaged material due to a host of reasons, including age, fading, obsolescence, deterioration, or size. The 'matching' issue typically comes up in determining 'that part of the dwelling damaged' in (b) above or in determining what is a 'necessary amount' spent for repair or replacement in (c) above.
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.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
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.