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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.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Compliance Officers: Recent Regulatory Guidance and Enforcement Actions and Mitigating the Risk of Personal Liability
This article explores legal developments over the past year that may impact compliance officer personal liability.