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Business Income and Other Time-Element Coverages: Issues Likely to Arise from the 2007 California Wildfires Claims
The Southern California wildfires, which began on or around Oct. 21, 2007 and lasted for more than a week, devastated seven counties, destroyed more than 2,700 homes and commercial buildings, and charred roughly 500,000 acres. The fires prompted California Governor Arnold Schwarzenegger to declare a state of emergency in seven California counties and President Bush to declare an emergency in the state of California and order federal aid to supplement state and local response efforts. The fires also forced evacuations of epic proportion and closures of major state highways, schools, and businesses.
With property losses estimated at more than $1 billion, the 2007 California wildfires are expected to result in thousands of insurance claims. Policyholders who have suffered physical damage, including fire damage, smoke damage, water damage, and damage from brushfire ash, should turn to their property insurance to seek recovery for their losses, including business interruption losses. Policyholders who did not suffer physical damage but who were prevented from operating their business may have insurance coverage for loss of business income. This article examines the nature and purpose of business interruption insurance and forecasts the anticipated coverage issues likely to arise from the 2007 California wildfires. It also highlights a number of other business income coverages that may be implicated for wildfire victims.
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.
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.
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.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.