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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.
Business Income (or Business Interruption) Coverage
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.
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.
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.
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.
The Anti-Assignment Override Provisions
UCC Sections 9406(d) and 9408(a) are one of the most powerful, yet least understood, sections of the Uniform Commercial Code. On their face, they appear to override anti-assignment provisions in agreements that would limit the grant of a security interest. But do these sections really work?