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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.
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.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
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.