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Navigating State Guaranty Funds: What to Expect When Your Insurer Is Insolvent
Your insurance company is insolvent. Now what? Your state guaranty fund may provide some relief, but is it worth pursuing? That depends.
Every state has enacted some form of a property and casualty insurance guaranty fund intended to provide insurance coverage to policyholders whose insurers have become insolvent. The stated purpose of the state guaranty fund is typically set forth in the statute, but generally they are designed to, among other things: 1) provide a mechanism for the payment of 'covered claims' (as defined in the statute); 2) avoid delay and reduce financial loss to policyholders because of insurer insolvency; and 3) assist in the prevention of insurer insolvencies. See, e.g., Ohio Rev. Code '3955.03. The theory behind a guaranty fund is that, upon insolvency and with respect to any 'covered claims,' the guaranty fund will step into the shoes of the insurer. As a result, a state guaranty fund acquires some of the same duties and obligations of your insurance company.
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.
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?
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.
Coverage Issues Stemming from Dry Cleaner Contamination Suits
In recent years, there has been a growing number of dry cleaners claiming to be "organic," "green," or "eco-friendly." While that may be true with respect to some, many dry cleaners continue to use a cleaning method involving the use of a solvent called perchloroethylene, commonly known as perc. And, there seems to be an increasing number of lawsuits stemming from environmental problems associated with historic dry cleaning operations utilizing this chemical.