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Finding the Familiar in Contingent Coverage Provisions
Contingent business interruption insurance found in many commercial property contracts is business interruption insurance with a single modification: While business interruption is triggered by damage to property of the insured, which leads to an interruption of the insured's business, contingent business interruption is triggered by damage to the property of a specified third party (such as a supplier to the insured, or a receiver of the insured's goods or services), which leads to an interruption of the insured's business. Each of the other policy requirements for business interruption coverage ' e.g., that the damage arise from an insured peril, that there be a “necessary interruption” or suspension of the insured's business, that there be a compensable “actual loss,” etc. ' apply with equal force to a claim for contingent business interruption. The same is true of other forms of contingent coverage extending the time element provisions of a property insurance policy. For example, contingent extra expense incorporates the requirements found in the extra expense provision of the policy, save the one requirement that is explicitly altered ' ownership of the property damaged.
Brokers and insureds sometimes create controversies by failing to follow the bedrock principle that contingent coverage is predicated on the same requirements as the time element provision it operates to extend. Other questions that can arise concern the specific contours of the extension embodied in the contingent coverage provision ' i.e., does the third party entity that sustained property damage fall within one of the categories of third parties specified in the contingent provision? Disputes in both areas can be avoided by applying the predicate that each form of contingent coverage incorporates the requirements of the provision it extends, except to the extent that the contingent coverage specifically alters the requirement with respect to ownership of the property damaged.
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.