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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.
New York's Latest Cybersecurity Commitment
On Aug. 9, 2023, Gov. Kathy Hochul introduced New York's inaugural comprehensive cybersecurity strategy. In sum, the plan aims to update government networks, bolster county-level digital defenses, and regulate critical infrastructure.
Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office
A trend analysis of the benefits and challenges of bringing back administrative, word processing and billing services to law offices.
Bit Parts
Summary Judgment Denied Defendant in Declaratory Action by Producer of To Kill a Mockingbird Broadway Play Seeking Amateur Theatrical Rights
Risks of “Baseball Arbitration” in Resolving Real Estate Disputes
“Baseball arbitration” refers to the process used in Major League Baseball in which if an eligible player's representative and the club ownership cannot reach a compensation agreement through negotiation, each party enters a final submission and during a formal hearing each side — player and management — presents its case and then the designated panel of arbitrators chooses one of the salary bids with no other result being allowed. This method has become increasingly popular even beyond the sport of baseball.
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.