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Contingent Business Interruption Coverage
Contingent business interruption (“CBI”) insurance provides coverage to an insured when a supplier or a key customer suffers a direct physical loss that interrupts the insured's own business (e.g., revenue stream). Bruce R. Kaliner, The Expanding Role of Contingent Business Interruption Insurance, ' 17 MEALEY'S BUSINESS INTERRUPTION INS. (Volume 3, 1st Ed. 2003). Just as property insurance generally restores damaged real or personal property, business interruption (“BI”) insurance is intended to restore profits lost as a result of an insured casualty event, placing the insured in the same financial situation as if the loss had not happened. BI insurance protects against the loss of prospective earnings because of the interruption of the insured's business caused by an insured peril to the insured's own property. Jess B. Millikan, Practice Tips: Time Element Losses During Catastrophes, 31 The Brief 52 (ABA Spring 2002). In contrast, CBI insurance protects against the loss of prospective earnings because of the interruption of the insured's business caused by an insured peril to property that the insured does not own, operate, or control. CII Carbon, L.L.C. v. National Union Fire Insurance Company of Louisiana, Inc., 918 So.2d 1060, 1061 n.1 (La. Ct. App. 2005).
CBI insurance is becoming a more prevalent component of property coverage as a result of converging economic and world events. Risk managers are increasingly becoming sensitive to the fact that world events such as terrorism or riots, regional incidents such as power blackouts or hurricanes, or local occurrences such as strikes, fires, floods, or explosions can have far-reaching effects on their company even if supply chain risk solutions, crisis management, or business contingency plans are in place.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
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.
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.