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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 Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
Beach Boys Songs Written Decades Ago Triggered Current Quarrel With Lawyers
There's current litigation in the ongoing Beach Boys litigation saga. A lawsuit filed in 2019 against Nevada residents Mike Love and his wife Jacquelyne in the U.S. District Court for the District of Nevada that alleges inaccurate payment by the Loves under the retainer agreement and seeks $84.5 million in damages.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.