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The Gulf Oil Spill: Considerations for Insurers
The recent oil spill in the Gulf of Mexico threatens to be an unprecedented disaster as the resulting oil slick begins to move ashore. At this point, a large number of lawsuits already have been filed against the entities associated with the Deepwater Horizon Oil Rig, many of which raise interesting coverage issues, particularly with respect to specialty environmental coverages and first-party business interruption and damage claims. Even more significant insurance exposures may be posed in the future, however, as new parties are joined to the litigation and general liability policies are tested in response to third-party claims for bodily injury and property damage.
As has been widely reported, the Deepwater Horizon offshore oil rig suffered an explosion resulting in the sinking of the oil rig and causing an unprecedented oil spill that, as of press time, is beginning to make landfall. Companies that have been identified as principal targets for responsibility for the oil spill include BP, plc; BP Products North America, Inc.; BP America, Inc.; Transocean, Ltd.; Transocean Offshore Deepwater Drilling, Inc.; Halliburton Energy Services, Inc.; and Cameron International Corporation. These companies face important issues in response to the spill, including the operation and extent of self-insurance for losses, the application of insurance policies providing specialty environmental coverage that may be tapped for cleanup expenses and liability and, in some cases, whether there is coverage for their own first-party losses, including destruction of property and business interruption.
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.
Transfer Tax Implications on Real Property Leases
The real property transfer tax does not apply to all leases, and understanding the tax rules of the applicable jurisdiction can allow parties to plan ahead to avoid unnecessary tax liability.