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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.
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.