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Damages and DIY: Coverage for Corrective Measures Undertaken By the Insured
The typical liability policy insures the policyholder against “damages” but does not define what that word means. In most cases, the damages that the insured pays, whether because of a judgment or because of a settlement, will consist of money paid to another entity. However, in some circumstances, there is a strong argument that internal costs the insured incurs to remediate the harm it has caused a claimant can constitute covered damages that the insurer must reimburse.
This application of the word “damages” should be particularly useful in the context of professional liability or Errors and Omissions (“E&O”) coverage, providing professionals and other insureds under E&O policies with the ability to fix their own mistakes, at a savings to themselves and their insurers.
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.
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.
Disconnect Between In-House and Outside Counsel
'Disconnect Between In-House and Outside Counsel is a continuation of the discussion of client expectations and the disconnect that often occurs. And although the outside attorneys should be pursuing how inside-counsel actually think, inside counsel should make an effort to impart this information without waiting to be asked.