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The Limitations of Liability Coverage Under 'Designated Premises' Policies
Defendants facing tort liability for bodily injury claims usually turn to their comprehensive general liability (“CGL”) policies for defense of suits and indemnity of amounts paid in settlement of claims or satisfaction of judgments. Where CGL coverage is not available, either because it was not purchased or because it has been exhausted, some policyholders have attempted to obtain general liability coverage under policies that provide a more limited coverage, namely policies that provide coverage for bodily injury or property damage liability arising out of the ownership, maintenance or use of a particular “designated premises.”
Policies that provide such “designated premises” liability insurance can include “package” policies that combine one or more coverages for a specific building or premises. Such policies frequently combine first-party coverage for loss of or damage to the designated building or premises from such perils as fire or storm with coverage for liabilities arising out of the ownership, use or maintenance of the designated premises. Policies of this type can include Special Multi-Peril policies (“SMP policies”), Commercial Package policies (“CPP policies”), or Owner's, Landlord's and Tenant's Policies (“OLT policies”). In other instances, endorsements added to CGL policies modify the policies' insuring agreement to limit coverage to liabilities arising out of the ownership, maintenance or use of a particular “designated premise.”
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.