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Key Insurance Coverage Considerations in the Wake of Superstorm Sandy
Superstorm Sandy ' a post-tropical storm with Category 1 hurricane strength ' struck the United States with a liquid fist on Oct. 29. Sandy devastated the U.S. Mid-Atlantic region and affected at least 24 states with gale-force winds and heavy rains that reached far inland causing flooding, and blizzard conditions in West Virginia. The storm, which was the confluence of an Atlantic Ocean hurricane with two winter weather systems, hit shore five miles southwest of Atlantic City, NJ, with a record storm surge. Although the center of the storm missed New York City, its storm surge flooded streets, tunnels and subway lines in Lower Manhattan, Staten Island, Coney Island, and other areas of the city. The storm caused severe and widespread destruction of property in New York, New Jersey and other states, and left millions without power or transportation in its wake. Even before Sandy made landfall, the storm caused major disruptions as a result of preparedness actions taken across the East Coast, including mandatory evacuations, suspension of mass transit systems, flight cancellations, and closures of airports, businesses and entertainment venues ' even the New York Stock Exchange. There is no doubt that picking up the pieces in Sandy's wake will be challenging. Although the full extent of damage and business disruption will not be assessed in concrete dollar terms for many months, early estimates predict that Sandy has caused at least $20 billion in insured losses in addition to economic/business interruption losses in excess of $50 billion, which would rank Sandy as the fourth-costliest catastrophe in the United States. See Eqecat sees Sandy insured losses up to $20 billion in U.S., Reuters (Nov. 2, 2012).
Following Sandy, the regrettable but inevitable question is not whether, but where and when, the next costly natural disaster will strike ' be it a hurricane, typhoon, cyclone, tornado, earthquake, tsunami or other natural disaster. Insurance can play an important role in helping businesses and individuals weather the financial storm that inevitably follows the natural one. Much of the property damage and business interruption loss suffered on account of Sandy and other natural disasters is insured. Importantly, businesses often have insurance not only for property damage losses, but also for economic losses arising from business interruption, including interruption incurred as a result of actions of civil authorities (such as the evacuations, mass transit suspensions and airport closures) and for extra expenses incurred to minimize or avoid business interruption. Even if the storm did not damage their own property, many businesses will have sustained losses because of damage to the property of others, including important suppliers, customers and other business partners, damage to infrastructure, transit interruption, power outages, interrupted gas and water services and/or disruption of various other forms of production and support systems. Many businesses also will incur substantial expenses to return to normal operations. Even businesses located in areas far outside the storm's path have likely suffered losses that may be covered by insurance given that the storm conditions impacted such a broad area and affected goods traveling by sea and other halted means of transportation.
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.
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.
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.
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.