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Stroke-of-the-Pen Risk in Insurance Coverage
Superstorm Sandy, which struck the East Coast in October 2012, is estimated to have caused $19 billion in private insurance losses and an additional $12-to-$15 billion in losses covered by the National Flood Insurance Program. In the immediate aftermath of the disaster, Governor Andrew Cuomo and Department of Financial Services Superintendent Ben Lawsky in New York, and Governor Chris Christie in New Jersey, promulgated a number of emergency measures that effectively rewrote insurance coverage in their states. This “stroke of the pen” altered existing policies in significant ways and put insurers on notice going forward that elected officials and regulators may respond to natural disasters by unilaterally and retroactively changing the rules of the game. Indeed, New York's Department of Financial Services (“NYDFS”) has stated as much in a recent circular letter describing the “post-disaster regulatory measures” it may take in the future, including a moratorium on policy cancellations and non-renewals and expedited handling of claims.
Aftermath of Sandy
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.
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.
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.
Removing Restrictive Covenants In New York
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?