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Allocating Costs to Policyholders for Periods of No Insurance
In cases involving insurance coverage for injury or damage that has been held to have taken place over an extended time period, a majority of courts today allocate costs using the pro rata method, which assigns to each policy in effect during the applicable time period the share of costs proportionate to the amount of injury or damage that took place while the policy was in effect.
Pro rata allocation is often predicated on language contained in most general liability policies that limits coverage to injury or damage that takes place during the policy period. As is also consistent with that policy language, courts applying pro rata allocation generally require the policyholder to pay the costs attributable to periods for which it has no insurance coverage, either because it did not purchase any (or not enough), it claims to have purchased insurance but lost the policies, or it purchased insurance from an insurer which subsequently became insolvent.
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.
'Insurable Interest' and the Scope of First-Party Coverage
This article reviews the fundamental underpinnings of the concept of insurable interest, and certain recent cases that have grappled with the scope of insurable interest and have articulated a more meaningful application of the concept to claims under first-party property policies.