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How Do You Know When Your Loss Ensues?
An ensuing loss provision is an exception to an exclusion in a first-party property policy that applies where the damage caused by an excluded peril operates as a link in the “chain of events” that enables a covered peril to damage other property. See IRMI Glossary of Insurance and Management Terms, http://bit.ly/1aPLMLA. The effect of the provision is that ensuing losses stemming from uncovered events will be covered, as long as such losses would otherwise be covered under the policy.
Ensuing loss provisions are found in all risk policies, such as homeowner's policies, commercial first party property policies, and builder's risk policies. See Aetna Casualty & Surety Co. v. Yates, 344 F.2d 939 (5th Cir. Tex. 1965) (homeowner); Fiess v. State Farm Lloyds, 202 S.W.3d 744 (Tex. 2006) (homeowner); Acme Galvanizing Co. v. Fireman's Fund Ins. Co., 221 Cal. App. 3d 170 (Cal. App. 1st Dist. 1990) (commercial first party); Wal-Mart Stores, Inc. v. Gulf Ins. Co., 2005 U.S. Dist. Lexis 46592 (D. Or. 2005) (commercial first party), aff'd, 250 Fed. Appx. 221 (9th Cir. 2007); Alton Ochsner Med. Found. v. Broadmoor Constr., 219 F.3d 501 (5th Cir. La. 2000) (builder's risk); and Laquila Constr., Inc. v. Travelers Indem. Co. of Illinois, 66 F. Supp. 2d 543 (S.D.N.Y. 1999) (builder's risk).
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.