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Underground Storage Tanks
There are over a half-million underground storage tanks in the United States containing petroleum or other substances that are subject to federal regulation. This is in addition to the countless underground and above-ground tanks storing heating oil or other substances that are not subject to federal oversight. These tanks have been the focus of major federal and state environmental legislation over the last three decades. Among other things, this legislation has given rise to financial responsibility requirements that continue to drive the market for insurance for certain classes of tanks.
The patchwork of federal and state legislation aimed at regulating storage tanks, and what happens in the event of a release, is far too broad a topic to address in a single article. Rather than attempting to discuss each of the relevant issues, this article will provide a brief overview of the federal regulatory system and how this system affects the insurance market. This article also explores some of the issues that often arise in the context of insurance coverage for underground storage tank releases, both for dedicated tank policies and under homeowners insurance.
New York's Latest Cybersecurity Commitment
On Aug. 9, 2023, Gov. Kathy Hochul introduced New York's inaugural comprehensive cybersecurity strategy. In sum, the plan aims to update government networks, bolster county-level digital defenses, and regulate critical infrastructure.
Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office
A trend analysis of the benefits and challenges of bringing back administrative, word processing and billing services to law offices.
Bit Parts
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Risks of “Baseball Arbitration” in Resolving Real Estate Disputes
“Baseball arbitration” refers to the process used in Major League Baseball in which if an eligible player's representative and the club ownership cannot reach a compensation agreement through negotiation, each party enters a final submission and during a formal hearing each side — player and management — presents its case and then the designated panel of arbitrators chooses one of the salary bids with no other result being allowed. This method has become increasingly popular even beyond the sport of baseball.