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Commercial entities placing first-party insurance often seek to insure physical loss or damage to their property and the loss of earnings directly arising from that loss or damage. Insurance against such loss of earnings is typically addressed through a 'Business Interruption' provision that is intended, as some courts have said, ''to do for the business what the business would have done for itself had no loss occurred'' to the insured's property. <i>Protection Mutual Ins. Co. v. Mitsubishi Silicon Am. Corp.</i>, 992 P.2d 479, 481 (Or. Ct. App. 1999) (quoting <i>A&S Corp. v. Centennial Ins. Corp.</i>, 242 F. Supp. 584, 589 (N.D. Ill. 1965). While insurance policy wording can vary, <i>see Protection Mutual</i>, 992 P.2d at 481, broker manuscript and insurer forms require that an insured peril cause physical loss or damage to insured property, creating a 'necessary interruption' or 'necessary suspension' of the business. Some claimants and commentators argue that this insurance applies to any downturn or slowdown in business following loss or damage, but it is well-settled in case law that there must be a complete cessation or suspension in order to qualify for business interruption coverage.
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<i>'Fraud!' cried the maddened thousands, and echo answered fraud;But one scornful look from Casey and the audience was awed.' Ernest Lawrence Thayer,</i> Casey at the Bat.As most readers will know, after this couplet in which the baseball player Casey scorns to dispute the umpire's call on the second strike, Casey proceeds to swing and miss the third pitch, striking out. Thayer's poem does not contain any indication that the slugger then sought to go back and contest the ruling on the second strike.Unlike the notorious batsman, however, insurance companies frequently bring actions to void coverage on the grounds of alleged misrepresentation or 'fraud' in the application for insurance, when they themselves have scorned to contest coverage upon first learning that they may have a basis to do so. Whatever the rules were concerning untimely protests in 1880s semipro baseball, today's insurance coverage law is clear: An insurance company waives any right to void coverage for alleged misrepresentations or omissions in the application, if, after it learns it may have grounds for such relief, it does not promptly seek the relief, but instead takes any action inconsistent with an intent to treat the policy as void.
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Like most rights, the right to a jury trial can be waived. In general, commercial landlords disfavor jury trials, especially when the opposing party is an individual, finding the outcomes of such trials to be either too uncertain, or if consistent, consistently against the landlord's interest. The general perception is that juries tend to favor individuals in disputes against institutional parties as a way to rectify a perceived injustice that corporations and other institutions allegedly inflict on the public. Jury trials are also more costly than non-jury trials, and parties may waive their right to a jury trial to avoid the added expense.
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Your company (the 'Company') has decided it needs to find additional space for lease and/or to dispose of excess space and, after extensive due diligence, the Company has identified the ideal real estate broker (the 'Broker') to work with in the transaction(s). You and your new Broker have shaken hands on the basic terms of engagement (such as term and commission rates), and you have received and are now asked to review your Broker's standard form of retention agreement (the 'Agreement'). The Agreement, as is customary with most broker's standard forms of retention agreements, is only a couple of pages long. Should the Company sign it? After you have considered the issues described in this article and negotiated to protect the Company's interests to fit your particular circumstances, the answer is 'yes.' This article discusses some of the common issues that you may want to explore before the Company signs and delivers the Broker's form of retention agreement.
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Leases keep getting longer and tougher. Unfortunately, sometimes the people drafting them outsmart themselves and include unenforceable provisions.
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Rulings of importance to you and your practice.
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The latest cases for your review.
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The real estate business in New York is, to paraphrase the late Sen. Lloyd Bentsen's comment about Texas politics, a contact sport. That rough-and-tumble attitude extends to real estate auctions, where both buyers and sellers need to be aware of the potential risks and the possibility for manipulation.
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