Loss of Income

News & Analysis as of

Recent Decision Finds No Business Income Coverage Where Flood Caused Order of Civil Authority

When Super Storm Sandy struck the Northeast on October 29, 2012, states, cities, municipalities and towns up and down the East Coast ordered hundreds of thousands of people to evacuate from their homes and businesses. ...more

Policy Language Aside, Insurer is Obligated to Pay in California

A California appellate court found that an insurer’s delay in resolving and denying a claim under a commercial property liability insurance policy excused the property owner from satisfying a condition precedent to coverage,...more

Order of Civil Authority Claim for Superstorm Sandy Barred by Flooding Exclusion in New York

On Thursday of law week, a federal court in New York City tossed an Order of Civil Authority (OCA) claim by a New York City law firm in Bamundo, Zwal & Schermerhorn, LLP v. Sentinel Ins. Co., 2015 U.S. Dist. LEXIS 39409...more

Lights Out for Policyholders Seeking Business Interruption Coverage Due to Loss of Electricity

Super Storm Sandy caused widespread power outages throughout the New York metropolitan area in late October 2012, rendering it impossible for many companies and firms to conduct business. In Newman Myers Kreines Gross...more

California Court Finds No Coverage For Feng Shui Services And Lost Business Income Incurred More Than 12 Months After Date Of Loss

On May 8, 2014, a California federal court in Patel v. American Economy Ins. Co., 2014 U.S. Dist. LEXIS 63935 (N.D. Cal. 2014) issued a decision examining whether coverage was available for loss of business income and feng...more

Is That Covered?

If the long-term predictions prove to be true and we have a snowy Winter in 2013-14, policyholders may be faced with the issue of whether insurance covers damage to a business facility or home due to a roof collapse from the...more

New York Appellate Court Clarifies Fidelity Bond "Direct Loss" Requirement

In a unanimous July 16th decision, the New York Appellate Division held that MF Global, Inc.’s loss sustained on account of the commodities trading activities of its employee was a “direct financial loss” under MF Global’s...more

What is Subrogation and How Does it Affect Settlement Amounts? [Video]

In Washington State as in most other states, every insurance company pays benefits for a claim, called a 3rd party claim, which just means that another person has negligently caused an injury or death. The insurance company...more

Is payment of hire a condition: a long-standing controversy resolved

Kuwait Rocks Co v AMN Bulkcarriers Inc (The Astra) [2013] EWHC 865 (Comm) - On 18 April 2013, Flaux J handed down his judgment in Kuwait Rocks Co v AMN Bulkcarriers Inc (The Astra). The judgment provides long-awaited...more

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