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Business Losses

Walkers

Constructs in Industry Loss Cat Bonds

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Catastrophe bonds using industry-loss triggers have become increasingly popular among ILS investors and cedant sponsors. Industry loss catastrophe bonds pose less adverse selection risk from the point of view of...more

Gray Reed

Taxpayer’s Refund Claim Survives Despite Lost Documents

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In one of my favorite legal movies, A Few Good Men, the lack of evidence on a particular point is brought up when Demi Moore’s character says to Tom Cruise’s character that he knows that something is true. Tom Cruise’s...more

J.S. Held

Analyzing Business Income Losses Following Ingress/Egress & Service Interruptions

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The first two papers in this series—Handling Business Income Loss During Hurricane Season and Projecting Revenues for Business Income Losses During the Pandemic—largely emphasized impacts from the pandemic and the resulting...more

K&L Gates LLP

CrowdStrike IT Outage: Wave of Business Interruption Claims Expected

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Businesses, public services, and computer users across the world faced disruption as a result of the major CrowdStrike information technology (IT) outage, which is being coined by many as one of the largest and worst cyber...more

K&L Gates LLP

Litigation Minute: Extreme Weather and Natural Disasters: Insurance Tips for Commercial Policyholders (ESG Litigation Series: Part...

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What You Need To Know In A Minute Or Less - Storms and hurricanes, isolated but powerful tornados, earthquakes, fires, and floods—the question is not whether, but where and when policyholders will confront the next natural...more

Bradley Arant Boult Cummings LLP

Struck by CrowdStrike Outage? Your Business Loss Could Be Covered

Over the last week, organizations around the globe have struggled to bring operations back online following a botched software update from cybersecurity company CrowdStrike. As the dust settles, affected organizations should...more

Hinckley Allen

Securing the Storefront: How Companies are Tackling Increasing Retail Theft

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Retail crime, and specifically organized retail crime, is on the rise in major markets throughout the United States. In 2022, the National Retail Federation reported a loss of $112 billion dollars, up from $99.3 billion in...more

Cadwalader, Wickersham & Taft LLP

COVID Decision of Interest

In a recent New York Court of Appeals opinion, the court found that business losses due to the COVID-19 pandemic were not covered under an “all-risk” commercial property insurance policy. In Consolidated Rest. Operations,...more

Rivkin Radler LLP

Insurance Update - June 2024

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Most pandemic-related businesses interruption insurance claims failed because policyholders could not show a direct physical loss. But some California courts issued conflicting decisions. The California Supreme Court has now...more

Holland & Knight LLP

IRS Targets Owners of Professional Sports Franchises Regarding Tax Reporting

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Basketball just wrapped up its season and hockey is in the last period of its season, but there is no summer vacation for the IRS Large Business and International (LB&I) division. The IRS recently announced a new enforcement...more

Barnea Jaffa Lande & Co.

New Israeli Court Ruling on Artificial Transactions

A recent court ruling in the Shalam Packaging Products Group case addressed claims made by the Netanya tax assessor. The assessor argued the group executed a restructuring solely to reduce its tax liabilities by offsetting...more

Flaster Greenberg PC

Eight Steps to Recovering Under Your Florida or New Jersey Hurricane Insurance Policy

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The threat of hurricanes is very real for southern states from Texas to Florida and eastern states from Florida to New Jersey, New York, and even Maine during the six-month long Atlantic hurricane season, which runs from June...more

Payne & Fears

COVID-19 Does Not Constitute Direct Physical Loss or Damage to Property

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The Supreme Court of California recently weighed in on conflicting conclusions reached by California Courts of Appeal regarding insurance coverage for COVID-19 related losses, in its May 23, 2024 decision in Another Planet...more

Wiley Rein LLP

Insured Not Entitled to a Windfall Under Cyber Policy’s Business Interruption Insuring Agreement

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In a win for Wiley’s client, the United States District Court for the Eastern District of Arkansas, applying Arkansas law, has held that a cyber policy’s business interruption coverage should not result in a windfall for an...more

Rivkin Radler LLP

New York Insurance Coverage Law Update - May 2024

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Lost Business Income Not Covered Because Not Caused by Direct Physical Loss Or Damage, Third Department Finds- 87 Uptown Road, LLC owned an apartment complex with 11 apartment buildings in Ithaca, New York, which were...more

J.S. Held

Ports & Terminals: Potential Claims & Other Impacts Resulting from the Francis Scott Key Bridge Collapse

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J.S. Held previously published articles on how to handle complex ports and terminals business interruption insurance claims, marine and cargo damages, and marine stock claims. These topics have again come to the forefront of...more

McGlinchey Stafford

FDUTPA Dismissal: Implications for Non-Consumer Plaintiffs

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On April 4, 2024, the Middle District of Florida dismissed a non-consumer plaintiff’s Florida Deceptive and Unfair Trade Practices Act (FDUTPA) claim for failure to plead injury to consumers. This ruling underscores the...more

Patton Sullivan Brodehl LLP

Limits on Limits: Commercial Lease Provision Limiting Landlord’s Liability Deemed Unenforceable

Generally, California law treats parties to a commercial lease as sufficiently sophisticated, equal bargainers, capable of negotiating an agreement governing their relationship, such that it should be enforced and not...more

Sheppard Mullin Richter & Hampton LLP

New York Court of Appeals Rules in Favor of Insurers on COVID Coverage

Our February 2023 post “The Commercial Division Rejects Yet Another Insured’s Claim for Coverage for Covid-Related Revenues Losses” left readers wondering whether the New York Court of Appeals would uphold the First...more

McGuireWoods LLP

Insurance Recovery for Businesses Impacted by the Francis Scott Key Bridge Collapse

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On March 26, a containership struck the Francis Scott Key Bridge in Baltimore, Maryland, resulting in the collapse of the highway infrastructure and tragic loss of life. As communities grieve the loss of their loved ones,...more

ASKramer Law

Weather & Climate Risk Management Part IV: Taxation of Weather Risk Management Products

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Are there differences in the way in which weather derivatives and weather insurance are taxed? Yes. Weather insurance products, including parametric insurance, are taxed as insurance; and derivatives are taxed in accordance...more

Rivkin Radler LLP

“C’mon Man! Tax the Rich!” Business Owners Face Tax Increases*

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Last week, Sen. Warren reintroduced her “Ultra-Millionaires” wealth tax proposal to the Senate. Query her timing. The measure has the proverbial snowball’s chance in Hell of being enacted by this Congress.Perhaps the Senator...more

Benesch

An Act of God Carve-Out Survives in Cargo Litigation, in The High Tech Era

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Courts have clearly established that a shipper cannot prevail in a freight claim against a carrier if an “Act of God” caused the freight loss or damage. The Act of God defense is an original, and one of the most...more

J.S. Held

How The Reasonable Certainty Standard Allows Courts to Award Lost Profits for New Business Ventures

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The controversy over whether new businesses can be entitled to lost profits has long been debated among courts, legal counsel, and forensic accounting analysts. In fact, until recently, many courts rejected the idea that...more

Lathrop GPM

California Court of Appeals Affirms Rejection of Reverse Royalty Damages in a Breach of Contract Action by Franchisee

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An appellate court in California has affirmed a trial court’s rejection of more than $4 million in lost business profits, which appellant Glen Suh alleged in a breach of contract action against franchisor Boba Time, Inc. Suh...more

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