Archives: Business Property

Subscribe to Business Property RSS Feed

California Department of Insurance Has Approved the State’s First Cannabis Business Owners Policy

More states across the country are implementing legislation allowing for the legal use of cannabis. Currently 23 States and the District of Columbia allow for medical use with four of the states and D.C. also allowing recreational use. The conflicts between state and federal law have left businesses uninsured and often without access to bank … Continue Reading

New York Appellate Court Affirms Policyholder’s $58m Property Damage and Business Interruption Win

Never meet the enemy on their own terms. This memorable line from Rudolph Mate’s classic western, The Violent Men, motivates the hero, an embattled ranch owner, as he matches wits and brute force against a ruthless, greedy land baron. The hero’s struggle reminded me of the coverage showdown in National Union Fire Ins. Co. v. TransCanada,1 … Continue Reading

The Importance of Identifying Time Limitations Within Colorado Insurance Policies for Filing Suit

While Colorado Revised Statute § 13-80-101(1) provides that a lawsuit based on a breach of contract must be brought within three years after the cause of action accrues, Colorado allows insurance companies to shorten this period within the insurance contract to as little as six months from the date on which the damage occurred.1 Most … Continue Reading

New York Restaurant’s Data Breach Not Covered Under Their Business Owners Policy

Restaurants are prime targets for hackers. Restaurants gather customer credit card information on a daily basis and are responsible for storing and protecting that information. All restaurant owners should have insurance policies that not only cover their physical property damage and business interruption in case of property damage, but data breaches as well. Data breaches, … Continue Reading

Business Interruption Will Play Big Role in Rebuilding the U.S. Virgin Islands After Irma

The U.S. Virgin Islands holds a special place in my family’s heart. Nothing makes my wife Ashley and I happier than a sail full of trade winds carrying us to the next secluded cove or rowdy beach bar. While most of the national media focused on Hurricane Irma’s trek toward Florida, it is now clear … Continue Reading

Business Interruption Claims – Calculating The Period of Restoration

Business interruption coverage provides protection against loss of income when a business suffers property damage from an insured peril (e.g., fire, water loss) that interrupts the operation of the business.1 A typical business interruption policy form provides that the insurer will pay the actual loss of business income the insured sustains during the necessary suspension … Continue Reading

When Does Business Personal Property Become Personal Property?

Although they typically insure personal property owned or used by insureds while it is anywhere in the world, most homeowner insurance policies contain a special limitation of liability for “business” personal property. For example, under the 2011 edition of the ISO Homeowners 3-Special Form, property on the residence premises used primarily for business purposes is … Continue Reading

How to Properly Protect a Landlord’s Property Interests in Texas through a Tenant’s Insurance Policy

Most commercial landlords require new tenants to purchase a property insurance policy that will provide coverage during the tenants’ lease period. By requiring the tenant to purchase property insurance, the landlord does not bear the responsibility of purchasing a broad, all-encompassing insurance policy – an “all risk” policy – that would cover every possible activity … Continue Reading

Court Reduces Continuing Charges and Expenses From Net Profits When a Business Resumed Partial Operations After a Loss – Understanding Business Interruption Claims, Part 35

The Fifth Circuit Court of Appeals recently issued a 21-page opinion in the case of Consolidated Companies, Inc. v. Lexington Insurance Company, No. 09-30178, ___ F. 3d ___ (5th Cir. August 17, 2010). The opinion is dense, to say the least, but it resolves an issue that sometimes can make or break a settlement in business interruption claims.… Continue Reading

How to Prepare for the Hurricane Season and Avoid Being Underinsured for Business Interruption Coverage

*(Note: Bob Glasser is a managing director at BDO Consulting, a division of BDO and Seidman, LLP, in the New York office. Mr. Glasser is a certified public accountant, a certified fraud examiner and a certified insolvency reorganization accountant, with more than thirty years of diverse financial management and accounting experience at public and private companies. … Continue Reading

Bracing for the Worst – Understanding Business Interruption Claims, Part 29

Yesterday, Rocco Calaci posted a blog entry announcing that La Niña conditions are already being observed. While I dare not attempt to explain the mechanics of these conditions, it is generally understood that La Niña is a climate phenomenon that is marked by an unusual cooling of the sea surface in the Pacific Ocean, which … Continue Reading

Can “Real World Circumstances” Be Considered To Establish a Theoretical Period of Restoration? – Understanding Business Interruption Claims, Part 26

The “Period of Restoration” in a business interruption claim is a concept of time. The period, as defined in most ISO forms, begins at the time of “direct physical loss or damage” and ends on the earlier of “the date when the property should be repaired, rebuilt, or replaced with reasonable speed and similar quality.” … Continue Reading

Extra Expense and the Period of Restoration – Understanding Business Interruption Claims, Part 22

(Note: This Guest Blog is by Michelle Claverol, an attorney with Merlin Law Group in the Coral Gables, Florida, office. This is the part of a series she is writing on business interruption claims). Most extra expense provisions state that coverage will be extended for necessary expenses that the insured incurs during the “period of restoration.”… Continue Reading

Accountants and Business Interruption Experts Will Play an Important Role Recovering BP Oil Spill Income Loss Claims

The tragedy of loss of human life and damage to the environment when discussing the BP Oil Spill cannot be overstated. The important role that accountants and business interruption experts will play helping prove financial loss cannot be overstated either. Experienced professionals like Bob Glasser, noted in yesterday’s Are Lawyers Pandering for BP Oil Spill Clients … Continue Reading

The Duane Reade Saga — Understanding Business Interruption Claims, Part 16

(Note: This Guest Blog is by Michelle Claverol, an attorney with Merlin Law Group in the Coral Gables, Florida, office. This is the part of a series she is writing on business interruption claims).  New York-based drugstore chain, Duane Reade, must feel like it is Ground Hog Day every time their attorneys call to give status on … Continue Reading

Learning from Other’s Mistakes — Understanding Business Interruption Claims, Part 15

(Note: This Guest Blog is by Michelle Claverol, an attorney with Merlin Law Group in the Coral Gables, Florida, office. This is the part of a series she is writing on business interruption claims).  “Experience is the name everyone gives to their mistakes” – Oscar Wilde I picked up a couple of pointers worth sharing in an … Continue Reading

Post-Loss Market Earnings Ignored in Mississippi – Understanding Business Interruption Claims, Part 14

(Note: This Guest Blog is by Michelle Claverol, an attorney with Merlin Law Group in the Coral Gables, Florida, office. This is the part of a series she is writing on business interruption claims).   Several weeks ago, in a blog titled To Consider the Economy, or Not to? ‘That is the Question’, I examined two diverging legal … Continue Reading

The Hospitality Industry Has Significant Insurance Coverage Issues: Lessons Taught at the 2010 Hospitality Law Conference

I represented a Houston based hotel management company last spring regarding Hurricane Ike insurance claim disputes with eleven hotels they owned or managed in Texas. Some cases simply go right, and this one settled after two months. My client’s owners went out of their way to call to my attention that managers in the hospitality … Continue Reading
LexBlog