Disaster coverage may vary; few precedents
Article Abstract:
There is a lack of precedent regarding business insurance coverage of damages, resulting in a variance in award amounts. Some companies argue that plants are constantly modified and upgraded and that the straight-line depreciation method fails to consider this. Assessing insurance recoveries based on replacement costs presents other issues. Business interruption costs include rental for a replacement facility, determination of time reasonably required for replacing the damaged facility and interdependency losses if the destroyed plant made something that it transported somewhere else to be finished.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1992
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Insurance liability woes are exported worldwide: reinsurance is a globalized risk-shifting game wherein a spiraling loss can level the likes of Lloyd's
Article Abstract:
Reinsurance problems are increasingly global in scope because most claims originate in North America, brokers in London handle much global reinsurance, and the reinsurers themselves are scattered worldwide. Furthermore, a single event can result in thousands of claims against a single reinsurer, often through different legal theories and various insurance policies. The operating mechanisms of Lloyd's of London, and how they contributed to the current crisis, are explored.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1995
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Decisions clash with precedents
Article Abstract:
The US Supreme Court abandoned the principles of legal evolution in favor of creative legislation in two First Amendment cases decided during its 1991 term. In R.A.V. v City of St Paul and Simon & Schuster v New York State Crime Victims Board, the Court invalidated local laws without establishing standards by which future legislation or enforcement could be gauged. The cases involved a hate crimes ordinance in St Paul, MN and the 'Son of Sam' law of New York State.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1992
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