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An Overview of The Terrorism Risk Insurance Act
The Terrorism Risk Insurance Act of 2002 (the Act) was signed by President Bush on November 26, 2002 and is available at: http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=107_cong_bills&docid=f:h3210eas.txt.pdf.
Lessors should be familiar with the Act as it provides protection against certain terrorist threats and affects multiple lines of insurance coverage they may want from lessees. The Act also requires awareness of new changes in lessors' insurance documentation and coverage.
Congress passed this legislation after insurers either canceled or excluded coverage following the events of September 11, 2001 and forced insurers back into the business of providing terrorism insurance. The Act is a short-term plan, which expires December 31, 2005, and responds to occurrences in excess of $5 million. It requires that the Secretary of Treasury certify that an event is an 'act of terrorism.' Once this certification occurs, insurance companies and the federal government share the risk of loss of an act of terrorism. The federal government will pay up to $100 billion in losses per year after insurers pay their deductible and ten percent of the losses in excess of the deductible. The deductibles for insurance companies are reflected in a percentage of premiums as follows:
- 2003 ' 7 percent of direct premiums earned by insurers
- 2004 ' 10 percent of direct premiums earned by insurers
- 2005 ' 15 percent of direct premiums earned by insurers
The lines of insurance affected under the Act include property insurance, liability insurance, aviation and marine insurance.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Removing Restrictive Covenants In New York
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?