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Property Insurance Policies: Be Vigilant: Courts Do Enforce One-Year Contractual Limitations Provisions
Many property insurance policies contain or incorporate one-year statute of limitations provisions. Such provisions typically provide that 'a claim or suit brought pursuant to the policy must be brought within 12 months of the date on which the direct physical loss or damage occurred.' These contractual limitations provisions may adversely impact the ability of a policyholder to obtain a recovery for a loss. Depending on the type of loss suffered, 12 months may be an insufficient period of time to investigate the loss and to resolve any coverage issues that might arise. In the case of a sizeable loss, it is not unusual for the insurer's appraisers and/or experts to take many months to investigate and/or to make a coverage determination. As such, unless a policyholder is vigilant about resolving the claim within twelve months or tolling the limitations period, the policyholder may face an argument that the claim is barred by the statute of limitations.
Courts Do Enforce!
In spite of the adhesion nature of property insurance contracts and the hardship a short limitations period creates for policyholders, courts have enforced one-year statutes of limitation. Generally, courts that have enforced these provisions reason that such limitation provisions are enforceable because parties are free to contract as they see fit. Hunt Construction Group, Inc. v. Allianz Global Risks U.S. Ins. Co., 2006 U.S. Dist. Lexis 85782 (S.D. Ind. Nov. 27, 2006)('Hunt'); Meadow Knitting Co., v. Affiliated FM Ins. Co., 2006 U.S. Dist. Lexis 64263 (D.N.J. Sept. 8, 2006) ('Meadow'); Balkcom v. USAA Casualty Ins. Co., 2006 U.S. Dist. Lexis 62754 (N.D. Ga. Aug. 21, 2006)('Balkcom'); Fair v. State Farm Fire Insurance, 426 F. Supp. 2d 672 (N.D. Ohio 2006); Burwell v. Mid Century Insurance Co., 2006 Okla. Civ. App. 97, 142 P.3d 1005 (2006); Bowman v. Fire Insurance Exchange, 2006 Wisc. App. 130, 717 N.W. 2d 854 (2006).
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.
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.
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.
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.
The Stranger to the Deed Rule
In 1987, a unanimous Court of Appeals reaffirmed the vitality of the "stranger to the deed" rule, which holds that if a grantor executes a deed to a grantee purporting to create an easement in a third party, the easement is invalid. Daniello v. Wagner, decided by the Second Department on November 29th, makes it clear that not all grantors (or their lawyers) have received the Court of Appeals' message, suggesting that the rule needs re-examination.