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Commercial Property Insurance: How Much Coverage Do You Really Have?
Commercial property insurance is an essential form of protection for any business that owns or leases property. Like most insurance policies, commercial property policies are subject to coverage limits setting forth the maximum amount the insurer(s) are contractually obligated to pay. While in many cases involving a substantial property loss the applicable policy limit is clear, in some cases it is not, and the amount to which the policyholder is entitled is governed by a confluence of policy provisions informed by applicable state law.
For purposes of our discussion, assume a policyholder owns a building that suffered a near-total covered loss. Assume the policyholder holds a commercial property policy insuring multiple separate properties with an aggregate policy limit of $100 million. Finally, assume the damaged building has a "scheduled" value of $10 million based on a schedule of values on file with the insurer, a market value of $15 million, and that repairs necessary to return the building to its pre-loss condition will cost $20 million. Whether the policyholder is entitled to recover $20 million, $15 million, $10 million (or some number in between) depends on the type of policy at issue and the interaction of loss payment (or loss-settlement), valuation and like provisions governing the extent of the insurer's liability. Examples of those policies and provisions are discussed below
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New York's Latest Cybersecurity Commitment
On Aug. 9, 2023, Gov. Kathy Hochul introduced New York's inaugural comprehensive cybersecurity strategy. In sum, the plan aims to update government networks, bolster county-level digital defenses, and regulate critical infrastructure.
Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office
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Summary Judgment Denied Defendant in Declaratory Action by Producer of To Kill a Mockingbird Broadway Play Seeking Amateur Theatrical Rights
How AI Has Affected PR
When we consider how the use of AI affects legal PR and communications, we have to look at it as an industrywide global phenomenon. A recent online conference provided an overview of the latest AI trends in public relations, and specifically, the impact of AI on communications. Here are some of the key points and takeaways from several of the speakers, who provided current best practices, tips, concerns and case studies.