As insurance retreated from AI exposure, contracts began absorbing functions that insurance once performed. Indemnities compressed. In effect, contracts began underwriting elements of AI risk. This shift has significant consequences for lawyers drafting, negotiating and advising on AI-related agreements.
Commercial insurance policyholders require nuanced approaches to protect their assets both before and after suffering a loss due to catastrophic weather. With loss severity and increased frequency of catastrophic events being a stark reality, businesses must take a closer look at all the ways they can safeguard their rights.
The rise in demand for in-person events post-pandemic has meant a corresponding increase in personal injury actions against venues. Consequently, venue-owner and operator clients would be wise to regularly evaluate their insurance policies (particularly general liability insurance policies) to ensure adequate coverage.
While in many cases involving a substantial property loss the applicable insurance 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.
Despite being more affordable than title insurance, attorney opinion letters should be used with caution when replacing title insurance. The costs savings associated with this practice might not justify the additional risk associated with it.
Many businesses have sought to recover their pandemic losses under commercial property insurance policies, only to be denied coverage. A significant number of policyholders have filed lawsuits challenging these disclaimers, primarily in state courts. But to the dismay of the insureds, a growing majority of high state courts have sided with the insurers in these disputes.
Most entertainment industry organizations have by now heard the warning bells of risks that come with the use of artificial intelligence technology, from data privacy and cybersecurity threats to potential copyright infringement and discrimination claims. In face of the recent spike in AI-related litigation, such risks could soon prove costly, leaving one last barrier of defense for entertainment companies that use AI: insurance.
On July 3, 2023, the New Jersey Legislature enacted a statute requiring sellers and landlords of commercial and residential property to provide notices of flood-prone areas to purchasers and tenants before the transaction becomes binding.
The Implications of Data Breaches and Generative AI Platforms for the Legal Industry The pros and cons that law firms should consider before incorporating generative AI.
While law firms are feeling first-hand the impact of a cyber insurance market struggling to stabilize, the full extent of all the changes have yet to fully hit home.
