Byrd Campbell filed a civil action against the owner of the National Enquirer in Orange County Circuit Court, Complex Business Litigation Division, on behalf of its attractions client, Front Page Attractions, alleging breach of a licensing agreement and fraud involving a theme park project based on the iconic magazine.
Byrd Campbell announces the launching of a national litigation task force dedicated to pursuing business interruption insurance claims. Given the economic devastation caused by the so-called “COVID-19 Crisis,” estimated to be $380 Billion a month, accountability to restore losses lies with many, including the insurance companies whose policies guard against this type of loss. In anticipation of an onslaught of claims, insurance companies have tried to draw the proverbial line in the sand to discourage insureds, unabashedly announcing they have no intention of paying claims, leaving insureds with little chance but to enlist the help of legal counsel to pursue their rights.
Corporate trial lawyers who practice their craft in the courtroom—particularly those not inclined to pore over legislative updates—may have overlooked some of the recent important changes to the Florida Business Corporation Act (“Act”) effective January 2, 2020, § 607.0101, et seq., F.S., which could have a big impact on their cases. The changes were principally made to harmonize the rules relating to corporations and limited liability companies and were largely derived from the Model Corporation Act.
Facing a deluge of claims and lawsuits by business owners devastated by COVID-19 to hold the insurance industry accountable for business interruption insurance coverage, the industry has adopted a preemptive strike lawsuit strategy in hopes of gaining a tactical litigation advantage. The objective appears simple: snuff out claims, intimidate insureds, and break the spirits of any would-be claimants. Classic military strategy endorses this “strike before struck” approach.
While politicians and business pundits debate about ways to salvage the economy with stimulus packages and the phased reopening of society, the pandemic has had a silent but devastating toll on faith-based organizations which have suffered a staggering decline in financial support. Even the most ardent believers, living with the fear of losing their jobs, find it hard to support their favorite faith-based organization to the same degree.
COVID-19 is clearly having, and will continue to have, a lasting impact on the securities industry. The pandemic has now negatively impacted almost all industries, some more than others. Airlines, hospitality, restaurant, oil, and general retail businesses have suffered inordinate losses. But just because the market at large has suffered, does not mean that you should have suffered comparably. In fact, depending upon your age, net worth, and risk tolerance, you may have needlessly suffered altogether.
COVID-19 is clearly having, and will continue to have, a lasting impact on the securities industry. The pandemic has now negatively impacted almost all industries, some more than others. Airlines, hospitality, restaurant, oil, and general retail businesses have suffered inordinate losses. But just because the market at large has suffered, does not mean that you should have suffered comparably. In fact, depending upon your age, net worth, and risk tolerance, you may have needlessly suffered altogether.
WILL BUSINESS INTERRUPTION INSURANCE COVER MY BUSINESS FOR LOSSES SUSTAINED FROM THE CORONAVIRUS PANDEMIC? This analysis begins, of course, with the assumption that you have an insurance policy which provides some type of “business interruption” coverage, either through the main policy, or an endorsement thereto, for business losses sustained from a covered event. If a policy exists which includes this coverage, interpreting the language in question will be critical. Sometimes the language is clear, sometimes not. Ambiguities in the policy are customarily construed against the insurance company.
As the world wrestles with the medical and social issues of how to deal with the COVID-19 pandemic, the legal and financial aftermath looms perhaps even larger. Eventually, medicine, governmental intervention, and the public spirit will defeat the disease hopefully within weeks or months, but the effects on our lives, businesses, and investments could last considerably longer. Byrd Campbell—whose motto “Byrd Campbell Means Business” embodies our mission—is a law firm dedicated to serving businesses. Already our clients have raised concerns about the unfolding but unfathomable consequences of how COVID-19 has turned or will turn their business lives upside down. Over the coming days, the firm will publish a series of blog posts addressing those issues looming on the horizon, identifying the points of consideration, and offering possible solutions. The first Byrd Campbell blog installment addresses the question: