Chapter 1

JurisdictionUnited States

Chapter 1


This book focuses on legal issues concerning insurance recovery for all businesses no matter how formed. If a lawyer represents clients who own or operate a small, medium, or large business or are involved in or represent bankruptcy estates, it behooves that person or lawyer to understand the insurance coverages discussed in this treatise.

Why would this book be that important? Those involved in commercial for profit, non-profit, and governmental enterprises face innumerable liabilities, costs, and losses that impact balance sheets, income statements, cash-flow reports, and budgets. These liabilities and losses cost money to resolve or repair and can put a damper on any hope to meet budget. Insurance is one of the few ways to use someone else’s money to pay for some losses or damages without affecting the business’s financial performance. Understanding situations where insurance can be used to reimburse a business is therefore an element essential to success.

This work has been divided into three principal subject areas. The first part, comprised of Chapters 2 and 3, sets forth the basic fundamentals related to insurance. Chapter 2 discusses the key “terms of art” and the types and kinds of insurance available to businesses. Chapter 3 deals with insurance contract interpretation and construction, including regulatory approval and lost policy issues. An insurance policy is nothing more than a contract, albeit technical and specialized, and its interpretation and construction is governed by the same principles that govern contracts in general.

Chapters 4 through 10, which comprise the second principal subject area, deal with various types of coverages and recovery thereunder. Chapter 4 discusses the...

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