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Harvey Weinstein fights insurer Chubb for payment of legal defense

“Units of Chubb have together issued 80 policies to Weinstein and his family between 1994 and 2018, including coverage for personal liability, Chubb said in its February suit” writes Midwest Communications Inc for 95kqds.com. The policies include millions of dollars in “broad liability coverage,” $300,000 of “crisis assistance” coverage, and unlimited coverage for Weinstein’s legal defense, Weinstein’s lawyers said in the countersuit, filed late on Monday.(Reuters) – Film producer Harvey Weinstein is fighting back against personal indemnity insurer Chubb Ltd, saying Chubb must pay for his legal defense against 11…

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If you work at home and don’t have this insurance, you could be at risk

“For situations like that, she knew she needed liability insurance, but she was not sure if she needed other kinds of insurance as well” writes Elisabeth Leamy for seattletimes.com. This is a minor policy extension that can be attached to your homeowner’s or renter’s insurance policy.So what type of insurance do you need if you work from home or have a home-based business?. If you have employees who work for your home-based business, whether they come to your home to do their jobs or work elsewhere, you need workers’ compensation…

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Buffett says US corporate tax reform is a “huge tailwind” for business

“The recent tax changes lowered the federal corporate tax rate from 35% to 21%” reports forexlive.com. When they’re sold you pay tax on that.And previously when the tax was 35 percent we would have had a $35 billion reserve for taxes against that as a liability.”So $14 billion, roughly, was a reduction in the amount of tax that when we sell those securities we will pay. Source: forexlive.com Share This:

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Berkshire boosts liability estimate on AIG reinsurance contract

“American International Group Inc. (AIG) headquarters seen in New York Thomson Reuters (Reuters) – Berkshire Hathaway Inc , the conglomerate run by billionaire Warren Buffett, on Saturday disclosed a $1.8 billion increase in estimated claim liabilities under a big reinsurance contract with American International Group Inc “ reports businessinsider.com. The contract reduced potential risks for New York-based AIG, and some analysts said soon after it was announced that the pricing terms appeared fair.National Indemnity agreed to take on 80 percent of net losses in excess of the first $25 billion,…

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Markets News 

Don’t extend the SAFETY Act to cyber incidents

“Expanding the SAFETY Act to cyber incidents would be an example of trying to force a square peg through a round hole” writes Lars Trautman for washingtonexaminer.com. Even a limited definition of qualifying cyber incident would expand the universe of SAFETY Act covered events by many orders of magnitude.If more run-of-the-mill events were sheltered from liability as qualifying cyber incidents, precedents would build and SAFETY Act certification would become the de facto standard for the industry.This is not to say that the SAFETY Act and cybersecurity products are entirely incompatible. Source:…

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NY federal court decision threatens embedding and linking across the web

“District court decisions have limited value as precedents versus appellate court decisions, but this case creates potential confusion and would give rise to additional lawsuits” writes Greg Sterling for searchengineland.com. In ruling on a motion for summary judgment in federal court in New York, Judge Katherine Forrest found that embedding a tweet containing a copyrighted photo (of Tom Brady) could create liability for copyright infringement.Breitbart, is still in process and cannot be appealed until final, but the judge’s ruling has potentially far-reaching implications. Source: searchengineland.com Share This:

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News Oil 

Spending bill reinstates 9-cents-per-barrel oil spill tax

“The funds collected will go toward the Oil Spill Liability Trust Fund” writes Katelyn Caralle for washingtonexaminer.com. The spending bill signed into law Friday by President Trump includes language that reinstates a tax on each barrel of oil to assist in spill cleanups.The oil tax is the main contributor to the fund, which is used to pay for cleanup in the event of an oil spill, such as the BP Deepwater Horizon spill in 2010. “We should have a robust trust fund — not just trust that oil companies will…

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PG&E suspends dividends amid possible wild fire liability

“Some witnesses say they saw sparks flying from wind-whipped power lines as the fires broke out during gales of fierce, dry winds” reports foxbusiness.com. Pacific Gas & Electric Co. (PCG) is suspending dividend payments to shareholders out of concern for any finding of financial liability in Northern California’s devastating wildfires, the California utility said late Wednesday. The utility paid $921 million in dividends last year and had paid out $754 million through the first nine months of this year, regulatory filings show. Source: foxbusiness.com Share This:

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NLRB rolls back ‘joint employer’ standard for business liability

“The move rolls back a board decision made during former President Barack Obama’s administration that applied a much broader, and vaguer, standard” writes Sean Higgins for washingtonexaminer.com. The “indirect control” standard meant franchisers could be responsible for labor law violations by franchisee businesses, a vast expansion of corporate liability.It overturned its 2015 board decision in a case called Browning-Ferris Industries.The reversal is a major win for businesses, which had pushed Congress and the Trump administration hard to reverse the board’s ruling.They argued that the Obama-era standard was a threat to…

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PG&E shares down 10% after California wildfire liability warning

“PCG, -10.51% fell more than 10% in the late session Friday after the company acknowledged that it may face some liability stemming from the California wildfires” writes Claudia Assis for marketwatch.com. PG&E “has about $800 million in liability insurance for potential losses that may result from these fires.If the amount of insurance is insufficient to cover (PG&E’s) liability or if insurance is otherwise unavailable, PG&E Corporation’s and the Utility’s financial condition or results of operations could be materially affected,” the company said in a filing Friday. Source: marketwatch.com Share This:

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