A. INTRODUCTIONThe development of transportation infrastructure in the Lower Mainland depends on expropriation of private property ...
The real estate market in Macedonia has been in a state of transition for the last two decades. This period brought the country from a situation in which such investment was seen as a duty primarily fulfilled by State bodies, institutions and enterprises to one in which the sector was left virtually entirely to the private sector ...
The Asian hedge fund industry is comparatively new and small. However, the industry has witnessed phenomenal growth since 2002. The purpose of this book is to assist start-up managers to establish a hedge fund business. To date, a majority of the newly-established funds in Asia have been set up by fund managers or proprietary traders setting up their own business, after a successful career at one of the larger investment houses ...
In two separate opinions, five to two majority of the New York Court of Appeals ruled that an insured can assert a claim form consequential damages for an insurer’s alleged bad faith breach of a first-party insurance contract. Bi-Economy Market, Inc. v. Harleysville Insurance Company of New York, No. 14 (N.Y. February 19, 2008); Panasia Estates, Inc. v. Hudson Insurance Company, No. 15 (N.Y. February 19, 2008) ...
Firstly the act now expressly states that planning and building shall promote good economic growth and effective competition. This change is a clear signal from the legislator that municipalities must not only take into consideration the social and ecological effects in their planning but also the development of commerce and the provision of commercial service ...
Dykema attorneys were recently involved in an interesting infrastructure project finance transaction relating to the rehabilitation of a portion of the Pennsylvania Convention Center. Dykema represented the lender in this transaction. To complete the transaction, a fairly unusual structure had to evolve ...
Commercial properties groups across Europe are being forced to wait longer to refinance their debts as lenders tighten their belts in the wake of the credit crunch, it has been reported ...
An Illinois intermediate appellate court found that the insured’s failure to comply with the notice conditions in contract for general liability insurance barred coverage. Board of Education of Township High School District No. 211, Cook County, Illinois v. TIG Insurance Company, No. 1-05-1732 (Ill. App. 3d Div. December 26, 2007). The Board of Education of Township High School District No ...
On September 27, 2007, Mr. Justice Jean-Guy Dubois of the Superior Court rendered a judgment interpreting the definition of the word “insured” in an insurance policy, more particularly as regards the exclusion of damages caused to a [Translation] “person living under the same roof ”.(1)The facts: The parents of plaintiff Hugo Bérard divorced in 2000. Nathalie Gravel, his mother, who was also a plaintiff, had custody ...
The Florida Supreme Court has held that defective work performed by a subcontractor that damages a general contractor’s completed work constitutes “property damage” caused by an “occurrence” under a commercial general liability (CGL) policy. U.S. Fire Ins. Co. v. J.S.U.B., Inc., No. SC05-1295 (Fla. Dec. 20, 2007) ...
Real estate 1. Please briefly state what is considered real estate in your jurisdiction. What are the most common forms of security granted over it? How are they created and how are they perfected (that is, made valid and enforceable)?Under Romanian law, real estate (generally known as immovable property) covers land, buildings and those movable assets attached to land or buildings as fixtures ...
A federal district court judge in Pennsylvania ruled that first-party property claims for damages due to defective stucco arose from a single occurrence and, upon determining the date of loss, held that the coverage claims were barred by the insurance contract’s two-year suit limitations period. Smith, et al. v. Westfield Insurance Co., No. 06-3077; 2007 U.S. Dist. LEXIS 87431 (E.D. Pa. November 27, 2007) Case Background ...
A Georgia intermediate appellate court has affirmed summary judgment in favor of an insurer, holding that there can be no “advertising injury” coverage under a commercial general liability insurance contract where an underlying lawsuit concerning division of profits from a joint copyright work fails to allege a misappropriation of advertising ideas. James C. Shafe, et al. v. American States Insurance Co., No. A07A0879, 2007 Ga. App. LEXIS 1193 (Ga. App ...
Austria has approximately 140 insurance companies (including 52 Austrian insurance companies, 59 Austrian small mutual associations, and 25 branches of EU/EEA-insurers). The Austrian Financial Market Authority (Finanzmarktaufsichtsbehörde – "FMA"), which supervises the sector, provides a list of insurance undertakings containing all insurance companies authorized to conduct insurance business in Austria plus all insurance classes that the respective companies hold a licence for ...
On August 16, 2007, the Court of Appeal issued a judgment, written by Mr. Justice Paul-André Gendreau, pertaining to the absence of an initial disclosure of risk to the new insurer in the context of the transfer of an insurance portfolio by a broker.(1) An insurer who accepts the transfer of a policy without ascertaining its current exposure to risk, is deemed to have waived his right to this information ...
In recent years, Romania witnessed a continuously growing real estate market, along with a sustained rush of investors, including many foreign ones, eager to secure prime locations for their future development projects.On such a rapidly expanding market, it has been difficult at times to implement sophisticated real estate projects, as the country’s legal framework in the area of real estate did not change overnight, despite Romania’s recent accession to the EU ...
The Texas Supreme Court ruled that a primary insurer has no actionable right of contribution or subrogation against a co-primary insurer that declined to settle on terms agreed to by the first primary carrier. Mid-Continent Insurance Company v. Liberty Mutual Insurance Company, No. 05-0261 (Tex. October 12, 2007) ...
The U.S. District Court for the Middle District of Louisiana held that "actions of civil authority" that do not prohibit access to an insured’s premises do not trigger civil authority coverage under a first-party policy. Kean, Miller, Hawthorne, D’Armond, McCowan & Jarman, LLP v. National Fire Ins. Co. of Hartford, No. 06-770-C, 2007 U.S. Dist. LEXIS 64208 (M.D.La. Aug ...
In Castillo v. State Farm Florida Insurance Co., No. 3D06-2874 (Fla. Dist. Ct. App. Oct. 17, 2007), the Court of Appeal of Florida, Third District, reversed a decision granting summary judgment in favor of an insurer, finding issues of fact about whether earth movement, an excluded peril under a homeowners’ insurance policy, played a part in a dwelling’s damage from nearby blasting ...
In its judgment in Bourcier v. La Citadelle(1) rendered on September 4, 2007, the Court of Appeal confirmed that the insured accident victim must inform the insurer no later than one year following the date of the accident, in accordance with Article 2435 C.C.Q. Failure to do so results in forfeiture of the right to the benefit provided for in the accident insurance policy.The factsMs. Bourcier was the victim of a serious motorcycle accident on September 11, 2001 ...
On 3 October, the European Commission fined Visa €10.2 million (approximately £7 million) for its refusal to admit Morgan Stanley Bank International Limited of the UK as a member of the Visa network. The fine is to be seen in the context of continuing regulatory scrutiny of the financial sector, and the banking sector in particular, at both the EU and UK level ...
On September 26, 2007, the Court of Appeal dismissed the appeal of appellant Citizens for a Quality of Life(1) (“CQL”) and upheld the judgment of the Superior Court(2) dated December 14, 2004, which had refused to grant its motion for authorization to institute a class action against Aéroports de Montréal (“ADM”) on the basis of the lack of similar or related questions raised by the recourses of the class members ...
