By Robert S. Schwartz, Esq. On February 28, 2023, the United States Supreme Court held that the Internal Revenue Service (“IRS”) exceeded its statutory authority by collecting excessive penalties on federal income taxpayers for their negligent failures to timely file accurate, annual foreign financial information reports, variously known as the Foreign Bank Account Report, or …
According to a Wall Street Journal article, multiple hedge funds are making bets on COVID-19 business interruption claims. The early days of the COVID-19 pandemic spurred many lawsuits against insurance companies. Relying on the language of business interruption insurance policies, insurance companies denied many claims for losses that businesses suffered when they were forced to …
Misrepresentation is a risk in practically every type of insurance policy. Insurance companies rely on the information provided by applicants at the beginning of their relationship to properly set the premiums. Insurance companies are in the business of taking on risk, and they need to know how much risk they are assuming. Although insurance companies …
Each year, natural disasters impact people’s lives and leave them anguished, defenseless, and left to deal with challenging aftermaths. FastCompany reports that in 2022, 18 natural disasters cost $165 billion (Hurricane Ian accounted for $113 billion of that sum) and killed hundreds. Since these disasters are unpredictable and can cause unprecedented damage to homes and …
Premises liability can be part of a homeowners’ or business insurance policy and is used to cover damages when a third party becomes injured on a property and files a personal injury claim. Like any other type of insurance case, there can be two or more sides to a story and the help of an …
If your insurance company fails to investigate your claim in a timely manner, they could be acting in bad faith. Insurance company bad faith is a legal term that describes when an insurance company fails to investigate a claim in good faith or acts to the detriment of their policyholder. Insurance companies are obligated to …
In August 2021, over 75 million consumers were impacted by a T-Mobile cyberattack that compromised their personal information. A class action lawsuit followed, resulting in a $350 million settlement. Upon final approval at the hearing on January 20, 2023, this will be the second largest United States data breach award. Michael J. Faul Jr. of …
The main purpose of insurance is to make financial losses manageable. Even though you pay your premiums on time, your provider will not immediately pay out benefits without investigating the claim. Oftentimes, adjusters will delay payouts, make lowball offers, or deny your needed benefits. These decisions are not always appropriate, so what can you do …
While you might expect flooding to a be a summer or spring problem, the winter months come with their own flooding risks caused by burst pipes and sudden snowmelts. When it comes to insurance, there are two types of flooding – internal and external. There are distinct differences between the two, and you need more …
Over the years, many studies have shown that more than two-thirds of Americans have little to no estate planning. One aspect of estate planning that often is overlooked are establishing trusts. Trusts are used for several purposes and offer many benefits to an individual looking to protect their assets and their loved ones. A trust …
