A forum on Oklahoma Business Transfers was conducted in Tulsa, Oklahoma on August 21, 2018. The conference featured speakers from the insurance industry with expertise in business transfers as well as runoff business.
The discussion was interesting. The panel compared the new Oklahoma laws with the Part VII transfer familiar to the London insurance market.
The typical homeowner’s insurance policy has a clause allowing the parties to use appraisal to resolve disputes. The process is intended to quickly and economically determine the amount of a loss in cases of disagreement. Like many aspects of Oklahoma law, the use of a three person panel should be approached with the advice of an experienced attorney. The Oklahoma appellate decisions heavily impact the outcome.
Each side chooses someone to act as a disinterested appraiser. Then, the two appraisers choose the third person, known as the Umpire, by agreement. If the two appraisers are not able to pick the Umpire by agreement, then either side can ask the court to select the Umpire.
Continue Reading Using Appraisal To Settle Oklahoma Insurance Claims
So far, 2018 is a notable exception to the number of tornadoes and the extent of the reported tornado damage. The National Weather Service reports there have been 18 tornadoes this year; the strongest being an EF2 and only one reported with this wind speed and strength.
The typical Oklahoma business manages a considerable part of its liability risks by purchasing insurance coverage. Businesses sometimes take their insurance coverage for granted. They just assume insurance will be there if an accident happens.
A recent decision by the Oklahoma Supreme Court brings the point home. In Siloam Springs Hotel, LLC v. Century Surety Company, 2017 OK 14, a hotel purchased liability coverage to protect against accidents and negligence. Century Surety Company sold the insurance policy.
Guests at the hotel were injured when carbon monoxide entered the air ducts due to leakage from the heater for the indoor swimming pool. The hotel believed it had insurance to cover the claims and potential lawsuits. However, the insurance company said there was no insurance to cover the injuries. Apparently, there was an exclusion in the insurance policy.
The plaintiffs, Walker Bark and Debra Yahquo, signed two contracts with Lake Country Chevrolet to purchase automobiles. A disagreement arose over the vehicles. Unable to resolve the dispute to their satisfaction, the plaintiffs filed a lawsuit. They asked the court to rescind (set aside) the contracts and to recover damages for fraud by the car
The extent and size of the area damaged is hard for many of us to comprehend. As a couple of measuring sticks, there are 640 acres in one square mile. You would have to jog four miles to go around a section of land with
According to a recent news report, a car drove into the Silver Dollar Restaurant in Collinsville, Oklahoma. Fortunately, no one was hurt.
You can take the girl out of the country, but you can’t take the country out of the girl! A woman burned down an apartment building causing reportedly $2 Million in damages. She was cleaning a squirrel for dinner by using a propane torch to remove the fur. A lot of folks enjoy squirrel,
The fire claim you have isn’t finished and its almost the beginning of storm season in March. You really don’t need a double claim involving fire and storm damages. It’s hard enough to settle one claim. It’s a lot more complicated to resolve two claims to the same property.
Property insurance is the buffer to storms and the damages caused. Oklahoma is home to torrential rainfall, hail, high winds, and tornadoes. When spring begins, these storms can cause a lot of damage to homes. Wind and hail can damage roofs, tornadoes can demolish a house. Rain can quickly cause water damage if it enters
