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Full-Text Articles in Law

Life Is A Highway: Addressing Legal Obstacles To Foster Youth Driving, Lucy Johnston-Walsh Oct 2020

Life Is A Highway: Addressing Legal Obstacles To Foster Youth Driving, Lucy Johnston-Walsh

Faculty Scholarly Works

The simple and relatively mundane act of driving a car, which many of us take for granted, can have a profound impact on many aspects of adulthood. The ability to drive a car can provide a means to pursue education and employment, to earn income, and to ultimately obtain independence. As a young adult, a car is often the first acquired asset, which leads to developing credit history for other major life purchases. Owning a car may also be a significant contributor to a person’s economic wellbeing and future buying power. Yet the simple act of driving a car is …


Private Insurance Limits And Responses, Elizabeth Weeks Aug 2020

Private Insurance Limits And Responses, Elizabeth Weeks

Scholarly Works

The COVID-19 pandemic exposed a number of existing flaws in the United States’ patchwork approach to paying for and providing access to medical care. Shelter-in-place orders, social distancing, and other public health strategies employed to address the pandemic spawned a global recession, causing rapid and high unemployment rates in many countries. The U.S. unemployment rate peaked in April 2020 at 14.7%, higher than in any previous period since World War II. The United States has long hewed an anachronistic policy of relying heavily on private employers to provide health insurance to a substantial portion of the population. Those who are …


Law School News: Fall 2020 Reopening: The Faq 07-09-2020, Roger Williams University School Of Law Jul 2020

Law School News: Fall 2020 Reopening: The Faq 07-09-2020, Roger Williams University School Of Law

Life of the Law School (1993- )

No abstract provided.


Law School News: Dennis W. Nixon: Doctor Of Laws, Honoris Causa 05-09-2020, Roger Williams University School Of Law May 2020

Law School News: Dennis W. Nixon: Doctor Of Laws, Honoris Causa 05-09-2020, Roger Williams University School Of Law

Life of the Law School (1993- )

No abstract provided.


The Paradox Of Insurance, Gideon Parchomovsky, Peter Siegelman Mar 2020

The Paradox Of Insurance, Gideon Parchomovsky, Peter Siegelman

All Faculty Scholarship

In this Article, we uncover a paradoxical phenomenon that has hitherto largely escaped the attention of legal scholars and economists, yet it has far-reaching implications for insurance law: loss-creation by uninsured parties caused by the presence of insurance. Contrary to the conventional wisdom, we show that insurance can create significant negative externalities by inducing third parties to engage in antisocial, illegal and unethical activities in order to extract money from insureds or insurers. Moreover, as the amount and scope of insurance grows, so does its distortionary effect on third parties. We term this phenomenon the paradox of insurance. The risk …


Women In Law Leadership: Inaugural Lecture: A "Fireside Chat" With Gillian Lester 2-18-2020, Roger Williams University School Of Law, Michael M. Bowden, Andrea Hansen Feb 2020

Women In Law Leadership: Inaugural Lecture: A "Fireside Chat" With Gillian Lester 2-18-2020, Roger Williams University School Of Law, Michael M. Bowden, Andrea Hansen

School of Law Conferences, Lectures & Events

No abstract provided.


Private Equity Value Creation In Finance: Evidence From Life Insurance, Divya Kirti, Natasha Sarin Feb 2020

Private Equity Value Creation In Finance: Evidence From Life Insurance, Divya Kirti, Natasha Sarin

All Faculty Scholarship

This paper studies how private equity buyouts create value in the insurance industry, where decentralized regulation creates opportunities for aggressive tax and capital management. Using novel data on 57 large private equity deals in the insurance industry, we show that buyouts create value by decreasing insurers' tax liabilities; and by reaching-for-yield: PE firms tilt their subsidiaries' bond portfolios toward junk bonds while avoiding corresponding capital charges. Previous work on affiliated or "shadow" reinsurance and capital management misses the important role that private equity buyouts play as recent drivers of these phenomenon. The trend we document is of growing importance in …


Covid-19 Business Interruption Insurance Losses: The Cases For And Against Coverage, Christopher French Jan 2020

Covid-19 Business Interruption Insurance Losses: The Cases For And Against Coverage, Christopher French

Journal Articles

The financial consequences of the government-ordered shutdowns of businesses across America to mitigate the COVID-19 health crisis are enormous. Estimates indicate that small businesses have lost $255 to $431 billion per month and more than 44 million workers have been laid off. When businesses have requested reimbursement of their business interruption losses from their insurers under business interruption policies, their insurers have denied the claims. The insurance industry also has announced that business interruption policies do not cover pandemic losses, so they intend to fight COVID-19 claims “tooth and nail.” More than 450 lawsuits throughout the country already have been …


Forum Shopping Covid-19 Business Interruption Insurance Claims, Chris French Jan 2020

Forum Shopping Covid-19 Business Interruption Insurance Claims, Chris French

Journal Articles

Insurance disputes are typically governed by state law, and state insurance laws vary considerably, with some states being favorable to policyholders and others being unfavorable. With forum shopping, a plaintiff often has many choices regarding where it can bring a lawsuit, including multiple states in which to bring the case and whether to bring the case in federal or state court. Of the over 1000 COVID-19 business interruption insurance lawsuits filed thus far, more than 700 of them have been filed in, or removed to, federal court, with more than 250 of the cases filed as class actions. Many of …


America On Fire: Climate Change, Wildfires & Insuring Natural Catastrophes, Christopher French Jan 2020

America On Fire: Climate Change, Wildfires & Insuring Natural Catastrophes, Christopher French

Journal Articles

America is on fire. The damage, destruction, and loss of life caused by wildfires have exploded over the past few decades. Nine of the ten worst fire seasons have occurred in the past fifteen years, with 2017 and 2018 being the worst years ever. Despite spending approximately $3.7 billion annually on fire suppression, more than 35,000 structures were lost to wildfires in 2017 and 2018, approximately $32 billion in property losses occurred, and more than 100 people were killed. More than forty million homes worth approximately $187 billion in the U.S. are currently at a high risk of destruction due …


Remutualization, Erik F. Gerding Jan 2020

Remutualization, Erik F. Gerding

Publications

Policymakers need to rediscover the organizational form of business entity as a tool of financial regulation. Recent and classic scholarship has produced evidence that financial institutions organized as alternative entity forms – including investment bank partnerships and banks and insurance companies organized as mutual or cooperatives – tend to take less risk, exploit customers/consumer less, or commit less misconduct compared to counterparts organized as investor-owned corporations. This article builds off the work of Hill and Painter on investment banks organized as partnerships, Hansmann on the history and economics of banks and insurance companies organized as mutuals and cooperatives, and other …