Crystal Balls And New Solutions To Fire And Condemnation Shortfall Issues

Print Our plan for today is to bring some insurance information to the attention of the readers of Ruminations and quickly move on to the rest of our day. So, here’s a warning. Today’s posting will be of immediate interest to a handful (if that) of our thousands of weekly readers. On the other hand, almost all readers will have heard of this first by continuing on, and we’re sure that, as these products are developed, they will solve more and more common problems. Pretty mysterious, huh? Let’s give this pretty newish insurance coverage a name: “Gap Insurance.” Granted, we’ve borrowed that name from the automobile leasing industry, but the name will prove to be pretty descriptive (after we’ve described the product). Some in the insurance industry are using that moniker as well. [Read more…] Print

Temporary Takings; Permanent Damage – What’s The Scoop?

Print Has any reader ever actually seen a “temporary taking” by way of eminent domain? Though rare, such a “taking” can take place, usually to accommodate construction of an adjacent road improvement. Theoretically, the government might need to “occupy” actual leased space for a temporary activity (such as in war time), but that may be less common than alien invasions. [That might not be a good example given that the National Geographic Channel did a survey and found 80 million Americans are certain that UFOs exist (that’s 36%). Only 17% are sure they don’t exist. 10% have actually seen a UFO.] [Read more…] Print

What Part of an Eminent Domain Award Should Belong to a Tenant?

Print What part of an eminent domain award should belong to a tenant? We’ll save you the trouble of scrolling down to the bottom – we think it is the portion attributable to the leasehold value of its lease. What is that? If you don’t know already, you’ll have to start scrolling. Ruminations is sure there must be a spreadsheet with a state-by-state comparison of eminent domain rules, but we don’t have such a reference source in our office. So, we’re going to create the “State of General” and it will have rules common to most, if not all, jurisdictions. Here are the relevant ones. First, to take someone’s property for a public purpose obligates the taking authority to pay just compensation [Read more…]