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Tejon Ranch Co. Announces Settlement of Litigation Related to the Tejon Ranch Conservation and Land Use Agreement

December 05, 2022 — Tejon Ranch Co.
TEJON RANCH, Calif., Nov. 30, 2022 (GLOBE NEWSWIRE) -- Tejon Ranch Co. is pleased to announce the resolution of a legal dispute involving the Tejon Ranch Conservancy and the signatories to the 2008 Tejon Ranch Conservation and Land Use Agreement (Agreement), namely, Audubon California, Endangered Habitats League, Natural Resources Defense Council, Planning and Conservation League, and the Sierra Club. The dispute stemmed from the signatories' participation in the Antelope Valley Regional Conservation Strategy (AVRCIS), which was subsequently used by the Center for Biological Diversity (CBD) and the California Native Plant Society (CNPS) to oppose Tejon Ranch Co.'s Centennial development. The 2008 Tejon Ranch Conservation and Land Use Agreement has been widely hailed as a historic conservation achievement in preserving one of California's great natural and working landscapes. Tejon Ranch Co.'s agreement to conserve 90 percent of its landholdings pursuant to the Agreement is a monumental contribution to conservation in California. Tejon Ranch Co. continues to be a leader in balancing the stewardship of the ranch as a natural treasure for California and achieving economic opportunities for its shareholders. The Company demonstrated that leadership with the actions it took to enforce the terms of the Agreement, which led to this legal dispute. As part of a settlement agreement, the Conservancy and the signatories dismissed with prejudice the lawsuit they filed. They also acknowledge that the AVRCIS does not contain the "best available scientific data" regarding Tejon Ranch Co.'s landholdings, and further, that they will not use, or support the use of, the AVRCIS or any other similar endeavors, to challenge Tejon Ranch Co.'s development projects and/or any Ranch uses consistent with the Agreement. In turn, Tejon Ranch Co. released from escrow 50% of the advance payments it withheld under the terms of the Agreement. The remaining funds will be released over a three-year period as matching funds to monies raised by the Conservancy as well as others who participate in Conservancy capital raising programs, after which the remaining funds with be released to the Conservancy to further its mission. These funds are the final fulfilment of Tejon Ranch Co.'s full funding obligations under the Agreement, totaling $11,760,000 over the past 14 years, again demonstrating Tejon Ranch Co.'s commitment to fulfilling the implementation of the 2008 Tejon Ranch Conservation and Land Use Agreement. All parties are glad to put this dispute behind them and move forward in a cooperative manner to achieve the goals envisioned in the historic 2008 Agreement. About Tejon Ranch Co. Tejon Ranch Co. (NYSE: TRC) is a diversified real estate development and agribusiness company, whose principal asset is its 270,000-acre land holding located approximately 60 miles north of Los Angeles and 30 miles south of Bakersfield. More information about Tejon Ranch Co. can be found on the Company's website at www.tejonranch.com. Forward Looking Statements This press release contains forward-looking statements, including without limitation statements regarding commitments of the parties under the settlement agreement and the achievement of certain goals related to Tejon Ranch Co.'s landholdings. These forward-looking statements are not a guarantee of future results, performance, or achievements, are subject to assumptions and involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance, or achievements to differ materially from those implied by such forward-looking statements. These risks, uncertainties and important factors include, but are not limited to, the ability and willingness of the parties to the Settlement Agreement to take the actions (or refrain from taking the actions) specified in the Settlement Agreement, and the risks described in the section entitled "Risk Factors" in our annual and quarterly reports filed with the SEC. Read the court decision
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What You Need to Know About Additional Insured Endorsements

August 30, 2017 — Gary Barrera - California Construction Law Blog
A well-drafted insurance clause is an integral part of a construction contract because it sets forth a subcontractor’s obligations to add the general contractor to its policies of insurance as an additional insured and identifies the manner by which the general contractor will qualify as an additional insured. In a typical construction contract, the general contractor will be an additional insured via a scheduled endorsement or a blanket endorsement. Scheduled Endorsements A scheduled endorsement contains a “schedule” in which the person or organization that is named in the schedule is added to the policy as an additional insured. The following scheduled endorsements are commonly used in construction contracts. Read the court decision
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Reprinted courtesy of Gary Barrera, Wendel Rosen Black & Dean LLP
Mr. Barrera may be contacted at gbarrera@wendel.com

Appraisal Award for Damaged Roof Tiles Challenged

December 04, 2023 — Tred R. Eyerly - Insurance Law Hawaii
The district court denied Travelers' motion for summary judgment and granted the insureds' motion in part regarding replacement of roof tiles damaged in a hail storm. Bertisen v. Travelers Home & Marine Ins. Co., 2023 U.S. Dist. LEXIS 159649 (D. Colo. Sept. 8,2023). On May 8, 2017, the insureds' home was struck by a hailstorm that damaged their property. A Travelers inspector found damage to metal roof components, a deck, patio furniture and gutters. A partial payment of $6,381.04 was made. A further payment was made for personal property damaged by the storm. Travelers disputed that the hailstorm caused damage to all of the roof tiles. Travelers' adjustor reinspected the property and observed additional damages caused by hail and another payment of $6,605.22 was issued. Read the court decision
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Reprinted courtesy of Tred R. Eyerly, Damon Key Leong Kupchak Hastert
Mr. Eyerly may be contacted at te@hawaiilawyer.com

Garlock Five Years Later: Recent Decisions Illustrate Ongoing Obstacles to Asbestos Trust Transparency

September 03, 2019 — Amy E. Vulpio - Complex Insurance Coverage Reporter
In In re Garlock Sealing Technologies, LLC, 504 B.R. 71 (Bankr. W.D.N.C. 2014), the court confirmed what many asbestos defendants and their insurers long suspected: that “the withholding of exposure evidence by plaintiffs and their lawyers was significant and had the effect of unfairly inflating the recoveries against Garlock” and other defendants. This “startling pattern of misrepresentation” included plaintiffs’ attorneys who, out of “perverted ethical duty,” counseled their clients to file claims against multiple trusts without valid factual grounds for so doing. Such “double dipping” and other abuse not only harms asbestos defendants and insurers, but also dilutes recoveries for legitimate claims. Now – five years after Garlock – the Department of Justice (DOJ) has launched a coordinated initiative to fight asbestos trust fraud and mismanagement. However, a series of recent bankruptcy court rulings suggests that this initiative stumbled out of the gate by focusing on the wrong issues. Asbestos defendants and their insurers can learn from the DOJ’s missteps. In November 2017, invoking Garlock, 20 state attorneys general wrote to then-Attorney General Jeff Sessions asking him to devote DOJ resources to fighting asbestos trust abuse. A September 13, 2018 DOJ press release announced an initiative to increase the transparency and accountability of asbestos trusts. Through its United States Trustee Program (UST), the DOJ objected to the debtors’ proposed legal representative for future claims (FCR) in several Chapter 11 cases involving asbestos liabilities: Lawrence Fitzpatrick in Duro Dyne and James L. Patton, Jr. in Maremont, Fairbanks and Imerys Talc. Read the court decision
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Reprinted courtesy of Amy E. Vulpio, White and Williams LLP
Ms. Vulpio may be contacted at vulpioa@whiteandwilliams.com

Andrea DeField Recognized In 2024 List of Influential Business Women By South Florida Business Journal

February 19, 2024 — Hunton Insurance Recovery Blog
We are pleased to announce that Hunton Andrews Kurth LLP insurance coverage partner Andrea DeField was named to the South Florida Business Journal’s 2024 list of Influential Business Women. The award celebrates 25 women who have a strong record of leadership, performance and innovation in their industry, as well as meaningful community involvement. This distinction is well-deserved given Andi’s leadership in the cyber insurance space, contribution to the firm’s pro bono efforts, and longstanding record of community involvement in South Florida. Andi and the other honorees will be featured in the March 15 special issue of the South Florida Business Journal introducing the Influential Business Women of 2024. Congratulations Andi! Read the court decision
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Reprinted courtesy of Hunton Andrews Kurth LLP

Flood Insurance Claim Filed in State Court Properly Dismissed

October 28, 2015 — Tred R. Eyerly – Insurance Law Hawaii
The insureds' claim for flood coverage filed in state court was properly dismissed by the trial court. Rodriguez-Roble v. Am. Nat'l Prop. & Cas. Co., 2015 La. App LEXIS 1810 (La. Ct. App. Sept. 23, 2015). The insureds' home was damaged by wind, rain and flood water during Hurricane Isac. The insureds provided to American National what they contended was satisfactory proof of their claim. American National failed to make any offers to resolve the claim. The insureds sued in state court, seeking damages under the policy and penalties for American National's alleged bad faith in failing to settle or pay the claim. American National moved to dismiss, arguing that the state court did not have subject matter jurisdiction. American National further argued that under the National Flood Insurance Program, the federal courts had exclusive jurisdiction over the denial and adjustment of flood insurance claims. The trial court agreed that the flood insurance policy was governed by federal law. Read the court decision
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Reprinted courtesy of Tred R. Eyerly, Insurance Law Hawaii
Mr. Eyerly may be contacted at te@hawaiilawyer.com

Irene May Benefit Construction Industry

September 01, 2011 — CDJ STAFF

Noting that while it wasn’t the $15 billion disaster some predicted, Hurricane Irene still caused quite a bit of damage on its path up the Eastern Seaboard. Martha White, reporting for MSNBC cites Kinetc Analysis Corp. with an estimate of $7 billion in damage. Carl Van Horn, a professor of public policy at Rutgers University expected an initial decline in construction jobs, due to projects delayed due to the storm’s arrival, but he said, “a few weeks later, employment picks up as people rebuild.”

Kinetic says that one unknown is how much of the damage is insured. They expect only $3 billion of damage will be covered by insurance. This would likely put a drag on consumer spending, as homeowners would have to dig into their own pockets to pay for repairs, according to Karl Smith, associate professor of economics and government at the University of North Carolina at Chapel Hill.

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Changes to Comprehensive Insurance Disclosure Act in New York Introduced

February 07, 2022 — Craig Rokuson & Lisa M. Rolle - Traub Lieberman Insurance Law Blog
As discussed in our post on Friday, January 7, 2022, Governor Kathy Hochul signed into law the Comprehensive Insurance Disclosure Act, mandating comprehensive, automatic disclosures regarding insurance in all cases pending in New York courts. Although the law was signed as written, Governor Hochul also made proposed amendments to the law, in the form of a “redline” in an attempt to make the law less onerous on insurance companies and businesses. On January 18, 2022, Senator Andrew Gounardes introduced Senate Bill 7882, incorporating Governor Hochul’s proposed amendments:

The time for disclosure would be 90 days of service of the answer, instead of 60.
The proof of insurance could constitute a declaration page only, if a party agrees in writing.
The required policies to be disclosed only relate to the claim litigated.

Reprinted courtesy of Craig Rokuson, Traub Lieberman and Lisa M. Rolle, Traub Lieberman Mr. Rokuson may be contacted at crokuson@tlsslaw.com Ms. Rolle may be contacted at lrolle@tlsslaw.com Read the court decision
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