Lost Profits in Insurance Claims: Proving and Defending Damages in Business Interruption and Third-Party Claims

Leveraging Calculation Methodologies, Documentation and Expert Evidence

A live 90-minute CLE webinar with interactive Q&A


Wednesday, July 19, 2017
1:00pm-2:30pm EDT, 10:00am-11:30am PDT

Early Registration Discount Deadline, Friday, June 30, 2017


This CLE webinar will prepare insurance litigators to understand how financial experts quantify lost profits in terms of the framework, bases and aspects of lost profits damages calculations both under first-party business interruption policies and third-party liability claims. The program will explain how to use this approach to prove or defend against a lost profits damages claim.

Description

The battle over lost profits damages in litigation is contentious and often involves significant damages awards. In the duel over lost profits damages, both sides introduce experts to analyze and present complex financial documentation.

In first-party insurance claims, lost profits are recoverable under business interruption policies during a “period of restoration” or “period of recovery.” However, defining or measuring the period of indemnity is not always straightforward and is often the subject of dispute and litigation.

In third-party claims, the plaintiff’s experts must put forth damages studies that are credible and able to withstand battering from the opposition. The policyholder/defendant must then determine how best to counter the plaintiff’s damages claim. This is a difficult balancing act between defending against liability and discrediting the plaintiff’s numbers as presented through a defense expert.

Listen as our panel of insurance litigators discusses the framework, bases and aspects of lost profits damages calculations in both first-party business interruption and third-party liability claims, and how to prove or defend against lost profits damages.

Outline

  1. First-party business interruption claims
    1. Period of restoration—when it begins, ends, actual vs. theoretical time
    2. Building, ordinance or law
    3. Actual post-loss market conditions
  2. Third-party liability claims
    1. Framework for lost profits damages
    2. Evidence/documentation
    3. Quantification of lost profits damages
    4. Presentation of lost profits damages
    5. Defending against lost profits damages

Benefits

The panel will review these and other key issues:

  • How will the specific policy language impact the appropriate “period of restoration” and the suitable location of the insured’s business?
  • What evidence and documentation are necessary to prove and defend lost profits damages claims?
  • What methodologies can be used to establish lost profits damages?

Faculty

David B. Connelly, CPA, JD, Vice President
Freeman & Mills, Los Angeles

Mr. Connelly is a CPA and attorney with more than 30 years of collective financial investigation, audit and legal experience. For the past 20 years, he specialized in complex forensic financial investigations and damages analysis, and his combined accounting and legal expertise provides him with a cohesive perspective of financial litigation issues, and a particular insight into effective forensic investigation methodologies and contract accounting matters. His litigation engagements covered a wide variety of areas, including fraud, misappropriation, breach of contract and fiduciary duty, corporate and partnership disputes, intellectual property, accountings pursuant to contract, earn-out and other post-acquisition provisions, insurance claims, contingent participation interests in film and television, royalties, professional malpractice, antitrust, bankruptcy, international trade, taxation, due diligence, white collar crime, and other business matters.

Richard C. Ambrow
Troutman Sanders, Washington, D.C.

Mr. Ambrow’s practice includes insurance and defense litigation, as well as providing advice and counseling to insurance carriers. He published an article on business interruption claims, Insurers’ Biggest Headaches: Business Interruption Claims. Prior to joining the firm, he was a trial attorney in the U.S. Department of Justice where he handled all aspects of litigation and successfully tried multiple matters.

David A. Shaneyfelt, Esq.
The Alvarez Firm, Calabasas, Calif.

Mr. Shaneyfelt has nearly 30 years of experience in litigation complex civil matters in state and federal courts across the country. A former Shareholder with Anderson Kill, Mr. Shaneyfelt has represented numerous private and public entities in coverage disputes against insurance companies and joint powers agencies. His representative matters include the recovery policy benefits for employment class actions, D&O liability, and professional malpractice, among others. Mr. Shaneyfelt is a frequent author and lecturer on insurance law topics.


Live Webinar

Live Webinar $247.00

Includes Early Discount Savings of $50.00 (through 06/30/17)

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This webinar is eligible for at least 1.5 general CLE credits.

CLE credits are not available for PR.

*In KS, OH, PA, for more than 1 attendee on the connection you must contact Strafford CLE via email or call 1-800-926-7926 ext. 35 prior to the program for special instructions.


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*Only available for attorneys admitted for more than two years. For OH CLE credits, only programs recorded within the current calendar year are eligible - contact the CLE department for verification.

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Webinar

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June 30, 2017
(5 days)

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Customer Reviews

Very convenient, quick and thorough, with no wasted time.

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Kopka Pinkus Dolin Eads

First rate program. I have been practicing for over 25 years and this was the most instructive seminar I've attended in several years.

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Univ. of Pennsylvania (not Penn State)

The presentation and handouts were very informative. And it allowed me to attend a CLE without leaving the office.

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Horton Maddox & Anderson

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Webb & Carey

or call 1-800-926-7926

Insurance Law Advisory Board

John Broghammer

Partner

Greve Clifford Wengel & Paras

Tred Eyerly

Director

Damon Key Leong Kupchak Hastert

John D. Green

Partner

Farella Braun + Martel

Alan P. Jacobus

Proprietor

Law Offices of Alan Palmer Jacobus

William E. Kelley, Jr.

Partner

Drewry Simmons Vornehm

William O. Krekstein

Partner

Timoney Knox

Jay M. Levin

Principal and Chair of the Insurance Recovery Practice

Offit Kurman

Peter J. Mintzer

Partner

Selman Breitman

Barry S. Neuman

Partner

Whiteford Taylor Preston

Andrew G. Wanger

Partner

Clyde & Co.

Britton D. Weimer

Partner

Weimer & Weeding

Sandra I. Weishart

Partner

Hinshaw & Culbertson

or call 1-800-926-7926

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