Insurance Recovery Law: What 17th Century Piracy Teaches Us About Property Insurance
What does 17th century piracy teach us about property insurance? Lots. Although “Sue and Labor” clauses were first used in the 1600’s to deal with the loss of ships to pirates, that language is still in use today, and it is just as valuable now as it was back then. Here, we address a classic snow removal case in New York, where tens of millions of dollars in snow removal costs were covered, despite the fact that there was no damage to property.
Watch the video to learn how avoiding pirates relates to railroad switching equipment.