Loren Kean Law

Loren Kean Law

Loren Kean Law

IMPORTANT INSURANCE ENDORSEMENT NEWS FOR GENERAL CONTRACTORS AND SUBCONTRACTORSKyle W. Ohlenschlaeger and Bruce E. Loren | May 16 2022

A relatively recent endorsement is becoming more and more prevalent in the construction industry, and given the large risks associated with it, we recommend that our clients make sure that it is not included as part of their policies. In addition, we strongly recommend that our clients make sure that their subcontractors are not carrying the endorsement on their policies, as it could result in the indemnity provisions in your subcontracts resulting in uninsured claims against subcontractors.

The endorsement at issue is called the “Contractual Liability Limitation” and generally appears as follows:

READ MORE

PRESERVING CLAIMS FOR MONEY AND TIMEKyle W. Ohlenschlaeger and Bruce E. Loren | Mar 30 2022

The risks to contractors and subcontractors on construction projects have increased exponentially in recent years, and we don’t see them slowing down with the rising costs of construction. Contractors are being forced to agree to extremely abbreviated project schedules and higher liquidated damages penalties than ever before. Combined with supply-chain disruptions and material shortages this can spell disaster for the unsuspecting contractor or subcontractor.

READ MORE

WHY FACTORS SHOULD CONTINUE DUE DILIGENCE ON THEIR CLIENT AFTER FILING THEIR FINANCING STATEMENTAllen J. Heffner and Bruce E. Loren | Mar 28 2022

One of a Factor’s main protections is its blanket security interest in all the Client’s assets, including the Client’s receivables. The security interest gives the Factor some level of protection that it will be able to be made whole in the event things go sideways. The security interest is most often provided for in standard language in the Factoring Agreement whereby the Client agrees to provide the Factor with a first priority security interest in the Client’s collateral. However, to be effective and have priority against other secured and unsecured creditors, the Factor must properly perfect its security interest. Assuming the Client has executed the Factoring Agreement (and the Factoring Agreement grants the Factor with a security interest in the Collateral), the Factor can “perfect” its security interest by filing a UCC-1 Financing Statement. This Financing Statement puts the world on notice of the Factor’s security interest and establishes the Factor’s priority with respect to the Collateral.

READ MORE

Best Practices to Protect Trade Secrets for Florida BusinessesJoshua B. Loren and Bruce E. Loren | Feb 14 2022

Many of us have read about concerning trends in foreign espionage targeting American businesses’ intellectual property, particularly out of China. In response, Florida recently enacted the Combating Corporate Espionage in Florida Act, which became effective October 1, 2021. While designed to better secure intellectual property from theft by agents of foreign governments, the law also creates important new considerations for employers who wish to protect their businesses’ trade secrets, or who wish to hire employees away from competitors.

READ MORE

Best Practices to Protect Trade Secrets for Florida BusinessesJoshua B. Loren and Bruce E. Loren | Feb 14 2022

Many of us have read about concerning trends in foreign espionage targeting American businesses’ intellectual property, particularly out of China. In response, Florida recently enacted the Combating Corporate Espionage in Florida Act, which became effective October 1, 2021. While designed to better secure intellectual property from theft by agents of foreign governments, the law also creates important new considerations for employers who wish to protect their businesses’ trade secrets, or who wish to hire employees away from competitors.

READ MORE

Best Practices to Protect Trade Secrets for Florida BusinessesJoshua B. Loren and Bruce E. Loren | Feb 14 2022

Many of us have read about concerning trends in foreign espionage targeting American businesses’ intellectual property, particularly out of China. In response, Florida recently enacted the Combating Corporate Espionage in Florida Act, which became effective October 1, 2021. While designed to better secure intellectual property from theft by agents of foreign governments, the law also creates important new considerations for employers who wish to protect their businesses’ trade secrets, or who wish to hire employees away from competitors.

READ MORE

HOW TO ENSURE YOUR NON-COMPETE AGREEMENT HAS THE BEST CHANCE OF ENFORCEMENTFrank Sardinha, III and Bruce E. Loren | Feb 10 2022

Many employers have non-compete agreements with their employees, especially employees who have the opportunity to develop close relationships with the Company’s customers, or who have benefitted from the Company’s training. More often than not, these types of agreements will not be enforced by a Court for various legal reasons, but mostly, just because Florida courts do not favor them, and will find a way to allow the employee to leave his employer and work for a competitor.

READ MORE