Vedder Thinking | News Edward K. Gross Comments on Vreeland in Corporate Jet Investor
Edward K. Gross, Shareholder and member of the firm’s Global Transportation Finance team, was quoted today in the Corporate Jet Investor article “Vreeland Case Reminds Financiers of Importance of Insurance as Supreme Court Rejects Appeal.”
The article focuses on Vreeland v. Ferrer, a controversial Florida Supreme Court ruling in which a federal safe harbor for passive lessors was deemed not to pre-empt a state vicarious liability statute when applied to the facts of that case. The U.S. Supreme Court recently declined a request to review the ruling.
“The takeaways from Vreeland,” said Mr. Gross in the article, “are to be certain that the indemnity and insurance provisions in your financing documents adequately address the scope of the liability risks to the financing party; and don’t rely on this (almost) safe harbor."
"Vreeland Case Reminds Financiers of Importance of Insurance as Supreme Court Rejects Appeal” was posted on Corporate Jet Investor ’s website on March 1, 2012.