An underground flood?
Article Abstract:
The Apr 13, 1992, Chicago River flood that shut down Chicago, Il's, financial district will be treated as an insured loss, despite insurance policy language and the circumstances surrounding the flood. The flood was caused by the failure of an underground tunnel that was connected to freight tunnels that channeled the water into the district. By legal and contractual definitions flooding did not occur at the site and insurers are not bound to honor contractual agreements. However, in this case influence from the media persuaded insurers to pay.
Publication Name: Best's Review Property-Casualty Insurance Edition
Subject: Insurance
ISSN: 0005-9714
Year: 1993
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Have courts redefined advertising liability?
Article Abstract:
Legal interpretation of advertising liability coverage has expanded what establishes advertising activity and changed the legal definition of what constitutes an advertising injury. Comprehensive general liability (CGL) policies for advertising are now written to define what offenses are insured rather than just restricting what is covered. The trend toward a more common definition of terms may also lead to an expanded definition of piracy of copyrights. Insurers underwriting CGL policies hope to avoid entanglements in infringement cases.
Publication Name: Best's Review Property-Casualty Insurance Edition
Subject: Insurance
ISSN: 0005-9714
Year: 1992
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Tracking product liability in corporate acquisitions
Article Abstract:
Companies that acquire other companies may be liable for lawsuits because of defective or harmful products made by the firm they have acquired. This is true for companies that are acquired through stock purchase, merger, consolidation or asset purchase for stock. However, if the firm was bought with cash, the owner does not assume the company's obligations. Generally, a company that dissolves after the transaction transfers no obligations onto any of its successors. Exceptions to this rule and precedent-setting court cases are discussed.
Publication Name: Best's Review Property-Casualty Insurance Edition
Subject: Insurance
ISSN: 0005-9714
Year: 1993
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- Abstracts: 1991 policyholders' surplus for leading property/casualty insurers. Property/casualty bond holdings
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