Many people may not know what reserves are. The reserve is money earmarked for the eventual claim payment. The claims reserve funds are set aside . . .
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Reserves
Reinsurance Discoverable – Dynamite Discovery Decisions, Part 5
By Merlin Law Group on
Posted in Insurance
In the Olin Corp. case,1 one of Olin Corporation’s (“Olin”) three carriers admitted only a small amount of liability and the other two delayed making a coverage decision. So, Olin filed suit in federal court against all three, seeking entry of a declaratory judgment that it was entitled to coverage.
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Keeping Them Honest About Reinsurance and Reserves – Understanding Business Interruption Claims
Posted on
Posted in Commercial Insurance Claims
Insurance coverage litigation is a grueling race and winners are usually measured by their stamina and endurance through the discovery process. Courts are reluctant to get involved in discovery disputes, but they are intolerant to parties who try to smokescreen the truth. Reinsurance and underwriting documents are typical battlefields in the fight for information. Insurers closely guard this information, but courts do not protect reinsurance and underwriting information if fraud and misrepresentation defenses are at issue in the coverage litigation.
Reserves Are Important in Insurance Coverage and Bad Faith Claim Disputes
Most of you are familiar with the concept of reserves. How many of you are familiar with the role of reserves in a bad faith case? Is this type of information even discoverable? Although it might not sound terribly significant, it is an important factor that should be evaluated and which many attorneys may overlook.
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