Liability Insurance Posts
The following entry is excerpted from the Reporters’ Notes, Black Letter and Comment from Proposed Final Draft No. 2 of Section 5. Waiver.
Weeks away from the American Law Institute’s annual meeting in Washington D.C., where the group’s controversial Restatement of the Law of Liability Insurance will once again be up for approval, a representative from the group recently said the ALI is trying to “stay in our lane.”
Since the 2017 Annual Meeting, many changes have been made to the Liability Insurance project draft. Sections 3 and 4, The Plain-Meaning Rule and Ambiguous Terms, have both been significantly revised to reflect the decision to adopt a plain meaning rule.
In the video below, Liability Insurance project Reporter Kyle Logue discusses Long Tail Claims, and the issues surrounding them. Included below the video is the Black Letter and Comment from the 2018 Annual Meeting draft.
This feature takes a detailed look at the life of an ALI project, examining the process through the lens of the Liability Insurance Restatement.
Insurance coverage is premised on the concept of fortuity – a loss that occurs by chance or accident. When an insurance company issues a policy, it insures against a risk of possible loss, not a certainty. Insurance carriers do not intend to provide coverage for a loss that has already occurred, is in progress, or is substantially certain to occur. Yet, situations will arise where policyholders attempt to obtain insurance coverage for a loss that has already occurred.
Project Reporter Kyle D. Logue discusses Long Tail Claims.
At its meeting in Philadelphia on January 18 and 19, the Council reviewed drafts for several projects, with the following outcomes:
Here are some recent and upcoming events featuring topics that may be of interest to our readers.
When last we addressed the American Law Institute’s (ALI) proposed Restatement, Law of Liability Insurance, we reported that the organization decided at its May annual meeting to table final consideration of the document until 2018.