Multiple Insureds With Insufficient Limits: The Law, Considerations, and Recommendations
Imagine an accident causing damages far in excess of the applicable insurance limit, where multiple insureds are exposed to the liability, and a claimant offers to release some - but not all insureds - in exchange for the payment of the policy limit. How should the claim handler respond? Surprisingly, most jurisdictions have no clear guidance on the question. Worse, the rules in those jurisdictions that have addressed the issue conflict. This program will address those rules, the policies underpinning them, and recommendations for handling the situation in jurisdictions that have yet to settle on an approach.
