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News

Reconstructing Lost Policies a Worthwhile Task, Experts Say

Law360 Insurance Authority / Hope Patti

  • July 24, 2023

Lost or missing insurance policies can present an issue for policyholders facing suits over long-tail claims, such as those concerning exposure to asbestos or "forever chemicals," but locating and evaluating coverage under such policies is a worthwhile challenge, experts said during a webinar Tuesday.

During the webinar presented by Strafford Publications Inc., experts discussed the steps policyholders should take when reconstructing coverage under decades-old policies.

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Anderson Kill PC shareholder Diana S. Gliedman said that in many cases, policyholders are the ones to initiate declaratory judgment actions against insurers and bear the initial burden of proving the existence and terms of a lost or missing policy.

... "When a bad faith claim is raised and the insurance company or the claims handler finds themselves in the position where they may be on the hook for more than the policy limits, that can often be a bridge to settlement or resolution of the claim," Gliedman said.

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To read this full article, click here (subscription required).

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