Asbestos-related claims overwhelmed the company, and the Plan of Reorganization that was confirmed in the bankruptcy proceedings essentially directs the Trustee to administer the company’s remaining assets to pay asbestos-related claims.
CFB’s remaining assets included several insurance policies. Vanderbilt Company, Inc., which formerly manufactured and sold industrial talc that purportedly contained asbestos, brought this action seeking, inter alia, a declaratory judgment to determine its rights and obligations, and those of approximately thirty defendant insurance companies, as to the costs of defending and indemnifying the plaintiff in thousands of underlying lawsuits brought against it in the past several decades that alleged personal injuries resulting from exposure to asbestos.
A captive insurance company can also insure a group of diverse companies; this is called a heterogeneous captive. The captive's primary jurisdiction is known as its domicile.
The captives are then regulated by local insurance authority agencies, which require that captives have enough money to pay claims as well as maintain a minimum surplus.
Later, Indian Head was sued in thousands of lawsuits for asbestos-related injuries.
The Continental policies had an exclusion precluding coverage for any liability assumed “under any contract or agreement” except for an “incidental contract,” defined as a…
The court here ruled on several motions to eliminate various claims and defenses. After initially denying coverage, National Union agreed to defend Burns & Scalo under a reservation of rights. CMCO sought leave to file an expedited motion seeking to compel Liberty Mutual to pay 100 percent of CMCO’s defense costs in the underlying lawsuits based on the New York Court… Indian Head acquired a gasket manufacturing company that had for some time produced gaskets containing asbestos and continued to manufacture and sell such gaskets for five years after the acquisition.
Shortly after acquiring the manufacturing company, Indian Head purchased three consecutive liability insurance policies from Continental Casualty Company.
For example, Oregon has removed premium taxes from captives, instead charging a ,000 annual fee..
In past years, Anguilla was a fast growing offshore domicile which ended in 2013.
The onshore regulatory burden and the cost of operating either a U.