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Gaps in Coverage After <i>Farmers Mutual </i>
In two state supreme court decisions in the 1990s, New Jersey adopted a version of pro rata allocation in so-called “continuous trigger” cases. Carter-Wallace, Inc. v. Admiral Ins. Co., 712 A.2d 1116, 1123 (N.J. 1998); Owens-Illinois, Inc. v. United Ins. Co., 650 A.2d 974, 983 (N.J. 1994). Pro rata is one of two methodologies employed by courts in addressing the scope of coverage afforded by multiple triggered policies in cases involving loss over time such as asbestos, environmental contamination, or toxic torts, when there is no determination of the specific degree of harm that occurred in any one policy period.
In Owens-Illinois, the New Jersey Supreme Court rejected joint-and-several allocation, in which any triggered policy must respond to the entirety of the claim, instead adopting a form of pro rata allocation “related to both the time on the risk and the degree of risk assumed.” 650 A.2d at 995. This allocation approach was reaffirmed and elaborated upon in the subsequent Carter-Wallace decision. As noted by the Owens-Illinois court, a feature of pro rata allocation is that the policyholder is responsible for indemnity and defense costs during periods when it was uninsured or self-insured. 650 A.2d at 980 (citing Gulf Chem. & Metallurgical Corp. v. Associated Metals & Minerals Corp., 1 F.3d 365, 372 (5th Cir. 1993); Ins. Co. of N. Am. v. Forty-Eight Insulations, Inc., 633 F.2d 1212 (6th Cir. 1980), clarified, 657 F.2d 814 (6th Cir. 1981), cert. denied , 454 U.S. 1109 (1981); Fireman's Fund Ins. Cos. v. Ex-Cell-O Corp., 685 F. Supp. 621, 626 (E.D. Mich. 1987); N. States Power Co. v. Fid. & Cas. Co., 523 N.W.2d 657, 662 (Minn. 1994)).
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.