Perspective
Nov. 21, 2012
Breaking down liability insurance for transactional lawyers
A creative transactional lawyer can seek to structure a transaction in a manner that keeps liabilities and insurance interconnected. By Marc Maister, Michael Fehner, Brian Bark and Joshua Lee of Irell & Manella LLP
While insurance (the kind that pays money when a house burns down or a ship sinks) has been around since long before the formation of the United States of America, the concept of third-party liability insurance (where the insurer defends and indemnifies the insured from a claim by a third-party) is a much newer product. "To the 1872 Legislature, the idea of third party liability insurance was as alie...
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