Focus (Forum & Focus)
Aug. 28, 2007
Balance of Payments
Focus Column - By Kirk Pasich - Do insurance carries have to pay for settlements that their insured don't foot the bill for? What about when the insured gives up something of value that isn't money? Ask an insurance carrier and a judge and you'll get two very different answers.
By Kirk Pasich
Most liability insurance policies typically obligate insurance carriers to pay amounts that their insureds are legally obligated to pay as "damages" or "loss" because of suits or claims against them that are covered by the policies. These policies typically obligate the insurance carriers to defend their insureds, or pay or advance defense costs on behalf of their insureds.
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