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Stub Policies: You Get What You Pay For ( January 2003 )
New Jersey's Appellate Division recently held that an insurance company, which accepts additional premiums to extend its policy's termination date for less than twelve months, must pay additional policy limits for claims triggering the extended "stub policy" period. The Court reasoned that "an insured who pays a prorated premium for insurance coverage for an additional period with all other terms of the policy to remain the same would reasonably expect that such a prorated premium reflects only the insurer's reduced time on the risk, not a reduction in the policy's aggregate coverage limits." -
Creative New Insurance Products LMU, REP & Warranty and Contingent Tax Insurance ( July 2001 )
In response to the insurance industry's recent profitability challenges and increased commitment to creative risk management techniques, many insurers are now offering three types of new insurance products that can provide significant benefits to a company. Each are briefly described in this article.
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