Punishment For Who?

Topics:
Fiduciary Liability
Tags:
Business Operations,
Corporate Insurance,
Government,
Homeland Security,
Insurance,
Insurance Company,
Punitive Damage,
Terrorism
Source:
American Association of Insurance Services

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Overview: Directly or indirectly, insurers find themselves paying the bill for punitive damages. One could argue that the insurance industry lost its federal terrorism backstop over punitive damages. In the wake of the December terrorism setback, it is appropriate to assess how important control of punitive damages is to insurers. In light of the trend to make punitive damages insurable, AAIS has acted to reduce the exposure to its affiliates where possible. It has had a mandatory endorsement excluding coverage from personal lines policies since the 1980s. Therefore, the exclusion, available as an optional endorsement, states simply that the insurer does not pay for any “punitive, exemplary, or vindictive” damages.

(Is this item miscategorized? Does it need more tags? Let us know.)

Format: HTML | Date: Apr 2002 | Pages: 1

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