The court here ruled on several motions to eliminate various claims and defenses. After initially denying coverage, National Union agreed to defend Burns & Scalo under a reservation of rights. CMCO sought leave to file an expedited motion seeking to compel Liberty Mutual to pay 100 percent of CMCO’s defense costs in the underlying lawsuits based on the New York Court… Indian Head acquired a gasket manufacturing company that had for some time produced gaskets containing asbestos and continued to manufacture and sell such gaskets for five years after the acquisition.
Shortly after acquiring the manufacturing company, Indian Head purchased three consecutive liability insurance policies from Continental Casualty Company.
For example, Oregon has removed premium taxes from captives, instead charging a ,000 annual fee..
Captive insurance is an alternative to self-insurance in which a parent group or groups create a licensed insurance company to provide coverage for itself.
The main purpose of doing so is to avoid using traditional commercial insurance companies, which have volatile pricing, and may not meet the specific needs of the company.
The onshore regulatory burden and the cost of operating either a U.
S.-based or Lloyd's-based captive in the early 1960s drove Reiss to seek out a jurisdiction that would allow his captive concept to flourish.
Later, Indian Head was sued in thousands of lawsuits for asbestos-related injuries.