In the last article we wrote for Corporate Counsel, insured companies learned how to navigate issues that arise when their liability insurers agree to defend claims under a reservation of rights to deny coverage later. Issues relating to the retention of panel counsel, the reasonableness of defense costs, litigation management guidelines and requests for refunds of defense costs from insurers were highlighted.
In this article we will discuss additional issues that may create unexpected financial exposure for policyholders, and suggest ways to get the most out of the defense costs coverage your insurance provides. Specifically, we’ll talk about obtaining coverage for defense costs incurred before notice is sent to the insurer, and avoiding liability for settlements when the policy contains a “hammer” clause.
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