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Insurer consent is required for coverage to transfer in acquisition: California court.(News)(decision in Henkel Corp. vs Hartford Accident & Indemnity Co. )
Business Insurance, February, 2003 by Ceniceros, Roberto
Byline: ROBERTO CENICEROS SAN FRANCISCO-To transfer insurance coverage in a merger or acquisition may require insurer consent and does not automatically occur in the exchange of assets and liabilities, California's Supreme Court has ruled. The Feb. 3 decision in Henkel Corp. vs. Hartford Accident & Indemnity Co.
et al. settles a coverage dispute over several commercial general liability policies arising from the acquisition of one company's product line by another corporation. Mergers and acquisitions increasingly have led to coverage disputes involving coverage transferability and the introduction of contract clauses that state a policy's benefits cannot be assigned without insurer consent, said John C. Yang, a partner at Wiley, Rein & Fielding in...
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