Insurance Issues & Litigation

Insurance transfers and allocates risks from the person taking the policy or "the insured" to the insurance company or "insurer." An insurance policy is a special agreement between the insurer and the insured. To be enforceable, the insurance policy must meet all of the usual requirements of a contract and, in addition, the insured must have an "insurable interest" in the subject matter being insured, such as property, life, and health. Businesses usually carry basic property insurance and commercial liability policies. But, they may also carry fidelity insurance, business interruption insurance, and directors and officers’ liability insurance. The core element of every insurance policy is the kind of loss covered, if any, and the liability of the insurer to pay, if any.