Insurance Assignment

Victor operates a restaurant called Vital Vittles out of a building he owns.Late one January night two water pipes in the building freeze.

Victor operates a restaurant called Vital Vittles out of a building he owns.Late one January night two water pipes in the building freeze.If the individual dies, the business cannot survive unless it is sold to someone else.

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I’ve been a trial lawyer for over 30 years, and I think I need to point out that corporate/transactional lawyers aren’t real lawyers.

If you haven’t been on the receiving end of an evidence ruling that makes you wonder whether the judge attended law school in a Winnebago, then I’m sorry, you may be a “practitioner,” but you’re not a real lawyer.

If a policy prohibits assignment, and the insurance company does not consent to assignment of the policy…it’s a no go for the policyholder.

These prohibitions do not apply to were freely assignable by the Seller, to the extent the policies were ‘occurrence policies.’ Those policies insure ‘the occurrence itself,’ and provide coverage ‘once the occurrence takes place…even though the claim on may not been made for some time thereafter.’” (Emphasis mine; citations omitted.) The key is whether, by virtue of the assignment, the risk to the carrier increased.

The case involved certain insurance companies’ refusal to provide coverage for the cleanup of a contaminated property that Haskell had acquired in an asset sale approved by the bankruptcy court.

The carriers argued “no pay,” in part because (according to them) any assignment was invalid since Haskell did not obtain the consent of the insurance companies beforehand.

For instance, if a policy includes business auto, general liability, and commercial property coverages, the anti-assignment clause applies to all three coverages.

The anti-assignment clause prohibits the named insured from transferring any of its rights or obligations under the policy to someone else without the insurer's permission.

Most business insurance policies contain a so-called anti-assignment clause.

This clause prohibits policyholders from transferring any of their rights under the policy to someone else.