Insurer’s Guide to Insured Bankruptcy

Law360 (June 24, 2021, 5:10 p.m. EDT) – Bankruptcies on the rise following the COVID-19 pandemic, which will increase the likelihood that policyholders will file bankruptcy claims before, during or after a claim active. Although bankruptcy proceedings can be complex, there are a number of basic principles that can guide an insurance professional. Here are the answers to five common questions that arise most often.

What happens to the insured?

When filing for bankruptcy, the insured becomes the debtor. The deposit will likely either be a liquidation of the legally permitted assets of the insured, or a reorganization of an insured business or a …

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