The basic principle of insurance coverage is fortuity—a loss that occurs by chance or accident. In effect, insurance coverage is a contractual relationship between insurer and insured in which the parties “wager against the occurrence or non-occurrence of a specified event.” When an insurance company issues a policy, it … See more Under the known loss doctrine, an insured “may not obtain insurance to cover a loss that is known before the policy takes effect.” Courts have recognized three … See more Some courts have held that the known loss defense should be limited to only those situations where a loss has actually occurred,while other courts have … See more Courts have also disagreed as to what level of knowledge is required on the part of the insured. A number of courts have required actual knowledge of the … See more Following the Supreme Court of California’s decision in Montrose Chemical Corp. of California v. Admiral Insurance Co., the standard CGL policy was revised … See more WebDec 29, 2011 · The insurer argued that the known loss doctrine precluded coverage because the insureds continued operations when they knew or should have known prior to the inception of the Policy period that ...
Known Claim Exclusion Trumps Common-Law Known …
WebThe known-loss doctrine is a principle in insurance that denies coverage when the insured is aware, before the policy takes effect, that a specific loss has already occurred or is highly … super mario odyssey festival song
Montrose Endorsement—Shining A Light On the "Known Loss" …
WebApr 22, 2015 · “Simply put, “the known loss doctrine” states that one may not obtain insurance for a loss that has already taken place.” In General Housewares Corp ., the Court of Appeals declared that the doctrine applied where an insured had “actual knowledge that a loss has occurred, is occurring, or is substantially certain to occur on or before ... WebOct 5, 2014 · By contrast, in Montrose Chemical Corp. v. Admiral Ins. Co., 913 P.2d 878 (Cal. 1995), which also involved a chemical company's potential CERCLA liability, the California Supreme Court applied its version of the Known Loss Doctrine (the "loss-in-progress" rule) to find for the policyholder. Prior to the policy period, the policyholder received ... WebFeb 20, 2024 · The known loss doctrine focuses on the insured’s knowledge of a loss prior to the policy inception date, and not whether the insured failed to disclose information … super mario odyssey fan games