Also known as: insure · insures · insured · insuring · insurance · ensure
Written by attorneys · grounded in primary & secondary sources — see below
To enter into a contract by which one party agrees to compensate another for specified losses upon the occurrence of designated events in exchange for the payment of premiums. The contract creates an obligation to indemnify when the covered contingency materializes. Proceeds or coverage rights arising from the contract are allocated according to its terms and any applicable equitable or statutory rules.
Ian Iverson contracts to sell his warehouse to Ironwood Capital. Before closing a fire destroys the building. Under the majority rule the risk has already passed to the buyer at contract formation. Ian holds legal title only as trustee for Ironwood and any insurance proceeds are allocated to the buyer.
In a federal products-liability suit Imran Iyer sues Innovate Pharmaceuticals. Innovate must disclose under Rule 26 any policy under which an insurer may be liable to satisfy part of a judgment. The disclosure allows the plaintiff to evaluate the defendant's ability to pay.
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Ibrahim Iqbal is a partner at Interlink Communications. He implements written procedures requiring every associate to confirm that all fee agreements include required professional-liability insurance before signing. The measures give reasonable assurance that all lawyers will conform to the Rules of Professional Conduct.
Isla Ireland's will specifically devises her vacation home to her niece. After the will is executed but before death a storm damages the home and the insurer pays a claim. The niece receives the unpaid insurance proceeds that remain at Isla's death.
Ivan Ivanov obtains a large compensatory verdict against Inertia Dynamics. The jury also awards punitive damages. The court evaluates whether the insurer must cover the award under the three guideposts of reprehensibility, ratio to actual harm, and comparable penalties to determine whether the amount violates due process.
A plaintiff injured by a policyholder sues the liability insurer directly in federal court. The insurer is incorporated in Delaware with its principal place of business in New York. Under the direct-action proviso the insurer is also deemed a citizen of every state of which the insured is a citizen.
Under the majority rule risk passes at contract formation. The buyer therefore bears any loss and is entitled to insurance proceeds even though the seller still holds legal title.
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Yes. Rule 26(a)(1)(A)(iv) requires production of any insurance agreement under which an insurer may be liable to satisfy all or part of a possible judgment.
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A partner must make reasonable efforts to ensure the firm has measures that give reasonable assurance all lawyers will conform to the Rules of Professional Conduct, including any insurance requirements imposed by those rules.
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The specific devisee is entitled to any unpaid insurance proceeds remaining at death unless the will provides otherwise or failure of the devise would be inconsistent with the testator's intent.
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In a direct action against a liability insurer the insurer is deemed a citizen of every state of which the insured is a citizen in addition to its own state of incorporation and principal place of business.
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…the Does established that "personal stake in the outcome of the controversy," Baker v. Carr , 369 U. S. 186, 204 (1962), that insures that "the dispute sought to be adjudicated will be presented in an adversary context and in a form historically viewed as capable of judicial resolution," Flast v. Cohen , 392 U. S. 83,…