Claimants took a default judgment against defendant's insured following insured's bankruptcy and settlement and release by the bankruptcy trustee of related claims, but a Court of the Northern District held that the claimants lacked standing to sue for coverage under insured's commercial general liability policy absent a valid assignment or a judgment by adversarial trial. And, in any event, the court found that coverage did not exist under the claims-made policy because it was not a "claim" first made during the policy.
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