$12M Claim Approval from Insolvent Insurer for One Excess Policyshoke2013
Hoke LLC succeeded, without litigation, in reaching a $12,000,000 claim settlement for asbestos/products liability losses on behalf of a Fortune 500 Company in a major insurance insolvency under one excess policy. The client was major agricultural equipment supplier that had significant long-tail products, asbestos and welding rod claims. After their claim in the insurance insolvency was originally denied, and within just a few months of having been hired, Hoke LLC restructured the claim, resubmitted it to the insolvent Estate, and successfully negotiated a substantial recovery all without resorting to litigation. In total, under the settlement, the client recovered as much as $12,000,000 from the insolvency for claims primarily dating before 2000.
In the settlement, the client preserved the right to seek additional funds from the single excess policy. The settlement was open-ended and allows the client to seek additional funds for future losses and certain earlier losses. This was the fourth highest policyholder recovery in the insolvency proceedings.