Commuted Primary/Excess Coverage for 85% of Limits for Major Asbestos Defendantshoke2013
Hoke LLC successfully commuted all remaining primary and excess coverage for a major asbestos defendant (except for just one excess policy) without resort to coverage litigation. The policyholder recovered as much as 110% of stated limits for certain coverage. The overall blended recovery was approximately 85% of limits. None of the funds were contingent on future loss experience, and the large majority of the cash was paid immediately and without restrictions. Certain of the funds were used to create a trust to pay future asbestos claims and related attorneys fees.