Resolving Insurers’ and Insureds’ Settlement Dilemmas When Policy Limits Are Insufficient: Multiple Insured and Multiple Claims
Outline
- Multiple claimants and insufficient policy limits
- First come, first served
- Settle as many as possible
- Settle based on the severity of the injury
- Prorate proceeds based on some formula
- Multiple insureds and insufficient funds to release all
- “Majority” view
- “Minority” view
- Interpleader
- Impact on the excess carrier