A federal district court has ruled that a victim of the Madoff Ponzi scheme could not recover from her insurer the $3.375 million she paid to settle claims brought by the Madoff bankruptcy trustee, or the nearly $800,000 in attorney's fees she spent in litigation with the trustee.
At the heart of general liability insurance is coverage for a policyholder's liability for bodily injury and property damage caused by an occurrence. Since 1986, an occurrence has been defined in standard-form language as an accident, including continuous or repeated exposure to substantially the same general harmful conditions.
Maurice 'Hank' Greenberg admitted to participating and approving two fraudulent reinsurance deals as part of a settlement over a decade-old fraud lawsuit