In most cases, the policyholder’s bottom line is the amount of the insurance recovery. As a result of Covington’s leading national practices in insurance litigation, arbitration and negotiation, Covington has assisted its policyholder clients in recovering more than $10 billion involving a vast array of liabilities. In fact, since January 1, 2000, we have assisted our clients in reaching more than 200 insurance settlements and other recoveries ranging from less than a million dollars to hundreds of millions.
This representative list of recoveries for Covington’s insurance clients speaks for itself:
- More than $1.5 billion in asbestos-related and other coverage for Owens Corning.
- More than $1.5 billion for Dow Corning's breast implant claims.
- More than $200 million in recoveries for railroad clients for FELA Claims.
- More than $600 million in recoveries for pharmaceutical product liability and related claims.
- More than $300 million in recoveries for first party property damage and business interruption claims arising from earthquakes, floods, 9/11, and many other causes for a number of clients, including companies in the financial, transportation, consumer products, sports, and utility sectors.
- More than $750 million for Armstrong's asbestos claims.
- More than $1.3 billion resulting from scores of recoveries for many other clients with asbestos exposures (in addition to those noted above).
- $780 million for Exxon Valdez claims.
- More than $100 million in other recoveries for medical supply and medical device clients (in addition to those noted above).
- More than $250 million in recoveries for a number of large utilities for environmental claims.
- More than $400 million in recoveries for several steel and mining companies’ environmental claims.
- More than $100 million in recoveries for the State of Minnesota under the precedent setting “Landfill Clean-up Act”.
- More than $400 million in other recoveries for environment claims across a broad range of industries (in addition to those noted above).
- More than $100 million in D&O recoveries for a variety of clients.
- More than $10 million in E&O and professional liability recoveries for clients in the software, IT, transportation and other sectors.
- More than $15 million in recoveries involving UK “solvent schemes of arrangement”.
- More than $40 million in coverage for employment practices including such liabilities as alleged discrimination, wrongful termination and harassment.
- More than $500 million for a wide variety of other recoveries not otherwise captured in any above category (including antitrust, unfair competition, financial bonds, construction defects, 401K, agent orange, fiber optic, false advertising, defective product, etc.).
- Scores of “agreed claims,” “established scheme liabilities” and other recoveries from insolvent insurers (both domestic and foreign).
- Many large recoveries from State Guaranty Funds.
- More than 50 settlements and other recoveries with Lloyds/Equitas and the solvent London Market, including many eight and nine figure settlements.
- Many settlements and other recoveries involving the Bermuda market.
- Scores of “coverage-in-place,” “interim funding agreements” and related agreements locking in billions in potential coverage to be used by our policyholder clients on an “as needed” basis.
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