Insurance Policy Reformation Definition
Plaintiffs seek reformation of an insurance policy to which they are not parties and which was executed between defendant liberty and nonparty best yet on the ground that the parties to the policy intended that best yet as lessor obtain insurance coverage for plaintiff jerusalem as lessee of the best yet premises in hicksville.
Insurance policy reformation definition. A remedy available to an insurer when an otherwise valid insurance policy does not as written fully or accurately express the agreement of the insurer and the insured because of fraud inequitable conduct or mutual mistake. The date on which an insurance policy or bond goes into effect and from which protection is furnished. New york courts will permit reformation of an insurance contract in two situations. Reformation of a contract is an equitable remedy.
When the policy fails to accurately express the parties intent in such instances a court may reform the policy to express the actual nature of the agreement between the parties. When the policy fails to accurately express the parties intent in such instances a court may reform the policy to express the actual nature of the agreement between the parties. If memory serves there was even a battle of law review articles sponsored by the insurance industry on one side and corporate policyholders on the other in which the dueling parties tried to out lewis carroll one another. Heise 1955 136 cal app 2d 689 695 696.
The second is when an insurance. In a nutshell contract reformation happens with the former contract is rewritten in a manner that reflects the true intentions of the parties more accurately. Reformation of a contract is an equi table remedy. Reformation of insurance policies due to mutual mistake.
Reformation was a creature of the latter designed to prevent one party from using a mistake in a written agreement against the other. Heise 1955 136 cal app 2d 689 695 696. In california and elsewhere the legal right to reformation originated over a century ago when we still had separate courts of law and equity. An insurance policy may be reformed where by reason of fraud inequitable conduct or mutual mistake the policy as written does not express the actual and real agreement of the par ties american sur.
Back in the 1980s when we were all fighting over the meaning of the sudden and accidental pollution exclusion it became fashionable for coverage lawyers to quote alice in wonderland. The first is when the writing as executed contains a mutual mistake of fact. An insurance policy may be reformed where by reason of fraud inequitable conduct or mutual mistake the policy as written does not express the actual and real agreement of the parties american sur.
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