Insurers, Beware Of Unnamed 3rd Parties' Hidden Rights
October 8, 2013, 1:08 PM EDT
Law360, New York (October 8, 2013, 1:08 PM EDT) -- Generally, the language of an insurance policy governs the rights to any proceeds thereunder. However, many courts recognize a number of different theories that may allow third parties not specifically named as insureds in the policy to claim a right to the proceeds or even file suit for breach of contract. These theories include the equitable insured theory, the intended third-party beneficiary theory and the implied third-party beneficiary theory.
This article provides a general overview of these different avenues through which an unnamed third party may attempt...