Is Your Insurance Policy’s Limitations Clause Enforceable?
November 18, 2013, 12:21 PM EST
Law360, New York (November 18, 2013, 12:21 PM EST) -- Any insured considering filing suit against its insurer must be aware of potential filing deadlines under the applicable statutes of limitations. The failure to file suit within the applicable deadlines could preclude the insured from being able to pursue its claims. Therefore, at the onset of any dispute with its insurer, an insured must determine what limitations periods apply to each of its potential claims.
Each state has a statutory limitations period for breach of contract claims. These periods vary significantly between the states — ranging...