Law360, New York (March 15, 2017, 11:58 AM EDT) -- On Feb. 1, 2017, the New Jersey Supreme Court ruled in Givaudan Fragrances Corporation v. Aetna Casualty and Surety Company that anti-assignment clauses in insurance policies are void as applied to an insured’s assignment of its right to coverage for claims relating to losses that have already occurred. Givaudan represents a big win for insureds, as it confirms that post-loss claims have value and may be transferred, like any other chose in action, to third parties, who may have greater incentives and abilities to endure the protracted claims-adjustment process and to prosecute insurance claims.
The Policies and the Claims
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