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(USGovernment-News.Com, August 17, 2012 ) San Francisco, CA - California’s Supreme Court has ruled that those with multiple medical insurance will now be able to collect separately from the insurers if major losses are incurred. According to the court’s verdict, the state and the businesses that are covered by liability policies from several insurers could claim independently from each of their coverage providing companies. This is a huge victory for companies operating within the state.
A very well known State lawyer clarified by saying the court’s ruling turned out to be a unanimous decision and it will require insurers to pay around $60 million as part of the Riverside County water pollution incident in California.
The new law is expected to workout in the State’s favor more often than not. The insurance companies will be required to pay more in situations like this. However, this could also force the insurers to burden the policy holders by offering them more costly premiums.
“It will make it easier to fund cleanup of hazardous waste sites and pay for (reimbursement) of those who suffer long-term injury,” Attorney Scott Simpson, explained.
He also added that the judgments will be eligible to cover for the liability in other cases that can harm society over longer periods of time such as in cases of the release of harmful gases.
Rene Siemens, the attorney for the manufacturers who supported the State’s arguments during the meeting, said the ruling “further cements California’s reputation as a paradise for policyholders.”
A lawyer representing insurance companies, however, believes that such a ruling could limit the benefits as such insurance plans generally do not include pollution coverage. Insurers could also stop their holders from using the same loss period for collection from other insurers.
Nonetheless, the insurance company costs will definitely rise in the upcoming months, the source further added.
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