By David A. O’Neill, JD, Director of Investigations, PolicyFind
A new law passed by the Oregon Legislature and signed into law by Governor Kitzhaber sets out a new statutory scheme relating to various insurance issues regarding environmental claims. Senate Bill 814, as enacted amends ORS 465.479 and ORS 465.480 to create new provisions regarding several important issues pertaining to the identification of lost general liability insurance policies, the rights of policyholders and insurers under these policies and the tendering of environmental damage claims. SB 814 applies not only to new environmental claims, but to existing and even past claims, as long as no final judgment was entered on the claim before June 10, 2013
Treble Damages
Senate Bill 814 gives policyholders the right to sue insurers for bad faith and collect triple the actual damages when insurers fail to quickly investigate or pay claims, wrongfully deny a claim or delay payments to policyholder attorneys or consultants.
Choice of Laws
The new Oregon statute clearly states that if the site of environmental damage is in Oregon state, Oregon insurance law pertains. Continue reading “OREGON ENVIRONMENTAL INSURANCE LAW CREATES BAD FAITH CLAIM; LIMITS OWNED PROPERTY EXCLUSION, MAKES POLICY RIGHTS ASSIGNABLE”