California High Court Reverses, Says Vertical Exhaustion Applies To Policies

Mealey's (June 19, 2024, 2:38 PM EDT) --  XE "Asbestos" SAN FRANCISCO — The California Supreme Court reversed an appeals court’s ruling in a long-running asbestos insurance coverage dispute after determining that a vertical exhaustion method, rather than a horizontal exhaustion method, must be applied to excess policies that sit over an insured’s primary policies because the language of the excess policies and the insured’s reasonable expectations support a vertical exhaustion method....

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