Saying other things are more important, FASB continues to dither on estimating contingent liabilities – see here and this brief but biting story with some great quotes at the end about FASB’s delays. The low priority assigned to contingent liabilities is especially hard to understand in this age of massive corporate bankruptcies by companies which failed to reserve

Suppose the following. You are the General Counsel of a company that’s been sued in a few hundred asbestos cases. You’ve timely notified all the primary insurers of the underlying claims, and some have paid defense expenses. But, assume also that a primary insurer known as Home has filed for the insurance equivalent of bankruptcy

An interesting post at the Adams Drafting blog points out various issues regarding the meaning of the word “occurrence” in commercial insurance policies. Billions and soon trillions of dollars will change hands based on the meaning given or found by court’s deciding insurance coverage cases for underlying toxic tort cases. The post includes