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When bankruptcy lawyers consider legal issues associated with how a debtor’s insurance assets are treated in a typical Chapter 11 reorganization (or even a Chapter 7 liquidation), they’re usually confronted with how to handle claims that might be covered by so-called “third-party” insurance policies. That is, in toxic tort cases (asbestos, medical device, other products liability matters), a debtor’s “general liability” insurance will provide coverage for claims against the debtor’s estate. In these cases, insurance policies are often placed into a reorganization trust for the benefit of creditors who are then left to fend for themselves against often recalcitrant insurance companies.

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