STJ » Topics » Our product liability insurers may refuse to cover certain losses on the grounds that such losses are outside the scope of our product liability insurance policies or may agree that such losses are covered losses, but may not be able to meet their current

This excerpt taken from the STJ 10-Q filed May 12, 2009.
Our product liability insurers may refuse to cover certain losses on the grounds that such losses are outside the scope of our product liability insurance policies or may agree that such losses are covered losses, but may not be able to meet their current or future payment obligations to us.

 

One of our product liability insurers has filed suits seeking court orders declaring that they are not required to provide coverage for some of the costs we have incurred or may incur in the future in the Silzone® litigation described above. This insurer, as well as other insurers from whom we have purchased product liability insurance, may deny coverage of these and other past and/or future losses relating to our products on the grounds that such losses are outside the scope of coverage of our insurance policies. To the extent that we suffer losses that are outside of the scope of coverage of our product liability insurance policies, those losses may have an adverse effect on our financial condition and results of operations.

 

Our remaining product liability insurance for Silzone® claims consists of a number of layers, each of which is covered by one or more insurance companies. Part of our final layer of insurance is covered by a unit of the Kemper Insurance Companies (Kemper), which is currently in “run off” and not issuing new policies or generating any new revenue that could be used to cover claims made under previously-issued policies such as ours. In the event that Kemper is unable to pay part or all of the claims directed to it, we believe that the other insurance carriers in Kemper’s layer will take the position that we will be directly liable for any claims and costs that Kemper is unable to pay and that the other insurance carriers in that layer will not provide coverage for Kemper’s portion. If Kemper or any other insurance companies are unable to meet their respective obligations to us, we could incur substantial losses which could have an adverse effect on our financial condition and results of operations.

 

These excerpts taken from the STJ 10-K filed Feb 27, 2009.

Our product liability insurers may refuse to cover certain losses on the grounds that such losses are outside the scope of our product liability insurance policies or may agree that such losses are covered losses, but may not be able to meet their current or future payment obligations to us.

One of our product liability insurers has filed suits seeking court orders declaring that they are not required to provide coverage for some of the costs we have incurred or may incur in the future in the Silzone® litigation described above. This insurer, as well as other insurers from whom we have purchased product liability insurance, may deny coverage of these and other past and/or future losses relating to our products on the grounds that such losses are outside the scope of coverage of our insurance policies. To the extent that we suffer losses that are outside of the scope of coverage of our product liability insurance policies, those losses may have an adverse effect on our financial condition and results of operations.

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Our remaining product liability insurance for Silzone® claims consists of a number of layers, each of which is covered by one or more insurance companies. Part of our final layer of insurance is covered by a unit of the Kemper Insurance Companies (Kemper), which is currently in “run off” and not issuing new policies or generating any new revenue that could be used to cover claims made under previously-issued policies such as ours. In the event that Kemper is unable to pay part or all of the claims directed to it, we believe that the other insurance carriers in Kemper’s layer will take the position that we will be directly liable for any claims and costs that Kemper is unable to pay and that the other insurance carriers in that layer will not provide coverage for Kemper’s portion. If Kemper or any other insurance companies are unable to meet their respective obligations to us, we could incur substantial losses which could have an adverse effect on our financial condition and results of operations.

Our product
liability insurers may refuse to cover certain losses on the grounds that such
losses are outside the scope of our product liability insurance policies or may
agree that such losses are covered losses, but may not be able to meet their
current or future payment obligations to us.



One of our
product liability insurers has filed suits seeking court orders declaring that
they are not required to provide coverage for some of the costs we have
incurred or may incur in the future in the Silzone® litigation described above.
This insurer, as well as other insurers from whom we have purchased product
liability insurance, may deny coverage of these and other past and/or future
losses relating to our products on the grounds that such losses are outside the
scope of coverage of our insurance policies. To the extent that we suffer
losses that are outside of the scope of coverage of our product liability
insurance policies, those losses may have an adverse effect on our financial
condition and results of operations.



16






Table of Contents



Our remaining
product liability insurance for Silzone® claims consists of a number of layers,
each of which is covered by one or more insurance companies. Part of our final
layer of insurance is covered by a unit of the Kemper Insurance Companies
(Kemper), which is currently in “run off” and not issuing new policies or
generating any new revenue that could be used to cover claims made under
previously-issued policies such as ours. In the event that Kemper is unable to
pay part or all of the claims directed to it, we believe that the other
insurance carriers in Kemper’s layer will take the position that we will be
directly liable for any claims and costs that Kemper is unable to pay and that
the other insurance carriers in that layer will not provide coverage for
Kemper’s portion. If Kemper or any other insurance companies are unable to meet
their respective obligations to us, we could incur substantial losses which
could have an adverse effect on our financial condition and results of
operations.



These excerpts taken from the STJ 10-K filed Feb 27, 2008.
Our product liability insurers may refuse to cover certain losses on the grounds that such losses are outside the scope of our product liability insurance policies or may agree that such losses are covered losses, but may not be able to meet their current or future payment obligations to us.

Certain of our insurers have filed suits seeking court orders declaring that they are not required to provide coverage for some of the costs we have incurred in the Silzone® litigation described above. These same insurers, as well as other insurers from whom we have purchased product liability insurance, may deny coverage of these and other past and/or future losses relating to our products on the grounds that such losses are outside the scope of coverage of our insurance policies. To the extent that we suffer losses that are outside of the scope of coverage of our product liability insurance policies, those losses may have an adverse effect on our financial condition and results of operations.

Our remaining product liability insurance for Silzone® claims consists of a number of layers, each of which is covered by one or more insurance companies. Part of our final layer of insurance is covered by a unit of the Kemper Insurance Companies (Kemper), which is currently in “run off” and not issuing new policies or generating any new revenue that could be used to cover claims made under previously-issued policies such as ours. In the event that Kemper is unable to pay part or all of the claims directed to it, we believe that the other insurance carriers in Kemper’s layer will take the position that we will be directly liable for any claims and costs that Kemper is unable to pay and that the other insurance carriers in that layer will not provide coverage for Kemper’s portion. If Kemper or any other insurance companies are unable to meet their respective obligations to us, we could incur substantial losses which could have an adverse effect on our financial condition and results of operations.

Our product liability insurers may refuse to cover certain losses on the grounds that such losses are outside the scope of our product liability insurance policies or may agree that such losses are covered losses, but may not be able to meet their current or future payment obligations to us.



Certain of our insurers have filed suits seeking court
orders declaring that they are not required to provide coverage for some of the costs we have incurred in the Silzone®
litigation described above. These same insurers, as well as other insurers from whom we have purchased product liability
insurance, may deny coverage of these and other past and/or future losses relating to our products on the grounds that such losses
are outside the scope of coverage of our insurance policies. To the extent that we suffer losses that are outside of the scope of
coverage of our product liability insurance policies, those losses may have an adverse effect on our financial condition and
results of operations.



Our remaining product liability insurance for Silzone® claims consists of a number of layers, each of which is covered by one or more insurance companies. Part of our final layer of insurance is covered by a unit of the Kemper Insurance Companies (Kemper), which is currently in “run off” and not issuing new policies or generating any new revenue that could be used to cover claims made under previously-issued policies such as ours. In the event that Kemper is unable to pay part or all of the claims directed to it, we believe that the other insurance carriers in Kemper’s layer will take the position that we will be directly liable for any claims and costs that Kemper is unable to pay and that the other insurance carriers in that layer will not provide coverage for Kemper’s portion. If Kemper or any other insurance companies are unable to meet their respective obligations to us, we could
incur substantial losses which could have an adverse effect on our financial condition and results of operations.



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