Managing Bankruptcy Receivership: Insurance for Law Firm
When a prominent Indiana law firm was evaluating a request to administer bankruptcy receivership for a large ethanol refinery, they contacted Hylant. The law firm recognized that there were some significant risks associated with environmental exposures at the site. The largest exposure: millions of gallons of regulated acidic waste that would require continued storage until proper disposal could be arranged and managed. The initial inquiry was for an insurance product that would protect the refinery in the event of a release of waste, both on-site and during transport/disposal. They also needed an immediate response on cost and coverage to evaluate and present to the bankruptcy court for approval. Hylant provided a preliminary quote within 24 hours and delivered a formal indication within three days. Highlights included coverage for pollution releases on site, transported cargo, and non-owned disposal sites (facilities that will be receiving the waste).
The law firm contacted Hylant again several days later when they discovered a need for property and liability insurance to protect the creditor's assets at the site. Hylant's Indianapolis office led a seamless transition, negotiating terms and conditions that mirrored the prior insurance coverage provided through the plant's parent organization. The result was the elimination of gaps in coverage as well as protection for the receiver and creditors.
Environmental Case Studies
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