Oregon Statutes 465.481 – General liability insurance policies; assignment
(1) A general liability insurance policy that contains a provision that requires the consent of an insurance company before the rights under an insurance policy may be assigned may not prohibit the assignment without consent of an environmental claim for payment under the policy for losses or damages that commenced prior to the assignment. The assignment and any release or covenant given for the assignment may not extinguish the cause of action against the insurer unless the assignment specifically so provides.
Terms Used In Oregon Statutes 465.481
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(2) The provisions of this section apply without limitation to voluntary assignments, assignments made in settlement of an environmental claim against a policyholder, assignments made as a matter of law and assignments made in the course of a corporate insured reorganization, merger, acquisition or liquidation. [2013 c.350 § 2]
[1999 c.783 § 6; renumbered 465.485 in 2013]