Ohio Appellate Court Applies Triggering-Event Theory of Occurrence, Annualization of Policy Limits in Asbestos Coverage Matter
The William Powell Company makes industrial valves. Some valves manufactured before 1987 contained asbestos. In 2001, Powell began receiving personal-injury claims emanating from asbestos exposures involving its products. Faced with potentially thousands of claims, Powell sought defense and indemnification under various insurance policies. At issue here were occurrence-based policies that were written by a predecessor …