"What Does it Mean to 'Exhaust' an Underlying Layer of Insurance? (Updated)"

[Editor's note: Mr. Hall is an attorney, a former law firm partner, a former insurance and reinsurance executive and acts as an insurance consultant as well as an arbitrator and mediator of insurance and reinsurance disputes and as an expert witness. He is a veteran of over120 arbitration panels and is certified as an arbitrator and umpire by ARIAS - US. This is an updated and expanded version of an article originally published in 2012. The views expressed in this article are those of the author and do not reflect the views of his clients. Copyright by the author 2013. …