UPDATE: Governor Nikki Haley signed S.431, “the Crossman Bill,” into law on Tuesday, May 17. The new law is meant to take away the ability of the South Carolina Supreme Court now, and insurers in the future, to read a fortuity requirement into the definition of occurrence in the 1986 CLG policy form.

The South Carolina General Assembly this week gave final approval to legislation that reverses the South Carolina Supreme Court decision in Crossman Communities v. Harleysville Insurance. The decision effectively rendered useless most Home Builders’ general liability insurance policies.

Governor Nikki Haley took an active role in brokering a compromise between the insurance and construction industries.

The legislation now heads to the Governor’s desk for her signature.

You can read more about the legislation at GSA Business by clicking here.