I. Introduction

II. Early Cases

III. Equitable Subrogation … A. Duty of Primary to Excess Insurer Where Insureds Are Not Identical … B. Duties of Insured to Excess Insurer … C. Standards for Finding Bad Faith by Primary Insurer … D. Prejudicial Settlements by Primary Insurer … E. Recovery of Defense Costs

IV. The Guiding Principles for Primary and Excess Insurers

V. Conclusion