STORY FROM: Reinsurance & Arbitration
Federal Judge Confirms $6 Million Award Against Insurance Broker
October 1, 2008
NEW YORK - A New York federal judge confirmed a $6 million arbitration award rendered in favor of Hartford Fire Insurance Co. and against a Pennsylvania insurance brokerage firm, ruling that the award clearly outlines the liability, or lack thereof, of the firm's shareholders. Hartford Fire Insurance Co. v. The Evergreen Organization Inc., et al., No. 07-7977 (S.D. N.Y.).
In an order filed Sept. 2, Judge Richard J. Sullivan of the U.S. District Court for the Southern District of New York ruled that the award and the arbitrators' later clarification order unambiguously provide that none of the shareholders are liable ...