STORY FROM: Reinsurance & Arbitration
Century Says Travelers Breached Facultative Certificates by Failing to Back Billings With Documentation
June 9, 2016
HARTFORD, Conn. — Century Indemnity Co. asserts that it is not obligated to pay $6.2 million in reinsurance billings submitted by Travelers Casualty and Surety Co. because Travelers breached the reinsurance contracts by failing to provide documentation supporting the billings.
In a June 2 answer filed in the U.S. District Court for the District of Connecticut, Century further contends that Travelers’ claims are barred because it failed to provide a proof of loss with sufficient information to establish that payment was due and owing.
Travelers issued six excess policies to its policyholder, a manufacturer and distributor of industrial equipment. The ...
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