STORY FROM: Reinsurance & Arbitration
Clearwater Must Pay Utica $941,433 in Prejudgment Interest, New York Federal Judge Rules
July 19, 2016
ALBANY, N.Y. — Utica Insurance Co. is entitled to $941,433 in prejudgment interest from Clearwater Insurance Co., a New York federal judge has ruled in a dispute over reinsurance billings for an underlying settlement of asbestos losses borne by Goulds Pumps Inc.
On July 14, Judge Gary Sharpe of the U.S. District Court for the Northern District of New York awarded the interest “upon all of the damages from a single reasonable intermediate date.”
Between 1978 and 1982, Utica issued four one-year umbrella liability policies to Goulds that were in effect from Jan. 1, 1978, to Jan. 1, 1982. ...
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