STORY FROM: Reinsurance & Arbitration
Cap Applies to Reinsurers’ Liability for Loss and Expenses Arising From Asbestos Settlement, N.Y. Judge Rules
September 14, 2016
UTICA, N.Y. — A New York judge has awarded the members of a reinsurance pool summary judgment on the issue of whether Utica Mutual Insurance Co. is entitled to loss and expenses beyond the stated coverage amount set forth in the reinsurance certificates.
On Aug. 15, Judge Samuel D. Hester of the Oneida County Supreme Court, following the 2nd Circuit’s ruling in Bellefonte and its progeny, concluded that a cap applies to the reinsurers’ liability for defense and expenses arising from an underlying asbestos settlement.
Utica Mutual Insurance Co. filed the instant action against the members of a pool that ...
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