STORY FROM: Reinsurance & Arbitration
Superstorm Sandy Reinsurance Arbitration Belongs in New York, Not London, 2nd Cir. Affirms
November 17, 2016
NEW YORK — A reinsurance dispute involving an underlying Superstorm Sandy property damage claim must be arbitrated in New York rather than London because the Swiss reinsurer is not bound by an endorsement requiring arbitration in London, a federal appeals court has affirmed.
On Nov. 16, the 2nd Circuit U.S. Court of Appeals concluded that the endorsement clearly applies to only reinsurers headquartered in the United Kingdom or Bermuda.
Metropolitan Transportation Authority obtained insurance coverage from its captive insurer, First Mutual Transportation Co. (FMTAC), for a policy period of May 1, 2012, to May 1, 2013. In turn, FMTAC procured ...
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