STORY FROM: Reinsurance & Arbitration
Endurance Disclaims Liability for Reinsurance Claim in N.Y. Federal Declaratory Judgment Action
January 4, 2017
NEW YORK — Endurance Assurance Corp. has asked a New York federal court to rule that it is not obligated to pay a reinsurance claim because the cedent breached the reinsurance agreement’s late notice provision by failing to notify Endurance of the claim until after an adverse appellate ruling was issued.
In a Dec. 27 complaint filed in the U.S. District Court for the Southern District of New York, Endurance further contends that the reinsurance claim is excluded from coverage.
Endurance issued Florist’s Mutual Insurance Co. and Florist’s Insurance Co. a casualty of loss reinsurance agreement, effective Jan. 1, 2008. ...
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