STORY FROM: Reinsurance & Arbitration
N.Y. High Court Agrees to Provide Guidance in Case Involving Per Occurrence Liability Cap
January 12, 2017
NEW YORK — New York’s highest court has agreed to provide guidance in a dispute over whether a per occurrence liability cap in a reinsurance contract limits the total reinsurance available to the amount of the cap, regardless of whether the underlying policy covers expenses, such as defense costs.
On Dec. 8, the 2nd Circuit U.S. Court of Appeals certified to the New York Court of Appeals the question of whether its decision in Excess Insurance Co. v. Factory Mutual Insurance Co. (3 N.Y.3d 577 ) imposes “either a rule of construction, or a strong presumption, that a per occurrence ...
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