STORY FROM: Reinsurance & Arbitration
Reinsurance Action to Go to Trial on Issues of Follow-The-Fortunes, Late Notice
March 1, 2017
UTICA, N.Y. — A New York federal judge has denied cross-motions for summary judgment on issues of follow-the-fortunes, late notice and rescission in a reinsurance dispute concerning an underlying $325 million settlement of asbestos claims asserted against Goulds Pumps Inc.
However, in the Feb. 24 opinion, Judge David Hurd awarded Fireman's Fund Insurance Co. summary judgment on a claim that it refused to pay Utica Mutual Insurance Co.’s reinsurance billing in bad faith, finding the reinsurer had a sufficient basis to question the claim.
From 1966 to 1972, Utica insured Goulds under primary and umbrella policies. The umbrella policies were ...
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