STORY FROM: Reinsurance & Arbitration
Cap Applies to Reinsurers’ Liability for Loss and Expenses, N.Y. Appellate Court Affirms
October 10, 2017
UTICA, N.Y. — A New York appellate court has upheld an award of summary judgment to the members of a reinsurance pool 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 Oct. 6, the New York Appellate Division, 4th Department, affirmed that a cap applies to the reinsurers’ liability for defense and expenses arising from an underlying asbestos settlement.
Utica Mutual Insurance Co. sued the members of a pool that reinsured underlying policies Utica issued to Goulds Pumps. The pool, known as ...
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