STORY FROM: Reinsurance & Arbitration
N.Y. Appellate Court Upholds Denial of Summary Judgment in Weather Risks Action
October 23, 2018
NEW YORK — A New York appellate court has affirmed that questions of fact exist as to whether a weather risk management advisor breached its contract with Everest Reinsurance Co. by selling its assets and ceasing to do business while the agreement was in effect.
However, in the Oct. 18 ruling, the New York Appellate Division, 1st Department, said the trial court should have awarded Galileo Weather Risk Management Advisors LLC summary judgment on Everest’s unjust enrichment claim, ruling that no claim exists.
In 2011, Everest and Galileo entered into an arrangement whereby Galileo would locate potential weather-related insurance and/or ...
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