STORY FROM: Reinsurance & Arbitration
Hartford Steam Sued for $8.6 Million in Reinsurance Proceeds in Calif. Federal Court
April 3, 2019
LOS ANGELES — An insurer has sued The Hartford Steam Boiler Inspection and Insurance Co. for more than $8.6 million in reinsurance proceeds for losses sustained by an organic date farm following an electrical power outage.
In a March 25 complaint filed in the U.S. District Court for the Central District of California, Nationwide Agribusiness Insurance Co. maintains that the losses are covered by an endorsement to a commercial property policy issued to the farm, which was in turn reinsured by HSB.
NAIC and HSB entered into an agreement in January 2006 in which HSB agreed to reinsure a commercial ...
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