STORY FROM: Reinsurance & Arbitration

Hartford Steam Sued for $8.6 Million in Reinsurance Proceeds in Calif. Federal Court

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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