Decision Denying Award of Insurance Proceeds Affirmed by N.J. Court

TRENTON, N.J. -- A New Jersey appellate court has affirmed the denial of insurance proceeds to W.R. Grace & Co., finding that the asbestos defendant could not rely on estimations of the value of claims when submitting proof of claims to a liquidated insurer. Commissioner of Insurance of the State of New Jersey v. Integrity Insurance Co./W.R. Grace & Co., No. A-2505-10T4 (N.J. Super. Ct., App. Div.).

In the Jan. 11 opinion, the Appellate Division of the New Jersey Superior Court found that the liquidator was not obligated to "earmark" funds to cover contingent and future asbestos-related claims against W.R. …