Clearwater Insurance Sues Granite State for $3.4 Million

NEW YORK - Clearwater Insurance Co. has been sued for more than $3.4 million in reinsurance coverage for underlying claims brought against Colt Industries Inc. and McGraw Edison Co. Granite State Insurance Co. v. Clearwater Insurance Co., No. 09-10607 (S.D. N.Y.).

The suit, filed on Dec. 30 by Granite State Insurance Co. in the U.S. District Court for the Southern District of New York, also seeks reformation of the facultative certificate covering the policy issued to Colt Industries.

According to the complaint, Granite State insured Colt Industries Inc. from July 1, 1979, to July 1, 1980. Granite State also covered …