N.Y. Appellate Court Reinstates Coverage Action Against Everest Re

NEW YORK - A New York appellate court has reinstated a suit against Everest Reinsurance Co., which seeks reinsurance coverage for the 2004 settlement of environmental contamination claims against Monsanto Co. American Home Assurance Co. v. Everest Reinsurance Co., No. 09537 (N.Y. App. Div., 1st Dept.).

On Dec. 27, the New York Appellate Division, 1st Department, found issues of fact as to whether the cedent, National Union Fire Insurance Co., settled with Monsanto in good faith.

In 1993, National Union and its affiliates settled massive coverage litigation arising from Monsanto's continuous manufacture of polychlorinated biphenyl from 1929 to 1971 at …