Equitas Ordered to Pay Cedent $1.25 Million in Prejudgment Interest

NEW YORK — After ordering Equitas Insurance Ltd. to pay The Insurance Company of the State of Pennsylvania $7,234,125 for its settlement of pollution claims brought against Dole Food Co., a New York federal judge has awarded the insurer $1,250,597.81 in prejudgment interest.

On Sept. 15, Judge Laura Taylor Swain of the U.S. District Court for the Southern District of New York entered a total judgment of $8,484,722.81 in favor of ICSOP.

ICSOP issued an umbrella policy to Dole’s predecessor, Castle & Cook Inc., for losses exceeding the limits of an underlying policy. The umbrella policy was in effect from …