2nd Cir. Lets Stand $7.2 Million Reinsurance Judgment Against Equitas

NEW YORK — The 2nd Circuit U.S. Court of Appeals has denied Equitas Insurance Ltd.’s petition for rehearing, rejecting its efforts to overturn a $7.2 million judgment issued in favor of The Insurance Company of the State of Pennsylvania (ICSOP) in a dispute over reinsurance coverage for pollution at a site owned by a Dole Food Co. subsidiary.

In the May 22 opinion, the appellate panel found the U.S. District Court for the Southern District of New York properly adopted the “all sums” allocation method in ruling that ICSOP could allocate payment for 44 years of property damage to the …