New York Justice: Policy Covers Breakdown Of Generator, $48M Loss Of Capacity Sales
(March 9, 2016, 11:14 AM EST) -- NEW YORK — A New York justice on March 2 held that insurers owe coverage for the breakdown of a generator at the insureds’ power plant and for the insureds’ $48 million in loss of capacity sales (National Union Fire Insurance Company of Pittsburgh, PA, et al. v. TransCanada Energy USA, et al., No. 650515/2010, N.Y. Sup., New York Co.).
(Decision and order available. Document #51-160310-018Z.)
In August 2008, TransCanada Energy USA Inc. acquired the Ravenswood Generating Station in Long Island City, N.Y. The power plant...