Insured’s Interpretation Of Deductible Provision Is ‘Unreasonable,’ Panel Affirms
Mealey's (March 23, 2016, 2:06 PM EDT) -- NEW ORLEANS — The Fifth Circuit U.S. Court of Appeals on March 22 upheld an insurer's calculation of an insurance policy deductible by taking 5 percent of the total insurable values of seven oil-and-gas properties damaged by Hurricane Isaac, concluding that the lower court properly relied upon the “ordinary meaning” of the policy term “total insurable values” (Saratoga Resources, Incorporated v. Lexington Insurance Co., No. 15-20343, 5th Cir.; 2016 U.S. App. LEXIS 5237).
(Opinion available. Document #51-160414-008Z.)
Saratoga Resources Inc. owns seven oil-and-gas properties in state...