New York Justice: Reinsurance Contracts Capped For Cedent’s Asbestos Losses
Mealey's (April 16, 2018, 9:16 AM EDT) -- ROME, N.Y. — A New York justice on March 7 ruled that a cedent is not entitled to asbestos loss and expenses beyond the stated coverage amount set forth in reinsurance certificates issued by members of a reinsurance pool (Utica Mutual Insurance Co. v. Abeille General Insurance Co., et al., No. CA2013-002320, N.Y. Sup., Oneida Co.).
(Decision, order and final judgment available. Document #12-180420-010Z.)
Justice Patrick F. MacRae of the Oneida County, N.Y., Supreme Court chose to follow Excess Insurance Co. v. Factory Mutual Insurance Co.,...