Bank, Bonding Company Battle Right To Payment By Excess Insurer
(September 23, 2015, 12:46 PM EDT) -- ST. LOUIS — A bank and a bonding company are at odds in the Seventh Circuit U.S. Court of Appeals as to which one of them is due a $1.2 million payout by an excess insurer (Edward E. Gillen Company, et al. v. The Insurance Company of the State of Pennsylvania, No. 15-1323, 7th Cir.).
Insured Edward E. Gillen Co. was hired to design and install an earth-retention system for a construction project. An adjacent landowner claimed that it was damaged by Gillen’s earthwork, delaying the...