Rapid-American Insurers Win Summary Judgment Battle Over Limit Exhaustion
Mealey's (June 9, 2016, 9:09 AM EDT) -- NEW YORK — Underlying insurance limits must be exhausted by actual payment before excess liability coverage attaches for three of four policies in dispute between Chapter 11 debtor Rapid-American Corp. and the three insurers that have not settled their coverage disputes with the company, a New York federal bankruptcy judge ruled June 7 (Rapid-American Corporation, et al. v. Travelers Casualty and Surety Company, et al., No. 15-01095, S.D. N.Y. Bkcy.; 2016 Bankr. LEXIS 2224).
(Memorandum decision and order available. Document #48-160624-001Z.)