Rapid-American, Insurer Both Denied Judgment On Policy’s Limits

Mealey's (May 18, 2017, 8:37 AM EDT) -- NEW YORK — A New York federal bankruptcy judge on May 15 declined to award summary judgment to either Chapter 11 debtor Rapid-American Corp. or one of its insurers in a dispute over whether a policy has a $7 million or $14 million limit for asbestos liability claims, saying the policy is too ambiguous to interpret at this stage (Rapid-American Corporation, et al. v. Travelers Casualty and Surety Company, et al., No. 15-01095, S.D. N.Y. Bkcy.)....