2nd Circ. Asks For NY's Take On Coverage Slashing Clause

Law360, New York (August 30, 2013, 6:51 PM ET) -- The Second Circuit asked New York's highest court Monday to determine whether the state would approve of a clause in Pacific Indemnity Co.'s policy that drastically reduced coverage for a Manhattan real estate developer's $14 million in losses from a fire. 

The appeals court sent three questions to the New York Court of Appeals about an apportionment-of-loss clause that transformed the $14 million policy to one that provided $5 million, in accordance with developer Trevor Davis's request to reduce coverage to that amount in exchange for...
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