Insurers Don't Owe $11M For Gas Shortage, 4th Circ. Says

Law360, Los Angeles (February 20, 2014, 6:17 PM EST) -- The Fourth Circuit on Wednesday overturned a district judge's ruling that an American International Group Inc. unit and ACE American Insurance Co. owe Millennium Inorganic Chemicals Ltd. $10.8 million for business interruption losses tied to a natural gas explosion in Australia, ruling the insurers' policies don't cover Millennium's losses.

In a 2-1 ruling, a Fourth Circuit panel reversed U.S. District Judge Ellen L. Hollander's finding that ACE and AIG unit National Union Fire Insurance Co. must provide Millennium contingent business interruption coverage for losses stemming from...
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