Admiral Sued For Coverage In Construction Credit Dispute

Law360, New York (March 19, 2014, 5:51 PM EDT) -- Admiral Insurance Co. has been accused of wrongfully withholding coverage for a New Jersey management consultant and an affiliated bond underwriter that were accused of securing bank financing for a construction outfit by masking its precarious finances.

The carrier insured Kore LLC and Allegiance Surety LLC under a professional liability policy, but later took the “facially ludicrous” position that Kore’s representation of CGT Construction Inc. in a bid for a line of credit did not constitute a covered professional activity, according to the March 7 complaint...
To view the full article, register now.