Lloyd's Can't Defer Interest On Asbestos Claims: Court

Law360, New York (March 12, 2009, 12:00 AM EDT) -- An appeals court affirmed a ruling against Lloyd's of London on Thursday, saying a coverage-in-placement agreement between the insurer and a chemical company limits the claims amount Lloyd's must pay to $10 million per year, and the insurer is required to dole out interest on rollover payments.

The decision by the U.S. Appeals Court for the District of Columbia requires the insurer to pay 8 percent interest to Ashland Inc. on asbestos-related injury claims, as long as the payments stay under $10 million per year....
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