Law360, New York (December 19, 2012, 5:19 PM ET) -- The Second Circuit ruled Wednesday that American Home Assurance Co. insurance policies issued to signal flare manufacturer Olin Corp. and covering only six years were triggered even though required levels of environmental contamination occurred outside that window.
The appeals court found that American Home could be liable for multimillion-dollar cleanup costs associated with a 10-mile plume of potassium perchlorate that developed in groundwater supplies. It cited a contract provision that promised to pay for property damage that began before the excess insurance policies expired but continued...
2nd Circ. Puts Olin Insurer On Hook For Plant's Enviro Harm
To view the full article, take a free trial now.
