2nd Circ.'s Olin Ruling Could Prove Costly For Insurers

Law360, New York (December 21, 2012, 6:09 PM ET) -- The Second Circuit's Wednesday ruling that Olin Corp.'s excess insurance policy could be triggered by environmental damage occurring outside the policy period shows that insureds in New York can use contract language to counteract the pro rata allocation method for long-tail claims and put carriers on the hook for more losses, experts say.

The decision makes clear that while the pro rata allocation rule — which holds insurers responsible for only the damage that occurs within their policy period — is the default rule in New...
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers

Required