Lloyd's Off The Hook At 2nd Circ. For Olin Pollution Deal

Law360 (March 12, 2020, 5:21 PM EDT) -- The Second Circuit ruled Thursday that Lloyd's of London does not need to cover Olin Corp. for remediation costs stemming from a 2009 settlement of suits over groundwater contamination from a California plant, saying the settlement agreement's terms as written preclude excess coverage.

In an order affirming a decision from the Southern District of New York, the panel wrote that despite a section of Olin's policies with Lloyd's, referred to as "Condition C," saying that coverage costs would be taken as a sum, thus putting those costs over the threshold for excess coverage, the settlement agreement makes an exception for the...

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