Time's Insurer Fights Coverage Of $6.9M Deal, Defense Costs
By Daphne Zhang (June 9, 2020, 8:29 PM EDT) -- Mutual Insurance Co. has urged a New York federal judge to toss a suit brought by Time Inc. demanding $6.9 million in indemnification of settlement and defense costs for class actions accusing the magazine company of deceptive marketing, saying that Time's "intentional" unfair business practice is not covered by its policy.
Mutual claimed Monday that the global media liability policy it sold to Time only covers claims for "negligence," but magazine subscribers have alleged that Time "knowingly" and "willfully" engaged in false advertising for automatic payment renewals, so Time's practice was not "negligent" and Mutual has no obligation to cover its...
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