Carolina Casualty Ordered To Pay $17M Arbitration Award
Law360 (June 30, 2021, 5:22 PM EDT) -- A Florida panel on Tuesday said Carolina Casualty Insurance Co. is on the hook for a bankrupt medical device distributor's $17 million arbitration award against its policyholder, finding that a breach of contract exclusion does not bar coverage.
The First District Court of Appeal panel held that the award is covered under a management liability policy that the Jacksonville, Florida-based insurer issued to Santa Barbara Medical Innovations Inc. because claims brought by Primcogent LLC bankruptcy trustee John D. Spicer did not arise solely from an asset purchase agreement between the two companies, but rather misrepresentations SMBI made to Primcogent about the...
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