Montello Insurer Seeks To Avoid Drop-Down Coverage

Law360, New York (June 28, 2010, 3:03 PM EDT) -- Canal Insurance Co. has asked a federal court to declare that it need not drop down to provide primary coverage for drilling product supplier Montello Inc., which is embroiled in several personal injury suits for allegedly distributing a drilling mud adhesive that contained asbestos.

Canal, which is Montello's excess insurer, lodged the declaratory judgment suit Friday in the U.S. District Court for the Northern District of Oklahoma. It asked the court to confirm that it did not need to provide drop-down coverage or defense to Montello...
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