Insurer Owes $5M Coverage Over Failed Deal: Patriot

Law360, New York (June 6, 2011, 7:42 PM EDT) -- Patriot Rail Co. urged a California federal judge Monday to order Federal Insurance Co. to pay $5 million to cover allegations that a Patriot consultant made misrepresentations during the company's failed acquisition of Sierra Railroad Co.

In its motion for partial summary judgment, Patriot argues that Federal is required to cover Larry Coe under the directors and officers section of its portfolio insurance policy because Sierra's claims that Coe disrupted its tourist operations in 2008 are not related to Sierra's earlier uncovered claims that Patriot used...
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