Asbestos Insurer Asks 3rd Circ. To Flip $1M Coverage Cap

Law360, New York (January 5, 2012, 7:22 PM EST) -- Pacific Employers Insurance Co. asked the Third Circuit Wednesday to reverse a ruling that its reinsurer, Global Reinsurance Corp. of America, need cover no more than $1 million in defense costs in underlying asbestos litigation.

In a brief, PEIC urged the appeals court to rule that Global’s $1 million liability under its policy applied only to loss, not both loss and expenses.

PEIC filed a breach of contract and declaratory judgment suit against Global in 2009 after the reinsurer refused to pay some $560,000 in costs...
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