Judge Says Co. Can 'Fill Gap' To Trigger Excess Policy
Law360, New York (March 12, 2012, 4:56 PM EDT) -- Maximus Inc.'s settlements with some of its insurers over $78 million in losses from a 2008 Texas public-health contract dispute settlement meet the exhaustion requirements of an excess insurance policy from Axis Reinsurance Co., a Virginia federal judge ruled Monday.
Maximus sued Axis last year after the insurer refused to indemnify it for claims from the 2008 settlement, and Axis filed a counterclaim seeking a declaration that its excess-coverage policy wasn't triggered by settlements with lower-tier carriers for less than their full policy amounts. The policy says it applies only after lower-tier insurance "has been exhausted by actual payment," according to...
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