Insurance Policy Limits Curb Delay Damages: Pa. High Court

Law360, New York (January 2, 2013, 4:57 PM EST) -- Delay damages awarded in insurance disputes must be calculated based on verdicts molded around policy limits and not on awards made directly by juries, Pennsylvania’s highest court said Friday in a decision upending a ruling by the state’s Superior Court.

In a 5-1 decision, the justices said that State Farm Mutual Automobile Insurance Co. was only required to pay delay damages based on a verdict molded to the $250,000 coverage limit on an uninsured motorist policy purchased by plaintiff Richard Marlette and his wife, ruling that...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.