ACE, AIG Unit To Pay $10.8M For Business Interruption

Law360, New York (January 14, 2013, 3:06 PM EST) -- A federal judge said Friday that an American International Group Inc. unit and ACE American Insurance Co. must pay $10.8 million to Millennium Inorganic Chemicals Ltd. for business interruption losses tied to a natural gas explosion.

In September, U.S. District Judge Ellen Lipton Hollander ruled that National Union Fire Insurance Co. of Pittsburgh, Pa., and ACE must cover the chemical company because it is entitled to contingent business interruption coverage under policies issued to it, but didn't determine the damages at that time.

Millennium, a leading...
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