National Union Sued Over $40M Coverage In Negligence Row

Law360, New York (April 10, 2013, 2:03 PM EDT) -- Bond Safeguard Insurance Co. and Lexon Insurance Co. say National Union Fire Insurance Co. of Pittsburgh, Pa., owes them $40 million for not defending the CEO of a bankrupt real estate company in a negligence lawsuit, according to a case removed to Florida federal court Friday.

Bond and Lexon sued James Robert Ward, CEO of the failed Land Resource LLC, in 2011 after the company went belly up in 2008. The insurers had procured the execution of several bonds for several luxury home developments in the...
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