Excess Insurers Off Hook In Asbestos Row, Ch. 11 Judge Says
Law360, New York (June 7, 2016, 8:00 PM EDT) -- A majority of excess insurers owe no coverage to Rapid-American Corp. for underlying asbestos claims until the company exhausts the limits of its underlying primary and excess coverage through actual payment, not just accrued liability, a New York federal bankruptcy judge concluded Tuesday.
After allegedly paying, or promising to pay, $700 million in costs related to hundreds of thousands of asbestos-related claims, which it inherited through its acquisition of The Philip Carey Manufacturing Co., Rapid and its creditors had sought $64 million in excess coverage under policies issued by Travelers Casualty and Surety Co., Travelers subsidiary St. Paul Fire and Marine...
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