Excess Liability Not Automatically Renewed: NJ Court

Law360, New York (January 30, 2009, 12:00 AM EST) -- Leaving responsibility for part of a $2 million settlement potentially in dispute, the New Jersey Supreme Court has found that Evanston Insurance Co. was not required to automatically renew an excess liability policy issued to Piermount Iron Works Inc., even though the insurer failed to notify Piermount that it would be dropping coverage.

In a unanimous decision, the New Jersey Supreme Court reversed a state appellate court decision that had found Evanston should be held to the state’s automatic renewal requirements because it had promised to...
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.