Prior Policies In Play In Olin Cleanup Suit, 2nd Circ. Says
Law360, Los Angeles (July 18, 2017, 7:05 PM EDT) -- The Second Circuit affirmed Tuesday that Olin Corp.'s excess policies with Lamorak Insurance Co. were triggered by the chemical producer's payments to clean up several contaminated sites, but found that the insurer may seek to reduce its liability by amounts paid under prior policies covering the same loss.
In a mixed decision in the long-running coverage dispute, a panel of the Second Circuit agreed with Olin that its payments toward remediating contamination at five manufacturing sites implicated the excess policies issued by Lamorak, formerly OneBeacon American Insurance Co.
However, the panel also determined that a seminal decision last year by New...
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