$480M Garlock Asbestos Fund Not Covered, Insurer Says

By Rick Archer (August 2, 2017, 6:26 PM EDT) -- Safety National Casualty Corp. on Wednesday asked a North Carolina federal judge to find it does not have to pay into a $480 million mesothelioma fund established as part of the Chapter 11 plan of defunct Garlock Sealing Technologies LLC.

In its declaratory complaint, Safety National claims that the excess policy it wrote to Garlock before it went bankrupt entitles the insurer to take the claim to arbitration, and that Garlock has not exhausted its underlying coverage or met the deductible.

The case concerns a $5 million excess policy Safety National issued Garlock in 1983.

Garlock had been driven to bankruptcy...

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