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Michelin Wins $2.5M More From Insurer After Fraud Losses

Law360, New York (November 8, 2017, 4:30 PM EST) -- A South Carolina federal judge on Tuesday found Federal Insurance Co. owes Michelin North America an additional $2.5 million in coverage for a theft from its retirement fund, saying the existence of a second policy allegedly covering the same claim is between Federal and the second insurer, and is not Michelin’s problem.

Federal had argued it only owed Michelin half of its $5 million policy limit because Michelin had a concurrent American International Insurance Group policy, but U.S. District Judge Henry Herlong Jr. said under South Carolina law Federal must pay the claim and then work out who owes what with...

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South Carolina

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Insurance

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Date Filed

June 19, 2017

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