NY Allocation Ruling Speeds Policyholders' Road To Recovery
Law360, Los Angeles (May 3, 2016, 10:53 PM EDT) -- The New York high court's Tuesday ruling that each excess insurance policy covering Viking Pump Inc. and Warren Pumps LLC can be held liable for an entire loss resulting from asbestos claims gives policyholders a faster, cost-efficient path to coverage for multiyear claims by allowing them to target carriers in a single year, experts say.
Ruling on certified questions from the Delaware Supreme Court in Viking Pump and Warren Pumps' insurance coverage dispute with a slew of excess insurance carriers, the New York Court of Appeals unanimously decided that the "all-sums" allocation method, under which each policy can be held liable...
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