Insurers, Policyholders Both See Silver Lining In Olin Ruling
Law360, Los Angeles (July 19, 2017, 9:20 PM EDT) -- The Second Circuit's decision Tuesday in Olin Corp.'s bid for environmental cleanup coverage reaffirmed a ruling from the New York Court of Appeals that policyholders can seek coverage for an entire loss under any triggered policy they hold, but it also opened the door for insurers to reduce their liability by deducting past payments by other carriers.
In a mixed decision in the decades-old coverage dispute, a panel of the Second Circuit agreed with Olin that its payments toward remediating contamination at five manufacturing sites implicated a series of excess policies issued by Lamorak Insurance Co., formerly OneBeacon American Insurance Co. The...
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