As a follow-up to my post yesterday concerning the New York Court of Appeals’ decision in In the Matter of Viking Pump, Inc. and Warren Pumps, LLC, Insurance Appeals, where the New York high court confirmed that policyholders may allocate all amounts of loss to a single policy and a single policy year, Syed
Asbestos Liabilities
NY High Court Says “All Sums” and “Vertical” Exhaustion Apply to Excess Coverage for Asbestos Liabilities
By Michael S. Levine on
Posted in Excess, General Liability
On Tuesday, May 3, 2016, the New York Court of Appeals held that each of several excess liability insurers can be wholly responsible for the entire extent of their policyholders’ asbestos liabilities. The Court further held that “vertical” exhaustion would apply; rejecting the insurers’ attempt to apply “horizontal” exhaustion before upper-layer policies must respond. The decision, in In the Matter of Viking Pump, Inc. and Warren Pumps, LLC, Insurance Appeals, comes in response to two questions certified from the Delaware Supreme Court:
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Continue Reading NY High Court Says “All Sums” and “Vertical” Exhaustion Apply to Excess Coverage for Asbestos Liabilities