Insurer Loses Asbestos Claims Fight At Appeals Court
Law360, London (April 17, 2019, 3:57 PM BST) -- An insurer cannot allocate a full claim for asbestos-related losses in a reinsurance policy to the year of its choice, London’s appellate court ruled Wednesday, as it allowed an appeal by Equitas Insurance Ltd. against an arbitral ruling that went in favor of Municipal Mutual Insurance.
The Court of Appeal said that Municipal Mutual, which is now defunct, was not entitled to have presented reinsurance claims arising from payouts for mesothelioma — a form of cancer linked to exposure to asbestos — to the triggered reinsurance contract of its choice, a practice known as “spiking.”
Judge Stephen Males said that Equitas...
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