Arbitrators Went Too Far In Insurance Dispute, 7th Circ. Told
Law360 (April 2, 2021, 6:39 PM EDT) -- Continental Casualty Co. urged the Seventh Circuit on Friday to vacate orders from an arbitration panel prohibiting it from submitting to Lloyd's of London future billings related to certain asbestos product losses under their reinsurance treaties.
Continental says barring the future billings for the three accounts at issue, estimated at more than $12 million, was beyond the scope of the arbitrators' power in the reinsurance dispute with Certain Underwriters at Lloyd's of London.
The underlying dispute that went before the arbitration panel involved Continental's "retention," or the amount it had to pay to its insureds before it could seek reimbursement from its...
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