Friday, December 21, 2007
Ind. Decisions - Court grants transfer in Wheelabrator case
The formal transfer list will follow later today, but the ILB has received notice that the case of Travelers Casualty and Surety Co., et al. v. United States Filter Corp., et al. has been granted transfer.
According to a story in Business Insurance.com, quoted in this July 27th ILB entry:
Companies that acquire liabilities through mergers or acquisitions have the right to seek coverage under the acquired companies’ occurrence-based insurance policies for losses that occurred before the transaction, an Indiana appellate court has ruled."Insured's coverage passes to acquirer, court rules" was the heading to a July 25th Indy Star story, cited here.
The Indiana Court of Appeals also found in Travelers Casualty and Surety Co. et. al vs. United States Filter Corp. that the insurance company doesn’t have to approve the transfer of coverage to the acquiring company for it to have the right to tap the policies when necessary.
See the ILB entry on the July 24th COA opinion here.
Posted by Marcia Oddi on December 21, 2007 09:44 AM
Posted to Indiana Transfer Lists