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Lloyd’s Off The Hook At 2nd Circ. For Olin Pollution Deal

The Second Circuit ruled Thursday that Lloyd’s of London does not need to cover Olin Corp. for remediation costs stemming from a 2009 settlement of suits over groundwater contamination from a California plant, saying the settlement agreement’s terms as written preclude excess coverage.

In an order affirming a decision from the Southern District of New York, the panel wrote that despite a section of Olin’s policies with Lloyd’s, referred to as “Condition C,” saying that coverage costs would be taken as a sum, thus putting those costs over the threshold for excess coverage, the settlement agreement makes an exception for the costs for remediating property that was damaged by the pollution. Read more.

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