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.

Find a Broker

Search by product, location, or name

Please Update Your Browser

Unfortunately Microsoft is no longer providing support or security fixes for your web browser. RT Specialty values the safety and security of its clients’ data, and as such this site requires the use of a modern web browser. To update your web browser, please see the links below. If you have any questions or would like additional information, please email or call (312) 784-6001.

Firefox Firefox Chrome Chrome IE Internet Explorer Edge Microsoft Edge