Tag Archives: insurance contract

EXIDE VERNON BREAKING NEWS: Insurance company asks federal judge to declare it does not have to pay out full limits of its policy to cover deal Exide executives made as part of reorganization plan with plaintiffs suing company over contamination at its Vernon lead smelter; Allied World National Assurance claims contract required Exide’s executives to present any proposed settlements to insurer for review and approval first before entering into any agreements

Exide

“Neither Exide nor any insured person sought or obtained Allied World’s written consent to enter into the Vernon tort claims term sheet,” Allied World said. “The insured persons, therefore, offered to settle and/or entered into a settlement agreement without Allied World’s prior written consent.” The Vernon tort claim term sheet sets out conditions for a […]

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