A Manhattan appellate court has ruled that New Jersey law should apply instead of New York law in determining the amount of a company’s excess insurance coverage for defending and paying asbestos-related personal injury claims.
As a result, Foster Wheeler Corp., which has faced “hundreds of thousands” of lawsuits for manufacturing asbestos-contaminated boilers, will gain millions of dollars in possible insurance coverage. But roughly 30 insurers who sold Foster Wheeler excess insurance polices from 1970 to 1982 will be saddled with substantially more coverage.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]