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- Title
Excess Insurer's Duty to Drop Down for Insolvent Excess Insurer.
- Abstract
The article presents the court ruling on the "New Process Baking Co. v. Federal Insurance Co." The Seventh Circuit concluded that an excess insurer was not required to drop down because its policy excluded coverage until all underlying insurance was exhausted. The New Process Baking Co. could not assert a claim against Mission due to the company's declaration of insolvency. Federal refused to pay the claim on the theory that the company's liability did not attach until claims exceeded the sum of the primary and first level of excess insurance. Relying on the insurance contract, the court agreed with Federal.
- Subjects
INSURANCE companies; FEDERAL Insurance Co.; NEW Process Baking Co. Inc.; MISSION Insurance Co.; INSURANCE claims; INSURANCE policies; FINANCIAL institutions; INSURANCE claims adjustment; LEGAL judgments; ACTIONS &; defenses (Law)
- Publication
Journal of Risk & Insurance, 1991, Vol 58, Issue 2, p342
- ISSN
0022-4367
- Publication type
Article