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- Title
Express Terms of Policy Preclude Duty to Drop Down.
- Authors
Darr, Frank P.
- Abstract
The article presents the recent court ruling on the "Hudson Insurance Co. v. Gelman Sciences, Inc." The former cases at the Seventh Circuit triggered by the Mission Insurance Company insolvency lead to the conclusion that explicit policy language precluded the assertion that an excess carrier had to drop down into coverage when a preceding excess carrier was declared insolvent. Mission declared bankruptcy and Gelman demanded that Hudson drop down and provide coverage in place of Mission. Hudson refused to pay. The trial court agreed with Hudson. The court of appeals affirmed the lower court's decision.
- Subjects
INSURANCE companies; INSURANCE crimes; HUDSON Insurance Co. Ltd.; MISSION Insurance Co.; GELMAN Sciences Inc.; INSURANCE business activities of banks; LEGAL judgments; BANKRUPTCY; BUSINESS enterprises; FINANCIAL institutions; INSURANCE; ACTIONS &; defenses (Law)
- Publication
Journal of Risk & Insurance, 1991, Vol 58, Issue 2, p341
- ISSN
0022-4367
- Publication type
Article