May It Please The Court

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Quote of the Day - Fools and obstinate men make lawyers rich. - Proverb
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Reinsurer Ordered To Pay AIG Insurance For Environmental / Toxic Tort Claims

Back in 1973, insurance coverage for environmental claims was a given.  Policies issued to businesses covered exactly those types of claims.  As most know, insurance companies further spread the risks they insured to other insurance companies, a process called reinsurance.

When AIG paid environmental claims back in 1973, they submitted the bills to their reinsurers, Argonaut Insurance.  Argonaut didn't, however, pay the claims back to AIG.

As a side note, it's a bit comforting to know that even big insurance companies can't get their insurance claims paid.

So, just like the rest of us when our insurance doesn't pay a claim, AIG took Argonaut to court.  AIG just got it's verdict upheld:  Argonaut must now pay about $7 million for previously unpaid claims. 

That's the price of obstinance.

Posted by J. Craig Williams on Friday, May 18, 2007 at 09:08 Comments (0)


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