Panel: Professional Liability Insurer Is Owed Entire Amount Of Settlement Funds

Panel: Professional Liability Insurer Is Owed Entire Amount Of Settlement Funds

NEW YORK - The Second Circuit U.S. Court of Appeals ruled Aug. 13 that an insurance agency insured may not claim reimbursement for its $150,000 deductible until its professional liability insurer has been repaid in full for contribution and defense costs stemming from an underlying settlement (Fireman's Fund Insurance Co. v. TD Banknorth Insurance Agency Inc., No. 10-797-cv, 2nd Cir.; 2013 U.S. App. LEXIS 16672).

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