Excess Policy's Exhaustion Requirement Satisfied, Virginia Federal Judge Rules

Excess Policy's Exhaustion Requirement Satisfied, Virginia Federal Judge Rules

ALEXANDRIA, Va. - A health and human services program provider insured's settlements with underlying insurers for less than the full limits of their professional liability insurance policies and its agreement to "fill in the gap" by absorbing the difference between what the insurers agreed to pay and their actual policy limits satisfies an excess insurance policy's exhaustion requirement, a Virginia federal judge ruled March 12 (Maximus Inc. v. Twin City Fire Insurance Co., et al., No. 11-1231, E.D. Va.; 2012 U.S. Dist. LEXIS 32970).

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