Mealey's Insurance - Insured Obligated To Pay $2M Self-Insured Retention, 6th Circuit Affirms

Mealey's Insurance - Insured Obligated To Pay $2M Self-Insured Retention, 6th Circuit Affirms

CINCINNATI - The Sixth Circuit U.S. Court of Appeals on Aug. 7 affirmed a lower federal court's ruling that an insurer is not responsible for penalty interest on the first $2 million paid to settle underlying lawsuits related to defective knee implants, further holding that the insurer is not entitled to a credit from its insured or another insurer for the amount it paid that was over and above the policy limits (Stryker Corp., et al. v. XL Insurance America, Nos. 13-1992, 13-1993, 13-1994, 6th Cir.).

Find full version on lexis Advance®
Access this news story on lexis.com®