Insurance,
Civil Litigation
Aug. 8, 2022
Insurer owes $44.5M for failure of 33,000-ton metal press
“The policy holder experts said, ‘This happened suddenly,’ and the insurance company experts said, ‘No, this happened over a long period of time’,” Weber Metals Inc. counsel Philip E. Cook said.
A federal jury has found that a subsidiary of Chubb Ltd. owes $44.5 million for the breach of an insurance policy after refusal to cover lost money brought about by the failure of a 33,000-ton forging press.
Eight jurors voted unanimously Aug. 2 to require ACE American Insurance Co. to pay the money to Weber Metals Inc., whose forging press broke down in September 2018.
“The policy holder experts said, ‘This ha...
For only $95 a month (the price of 2 article purchases)
Receive unlimited article access and full access to our archives,
Daily Appellate Report, award winning columns, and our
Verdicts and Settlements.
Or
$795 for an entire year!
Or access this article for $45
(Purchase provides 7-day access to this article. Printing, posting or downloading is not allowed.)
Already a subscriber?
Sign In