Insurer Entitled To $5M Reimbursement In Coverage Suit Over Highway Project

Mealey's (October 7, 2022, 11:43 AM EDT) -- NEW YORK — An insurer is entitled to reimbursement of $5 million it paid to its insured contractor under the rectification indemnity coverage provision of the contractor’s policy because a policy provision governing subrogation located in the policy required that the contractor repay the insurer for money the contractor obtained in an arbitration proceeding, a federal judge in New York ruled....