[DOWNLOAD] "Industrial Risk Insurers v. Hartford Steam Boiler Inspection" by The Supreme Court of the State of Connecticut # eBook PDF Kindle ePub Free

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eBook details

• Title: Industrial Risk Insurers v. Hartford Steam Boiler Inspection
• Author : The Supreme Court of the State of Connecticut
• Release Date : January 18, 2001
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 81 KB

Description

Argued March 13 Opinion In this appeal, Industrial Risk Insurers (Industrial Risk), appeals from the judgment of the trial court denying its application to vacate an arbitration award and granting the application to confirm the award filed by Hartford Steam Boiler Inspection and Insurance Company (Hartford Steam Boiler). 1 On appeal, Industrial Risk claims that the trial court improperly confirmed the arbitrator's award because: (1) the submission to the arbitrator was restricted; and (2) the arbitration panel exceeded the scope of its authority. We conclude that the trial court properly confirmed the award and accordingly we affirm the judgment of the trial court. The following facts and procedural history, as set forth by the trial court in its memorandum of decision, are relevant to this appeal. ''The present action arises out of a catastrophic loss which occurred at the Monsanto Corporation's [Monsanto] Chocolate Bayou plant in Alvin, Texas, on January 13, 1992 (Monsanto loss). The parties to this dispute, [Industrial Risk] and [Hartford Steam Boiler], are parties to a reinsurance [contract]. A dispute arose between the parties concerning whether the Monsanto loss was covered by the reinsurance [contract]. The dispute eventually led to a complex series of arbitrations. . . . At the time of the Monsanto loss, [Hartford Steam Boiler] provided [Industrial Risk] with reinsurance for boiler and machinery coverage pursuant to a reinsurance [contract] between the parties that dated back to 1975. While [Industrial Risk] insured Monsanto for all risks, including, but not limited to, boiler and machinery losses, [Hartford Steam Boiler] reinsured [Industrial Risk] only for specific types of boiler and machinery losses. Only a portion of the cover-age [Industrial Risk] afforded to Monsanto, therefore, was reinsured by [Hartford Steam Boiler]. [Industrial Risk] and [Hartford Steam Boiler] disagreed as to the nature of the Monsanto loss. [Industrial Risk] believed that the Monsanto loss was a boiler and machinery loss which was reinsured. [Hartford Steam Boiler], meanwhile, took the position that it was not a reinsured boiler and machinery loss. Rather, [Hartford Steam Boiler] asserted that the loss was covered by [Industrial Risk], pursuant to the nonreinsured portion of [Industrial Risk's] insurance policy with Monsanto, and by Monsanto's other all risk insurers. 2

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