American Insurance Company v. North American Company for Property and Casualty Insurance, Formerly Known as Service Fire Insurance Company of New York

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• reinsurer not required, under follow-the-fortunes doctrine, to indemnify cedent for punitive damage award not contemplated by the terms of the insurance policy
• \It is clear that the settlement here was primarily designed to compensate [the insured] for a punitive damage award that is excluded from the reinsurance policy.\
• “It is clear that the settlement here was primarily designed to compensate [the insured] for a punitive damage award that is excluded from the reinsurance policy.”
• “In some cases in which there is genuine ambiguity over what a settlement covers, a ‘follow the fortunes’ clause may oblige a reinsurer to contribute to a settlement even though it might encompass excluded items.”

Source: CourtListener parenthetical corpus (CC0).