“Follow the Fortunes” and “Follow the Settlements”
“Follow the Fortunes” and “Follow the Settlements”
“Follow the Fortunes” and “Follow the Settlements”
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Slide 16<br />
Wasa v. Lexington <strong>and</strong> its impact on Continental<br />
Europe<br />
facts of <strong>the</strong> case<br />
� Wasa (<strong>and</strong> AGF) reinsuring Lexington for 2.5% each xs a 250„ US$ „per<br />
occurance“ deductible of a DIC Property Damage insurance policy provided<br />
by Lexington to ALCOA for <strong>the</strong> period 01.07.1977 – 01.07.1980<br />
� „Contributing Facultative reinsurance“ covering „All Risks of Physical Loss<br />
or Damage … &/or as original“, „Full R/I Clause“, „Follow <strong>the</strong> Settlements<br />
Clause“, reinsurance contract governed by English law<br />
� proportinal reinsurance „warranted same gross rate, terms <strong>and</strong> conditions<br />
as … original“<br />
� insurance formalized on Lexington„s „Special Floater Form“ providing<br />
coverage for <strong>the</strong> policy„s three year term limited to US$ 20„„ any one<br />
occurance, „occurance“ being defined as „any one loss(es), disaster(s) or<br />
casualty(ies) arising out of one event or common cause“<br />
� waste related contamination to (58) ALCOA sites over a period commencing<br />
in <strong>the</strong> early 1940„s <strong>and</strong> continuing well into <strong>the</strong> 1980„s (at least 1984)
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