Franklin Mutual Ins. Co. v. Metropolitan Property & Casualty Ins. Co..
A property insurer sought pro-rata reimbursement from a policyholder’s previous insurer following payment for environmental contamination from an underground heating oil tank. The contamination occurred continuously during both policy’s effective periods as well as a period of ownership by previous owner. The court held that, under New Jersey’s “continuous trigger” theory, the pro-rata formula is applied separately to each individual policyholder and not collectively to all policies …
Continue Reading