Liability Insurers Receive $25.5 Million Reminder About The Importance Of Reservation Of Rights Letters
"This insurance," the policy clearly stated, "does not apply to . . . punitive damages. . . ." And yet the carriers will be paying the entire judgment entered in Lompe v. Sunridge Partners, LLC, 54 F. Supp. 3d 1252, 1271 (D. Wyo. 2014), including the punitive portion: $25.5 million. They will be paying because they undertook to defend the insured unconditionally, and didn't mention the punitive damages exclusion until nearly nineteen months later - just eleven calendar days before trial. The case is Interstate Fire and...
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