Colfax Corporation, a global leader in fluid-handling solutions for critical applications, announced today that its Warren Pumps subsidiary received a favorable ruling in its asbestos insurance case.
The decision issued October 14, 2009, by the Delaware Court of Chancery confirmed that Warren is entitled to excess insurance coverage purchased by a former owner of the business. The Court also ruled that Warren's asbestos-related costs should be allocated among excess insurers using an "all sums" allocation. This allows Warren to collect amounts paid in connection with a claim from any insurer whose policy is triggered, up to the policy's applicable limits. This litigation and the decision are separate and apart from insurance litigation involving Colfax's Imo subsidiary.
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Colfax's Warren Pumps Receives Favorable Ruling in Asbestos Insurance Case