Law360 (June 30, 2021, 5:22 p.m. EDT) – A Florida panel said Tuesday that Carolina Casualty Insurance Co. is set to receive a $ 17 million arbitration award from a bankrupt medical device distributor against its policyholder, concluding that a breach of contract exclusion does not preclude coverage.
The First District Court of Appeals panel ruled that the indemnity was covered by a management liability policy that the insurer in Jacksonville, Fla. Issued to Santa Barbara Medical Innovations Inc., because the claims filed by Primcogent LLC’s bankruptcy trustee, John D. Spicer, arose not solely from an asset purchase agreement between the two companies, but rather from the false statements made by SMBI to Primcogent about the …
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