In a novel claim settlement OneBeacon Insurance Co. agreed to donate $750,000 to the hospital that cared for famed author Stephen King after he was severely injured by a van while walking along a road near his vacation home in Lovell, Maine.
King had demanded damages of $10 million from the insurer in a lawsuit filed last February alleging that it had failed to provide full coverage of his injuries. OneBeacon took over coverage on both King’s personal and business policies from Commercial Union when it acquired its operations from CGNU.
The Portland Press Herald reported that the settlement was a compromise made by both parties to avoid prolonged and costly litigation and to provide some good for the community.
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