In what reports have characterized as a minor victory for Silverstein Properties in the WTC insurance recovery case, Judge Michael Mukasey told the jury, which ended five days of deliberations yesterday, that they could render separate verdicts concerning the responsibility of four Lloyd’s insurance companies.
Lloyd’s lawyers had argued that the four companies should be considered jointly as to whether they relied on the WilProp (single recovery) form or the Travelers (potential double recovery) form.
The question posed by the jurors, and the judge’s answer, seems to indicate that the jury is considering whether some of the Lloyd’s insurers relied on one form, while others relied on a different one.
According to a report from Reuters, the jury also queried Judge Mukasey as to whether signing a particular form, or binder, indicated an intent to agree with the terms it contains. The Judge indicated that signing a form was one way of showing the signers intent to be bound by the terms, but was not the only way. The ruling essentially gives the jury further scope to consider the actions and intent of the parties beyond the strict terms of the written agreements.
The jury has given no indication as to when a decision might be reached.
Topics Carriers Legislation Excess Surplus Lloyd's
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