New York Court of Appeals Addresses Annualization of Limits and "Stub" Policies

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On February 22, 2011, New York’s highest state appellate court addressed the annualization of aggregate limits to a multi-year liability policy, including whether a two-month extension of the policy period provided the insured with a new limit. In Union Carbide Corp. v. Affiliated FM Ins. Co., the Court of Appeals reversed the lower court and held that an excess umbrella liability policy provided separate annualized aggregate limits. The question, however, of whether a two-month extension of the policy period provided an additional aggregate limit could not be decided as a matter of law.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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