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Firm Recovered $1.25 Million Deductible Obligation for Insurer Client
The firm scored a huge victory for an insurer client, recovering a $1.25 million deductible obligation, a late payment charge, and prejudgment interest for the insurer. To do so, the firm obtained a ruling declaring the insurer was entitled to recover the entire deductible amount, rejecting the insured’s arguments seeking credits or setoffs for amounts it or third parties had paid to defend the underlying lawsuit. The firm also obtained rulings enforcing a Deductible Guarantee Agreement providing for a late payment charge, additionally awarding prejudgment interest on the deductible obligation and the late payment charge and dismissing the insured’s breach of duty to defend and bad faith claims which had been previously released in settlement of the underlying lawsuit.
