Policyholder counsel have heralded the recent New York Court of Appeals' decisions in Bi-Economy and Panasia as victories for insureds due to the court's recognition, in certain circumstances, of claims for consequential damages beyond the limits of an insurance policy.
Bi-Economy and Panasia: A Differing View
Policyholder counsel have heralded the recent New York Court of Appeals' decisions in <i>Bi-Economy</i> and <i>Panasia</i> as victories for insureds due to the court's recognition, in certain circumstances, of claims for consequential damages beyond the limits of an insurance policy. However, a close reading of the majority opinions in these cases demonstrates that the Court of Appeals has taken only a tentative step in the direction of allowing claims under New York law for damages beyond policy limits. Based on the analytical construct used by the court to address the policyholders' claims in these cases, insurers have several avenues to challenge the application of these holdings to future cases and may ultimately limit these decisions to the specific facts under which they were decided.
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Lynn K. Neuner And Christopher LuchtThis premium content is locked for LawJournalNewsletters subscribers only
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