The insured installed foam insulation at the plaintiff`s building. It was determined that the wrong thickness of insulation was installed and the subsequent removal and replacement cost approximately $500,000.
Suit was filed to recover the costs, alleging breach of contract and negligence. The case went to trial and the plaintiff was awarded a total of $1,958,067.19 (including compensatory damages, interest and attorney fees). A settlement was ultimately reached for $1.1 million.
The insurer was able to recover a portion of this loss because it purchased an Excess of Loss reinsurance certificate from Berkley Re Solutions.
Products and services are provided by one or more insurance company subsidiaries of W. R. Berkley Corporation. Not all products and services are available in every jurisdiction, and the precise coverage afforded by any insurer is subject to the actual terms and conditions of the policies as issued.
For additional information concerning W.R. Berkley Corporation’s insurance company subsidiaries, click here.
