Cosmopolitan Mutual Insurance v. Lumbermen's Mutual Casualty Co.

Two insurance carriers, plaintiff-appellant Cosmopolitan Mutual Insurance Company and defendant-respondent Lumbermen’s Mutual Casualty Company, seek a declaratory judgment as to their respective liability arising out of a suit brought by a third party against the insured. Upon a settlement in favor of the injured third party, in the amount of $70,000, each of the two carriers and the City of New York contributed one third. Neither Cosmopolitan nor Lumbermen’s admitted liability under their respective policies, and instead stipulated that the outcome of the present action for declaratory…