Union Carbide Corp. v. Affiliated FM Insurance
New York Court of Appeals
1Opinion of the Court
OPINION OF THE COURT
Smith, J.
This appeal calls on us to interpret an excess liability insurance policy covering asbestos claims made against Union Carbide Corporation (UCC). UCC and its insurers dispute: (1) whether the policy’s aggregate limit was renewed annually or continued over the three-year life of the policy; and (2) whether a two-month extension of coverage by one of the insurers triggered a new limit. We decide the first issue in UCC’s favor: The limit was renewed each year. On the second issue, however, we agree with the Appellate Division that UCC’s motion for summary judgment…
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