Tuesday, June 16, 2009

Superior Court holds that insured not required to pay interest on recovered artwork

In two recent posts I have discussed Apthorp v. OneBeacon Ins. Co.

Another issue the court discussed with respect to damages was whether the insured was required to pay interest to the insurer. Judge Garsh held that no interest was required. The original agreement between the insurer and the insured stated that the insured would repay only the amount it received if the stolen picture was found. Judge Garsh wrote, "OneBeacon is not entitled unilaterally to rewrite the agreement that the insurer drafted to add a requirement that interest be paid to the insurer from the date of its payment for the loss."

1 comment:

Wilton Josh said...

Interesting post! Thank you for sharing. I am trying to find someone to help me with acreage insurance and I was just wondering if it is the same thing as property insurance? Thanks!
Wilton Josh | http://www.meyersinsurance.com/