Bankruptcy of Storage Facility Created a Compensable Loss

Plaintiffs insurers sought a declaration that there is no coverage for
the insurance claim made under the policy for the loss of soybeans. The
Defendants moved for partial summary judgment on its first and second
counterclaim. In Endurance American Insurance Company, Zurich American
Insurance Company, and, Atain Insurance Company v. Stonex Commodity
Solutions, LLC F/K/A FC Stone Merchant Services, LLC, 2024 NY Slip Op
30076(U), Index No. 653234/2022, Motion Seq. No. 004, NYSCEF Doc. No.
108, Supreme Court, New York County (January 8, 2024) the Supreme Court
(trial court) resolved the dispute.

BACKGROUND


ZALMA OPINION

Since the evidence showed that there were enough soybeans to cover that
deposited by the defendants when EGT was forced into bankruptcy the
division of the assets by the court resulted in a loss to the defendants
that was not excluded from the coverages provided by the Plaintiffs.

(c) 2024 Barry Zalma & ClaimSchool, Inc.

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