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AIG unit denies $100 million pollution claim.

Publication: Business Insurance
Publication Date: 21-NOV-05 		Format: Online - approximately 1022 words
Delivery: Immediate Online Access
Full Article Title: AIG unit denies $100 million pollution claim.(American International Specialty Lines Insurance Co.)

Article Excerpt
Byline: DOUGLAS McLEOD

CHICAGO-An American International Group Inc. subsidiary is fighting a bankrupt company's efforts to collect the $100 million limit of a pollution liability policy to cover cleanup costs at several former manufacturing and dump sites.

American International Specialty Lines Insurance Co. earlier this month filed suit in federal court in Chicago against NWI-I Inc., a bankrupt conglomerate that was formerly known as Fruit of the Loom Inc. and that previously owned Velsicol Chemical Co.

Also named are the trustees of two bankruptcy trusts formed as part of NWI's Chapter 11 reorganization, one to hold the contaminated properties and the other to marshal assets, including insurance recoveries, to pay for cleanup.

AISLIC's suit charges that NWI breached the terms of its policy when it agreed to transfer its coverage rights to the bankruptcy trusts, managed by trustee corporations dubbed Le Petomane II Inc. and Le Petomane III Inc. The insurer also...

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