Canal Insurance Company was the excess and umbrella insurer of Montello, Inc., a manufacturer of oilfield drilling equipment that contained asbestos. Montello had been sued by individuals claiming injuries as a result of exposure to asbestos in connection with its equipment. In 2003, Montello’s primary insurer, The Home Insurance Company, was declared insolvent by a New Hampshire court without having paid out any claims for bodily injury on Montello’s behalf.
Thereafter, Canal filed suit for declaratory judgment that it had no duty to defend Montello …
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