Goodyear Tire & Rubber Co. has filed a lawsuit againstTravelers Casualty and Surety Co. over the insurer's denial ofdefense and indemnity costs for future asbestos-related claims.
|According to the lawsuit moved from state court to the U.S.District Court in Western Pennsylvania, Goodyear seeks adeclaratory judgment against Travelers for its alleged breach ofcontract on various primary and umbrella policies issued from the1960s to the 1980s by Travelers and predecessor Aetna Casualty andSurety Co.
|Goodyear says Travelers has stopped paying for defense andindemnity after Jan. 28, 2013.
|The tire manufacturer says it has been named as a defendant in“tens of thousands of lawsuits” and has “incurred hundreds ofmillions of dollars in defense and indemnity costs” related toalleged exposure to products that contain asbestos, leading toasbestos-related injuries or diseases many years afterexposure.
|And the company anticipates more claims, including from the timeperiods in which it had liability policies issued by Travelers.
|Goodyear says all deductibles have been met and all peroccurrence limits have been exhausted, but Travelers “has declinedto honor its coverage obligations” due under the policies.
|As a result, Goodyear says, the company “has been forced toincur and will continue to incur additional consequential damages.Including without limitation, attorneys' fees and other expenses inbring this action.”
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