The Court dismissed the Insured’s action in which it sought reimbursement from one of its umbrella Insurers of funds paid on its behalf by another umbrella Insurer in a claim settled on a reservation of rights basis. The evidence demonstrated that an endorsement to the umbrella policy of insurance issued by the Defendant came into effect on an occurrence rather than on a claims-made basis and the Defendant was therefore not required to respond to the claim settled by the other umbrella Insurer.
Rio Algom v. Liberty Mutual Insurance Co. (c.o.b. Liberty International Canada), [2006] O.J. No. 329 Ontario Superior Court of Justice