Second Circuit guidelines Lloyd’s surplus strains arbitration clause trumps Louisiana insurance coverage legislation

The case stemmed from disputes over insurance coverage protection for 2 business properties in Louisiana that had been broken throughout Hurricane Ida in August 2021. After the storm, the properties had been offered to new house owners – 3131 Veterans Blvd LLC and Mpire Properties LLC – who took over the rights below the present insurance coverage insurance policies. The insurance policies, issued by a gaggle of surplus strains insurers together with Lloyd’s of London, Indian Harbor Insurance coverage, and QBE Specialty Insurance coverage, contained arbitration clauses requiring that any disputes be resolved in New York.