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BRIDGEVIEW, Ill.—Heavy equipment manufacturer Manitex International Inc. is paying $1.9 million in a settlement agreement with two injured workers after an appeals court reversed a summary judgment in favor of Manitex's excess and surplus lines insurer.
In a ruling earlier this month, the 5th U.S. Circuit Court of Appeals in New Orleans ruled in favor of Colony National Insurance Co., a unit of Pembroke, Bermuda-based Argo Group International Ltd., that a purchase agreement between two heavy equipment manufacturers is not an insured contract under which the buyer's insurer is responsible for third-party tort liability.
As a result of the overturned decision, Manitex is liable for damages sought by two workers who where injured when a crane malfunctioned in November 2006, the Bridgeview, Ill.-based unit of Manitex L.L.C. said Tuesday in a statement.
“Manitex has become liable to make combined payments of $95,000 annually to the two plaintiffs over a 20-year period, without interest,” the company said in the statement.
Manitex said it planned to seek a rehearing before the appeals court that said Colony National is not liable in the case.
NEW ORLEANS—A federal appeals court ruled this week that a purchase agreement between two heavy equipment manufacturers is not an insured contract under which the buyer's insurer is responsible for third-party tort liability, a federal appeals court ruled this week.