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Aon PLC has settled a lawsuit over a tornado loss sustained by Pilkington North America Inc. in which a policy provision capped the glassmaker’s coverage at $15 million, a fraction of the damage estimate.
According to Aon’s 10Q, filed with the U.S. Securities and Exchange Commission on Friday, Pilkington sought between $45 million and $85 million in property and business interruption damages from its insurer or Aon, its broker. The insurer was Mitsui Sumitomo Insurance Co. of America Inc.
In its 10Q, Aon noted that its operating expenses increased in the second quarter in part because of “a $58 million charge related to certain legal settlements reached.” Aon declined to comment on the charge.
According to the original suit, Pilkington North America Inc. v. Mitsui Sumitomo Insurance Co. of America Inc. et al., Toledo, Ohio-based Pilkington alleged among other things that Aon failed to amend a 2016 policy revision that changed a named-windstorm sublimit to a U.S. windstorm sublimit.
The full policy had a $320 million limit, but after Pilkington’s factory in Ottawa, Illinois, was destroyed by a February 2017 tornado, Mitsui only paid the $15 million sublimit, the lawsuit states.
According to a June 16 court filing, the case was settled without costs awarded to any of the parties.
A third-party complaint in the case filed by Mitsui against Aon was dismissed in 2021.