The chairman of Sompo Holdings Inc. will step down to take responsibility for the company s involvement in an insurance scam committed by Bigmotor Co., the used-car dealer and repair chain.
Around a third of insurance claims submitted by discredited used car dealer Bigmotor Co. were found to be fraudulent, but that might be only the tip of the iceberg.
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Cooking Spray Can Maker s Insurer Won t Defend Conagra
Law360 (March 1, 2021, 5:22 PM EST) Sompo Japan Insurance Co. of America has asked an Illinois state court to declare it owes no duty to defend Conagra in dozens of lawsuits claiming several of its cooking spray brands come in cans that spontaneously release their contents, causing fires and burning consumers.
Sompo has issued insurance policies to DS Containers Inc., which manufactures the cans used for Conagra s cooking sprays, according to the lawsuit filed in Cook County on Thursday. But it argues it has no duty to honor the food giant s request that it indemnify it as an additional insured under those policies.