Insurance company gets on Intel’s bad side
Intel has filed a suit against their insurance company, American Guarantee and Liability Insurance. The computing giant is suing for alleged breach of contract, maintaining that the insurance carrier failed to pay for the legal costs of Intel’s anti-trust case against AMD.
This move is due to Intel exhausting two other policies while involved in litigation with AMD. The company holds several policies that are supposed to cover their legal costs in the event of litigation and they have already consumed the capital that Old Republic Insurance and XL Insurance America was to provide in terms of the policy.
Intel holds a policy with American Guarantee and Liability Insurance to the tune of $50 million in indemnity coverage and according to the company; the insurance carrier was to take over paying for legal costs once the $66 million from their first two policies had been consumed.
Brett Venter
