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Certain Underwriters at Lloyd’s, London v. Prime Natural Resources, Inc.

Court: Tx 1-Houston  11/27/2019  Appellate Court Reverses Treble Damages and Portion of Prompt Payment Award in Oil Well Insurance Dispute

The court found that the evidence did not support a finding that the insurer knowingly violated Chapter 541. Additionally, a partial payment of the claim in 2007 was tendered unconditionally and, therefore, an award of penalty interest under Chapter 542 was not warranted. Accordingly, the court remanded the case to the trial court for the insured to make a new election of remedies in light of the appellate court's determinations and for a recalculation of the proper amounts of interest owed on the final judgment.

well control insurance policy, Hurricane Rita, Texas Insurance Code, Chapter 541, Chapter 542, Prompt Payment of Claims Act, additional policy benefits, stare decisis, law of the case, knowing conduct, treble damages, penalty interest

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