The insurance company for H.J. Heinz Co. waived its right to assert a rescission claim because it agreed to sell a policy to the food company despite knowing its insurance application contained misrepresentations, a jury ruled Wednesday in federal court.
A jury in the U.S. District Court for the Western District of Pennsylvania said Starr Surplus Lines Insurance Co. proved that Heinz made a material misrepresentation in its insurance application, but did not prove that Heinz deliberately omitted information. It said Starr failed to promptly assert rescission of the policy after gaining sufficient knowledge to do so.
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