* Fisker lost 338 Karma hybrids from Sandy-related flood
* XL said to have denied coverage in policy dispute
* Companies reach "amicable resolution"-XL lawyer
Feb 21 Fisker Automotive Inc has resolved its
lawsuit accusing XL Group Plc of denying it insurance
coverage over flooding from Superstorm Sandy that destroyed 338
of its Karma plug-in hybrids at a Port Newark, New Jersey,
Both companies agreed to end the dispute over the loss of
vehicles worth about $33 million, according to a joint filing on
Thursday with the New York State Supreme Court in Manhattan.
No reason was given in the filing.
Christopher Scanlon, a lawyer for XL, in a telephone
interview said the companies had reached an "amicable
Stephen Foresta, a lawyer for Fisker, did not immediately
respond to a request for comment.
Fisker said the vehicles had been submerged in more than 5
feet of seawater on Oct. 29 while they were awaiting shipment to
dealers across the country.
The Anaheim, California-based carmaker said it submitted a
timely claim to XL Insurance America Inc, under a policy
offering up to $100 million of coverage subject to a deductible
and other provisions, only to have it denied on Dec. 20.
In December, a Fisker lawyer said the dispute centered on
whether the cars were in "transit," and which sublimits might
More than 10,000 vehicles were estimated to have been
damaged at the Port Newark facility because of Sandy, including
several thousand from Toyota Motor Corp.
Fisker has not made new vehicles since July, in part because
of battery supplier A123 Systems Inc's bankruptcy, and has been
seeking new investors after a tough 2012 marked by the delayed
launch of the Karma.
XL is based in Dublin, Ireland, and has a U.S. office in
The case is Fisker Automotive Inc v. XL Insurance America
Inc, New York State Supreme Court, New York County, No.