On May 30, 2013, the Court of Chancery of the State of Delaware ordered Ullico Casualty Company ("Ullico"), a surety licensed to do business in NY, NJ and CT into liquidation. All insurance policies, surety bonds and contracts of insurance issued by Ullico shall be cancelled at 12:01 a.m. on the 31st day following the effective date of the Order of Liquidation or upon the specified expiration date, whichever is earlier. All claims against Ullico, along with proof of said claims, must be filed on or before June 30, 2014. Claimants are barred from commencing actions against Ullico after the date of the liquidation order and pending actions against Ullico are stayed. The liquidation order does not apply to other subsidiary companies that are part of Ullico, Inc. A copy of the liquidation order is available here. Additional information about this liquidation, including proof of claim form, will be updated here.
If you would like more information on this issue or any other construction related issue, please contact Welby, Brady & Greenblatt, L.L.P., at (914) 428-2100.