It's a bit dated, but it's great reading. Somebody sent me it this morning.
[attachment=0:24zp13zd]carolina springs insurance case.pdf[/attachment:24zp13zd]
The gist of it is that the insurance company got upset that WWASP allegedly misrepresented itself when applying for the policy. They insurance company is saying that if they knew what was going on they would never have insured Carolina Springs.
Lexington justifiably and reasonably relied upon material misrepresentations, omissions and concealment of facts by CSA when it issued the Policy. These misrepresentations, omissions and concealment of facts were material to the acceptance of the risk by Lexington. If the true facts had been disclosed in the policy application, as required by the application, Lexington in good faith would have: (1) not issued the Policy; or (2) not issued the Policy with as large of a limit of liability or at the premium rate as applied for; or (3) not provided coverage with respect to any claims arising out of any of the alleged wrongdoing alleged in the Vaiden Lawsuit. Consequently, Lexington is entitled to rescind the Policy.