A casino operator is suing three insurers that said policy language excluded their paying flood damage and rejected $346.5 million in claims from the business after Hurricane Katrina hit its Biloxi, Miss. location.
Pinnacle Entertainment filed suit in U.S. District Court in Las Vegas against Allianz Global Risks U.S. Insurance Company, Arch Specialty Insurance Company and RSUI Indemnity Company, on Aug. 1, for failure to pay its claims.
According to Pinnacle, the companies provided $300 million of coverage in excess of $100 million provided by other insurers. In its court filing, Pinnacle said it has received $50 million from primary carriers and has received promises of $50 million from the remaining primary carriers.
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