Search
 

N.Y. real estate management firm denied $3M in Sandy insurance coverage

Bedrock Leasing Corp. filed its complaint to collect on part of the $10 million policy it held with Lexington Insurance Co. after a contractual two-year window for doing so had expired.

By Tom McParland | Updated on May 03, 2017
Bedrock was required to file suit either by the two-year anniversary of the storm or no later than September 2015, two years after coverage was denied. (Photo: NOAA/NASA)

A New York-based real estate management firm whose property was damaged during Hurricane Sandy cannot recover more than $3 million from its insurance provider because it waited too long to submit a claim, a Delaware judge ruled on Thursday.

In a nine-page opinion, Delaware Superior Court Judge Eric M. Davis said Bedrock Leasing Corp. filed its complaint to collect on part of the $10 million policy it held with Lexington Insurance Co. after a contractual two-year window for doing so had expired.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

Bank & Capital Markets Tax Institute (BTI) 2024Event

BTI provides leading tax professionals from financial institutions with unmatched tools and resources.

Get More Information
 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.