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.
According to court papers, Bedrock's commercial property was damaged when Sandy swept through New York in October 2012, causing more than $19 million in losses in the city. Lexington, a Delaware-based insurance company, denied coverage under a policy for "direct physical loss or damage including flood, earthquake and terrorism" the following September.
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Tom McParland
Tom McParland of New York Law Journal can be contacted at [email protected]. Follow him on Twitter @TMcParlandALM.
