قالب وردپرس درنا توس
Home / Insurance / Zurich off the hook in dispute over real estate company

Zurich off the hook in dispute over real estate company



A unit of Zurich Insurance Group Ltd. does not need to provide coverage to a real estate investment asset and property management company involved in litigation with a shareholder's widow because it filed its claim late, a federal appellate court said Friday. a lower court decision.

A partner of Washington, DC-based UIP Cos. LLC, which specializes in multi-family real estate in the Washington metropolitan area, died in April 2015 and his widow, Marion Coster, inherited his 50% stake in the companies, according to the judgment of the District of Columbia Circuit U.S. Court of Appeals in Zurich American Insurance Co. v. UIP Companies LLC.

Ms. Coster began negotiations with the UIP management to get compensation for her ownership interests in UIP, but the negotiations became sour, the verdict said.

In February 201

8, Koster's lawyer sent an email to UIP's representative and suggested how the dispute could be resolved . In the summer of 2018, Coster filed three lawsuits against UIP and its principals, two in the Delaware Chancery Court and the third in the U.S. District Court of the District of Columbia. That lawsuit is still pending.

UIP filed a statement on Costers' lawsuits with Zurich American Insurance Co. Zurich Insurance Group. in March 2019, almost nine months after Coster filed her first lawsuit against UIP and almost seven months after Mrs. Coster. Costar filed its third lawsuit, the court said.

Zurich refused coverage on the grounds that its policies required that a claim must be filed "as soon as practicable" after the insured first became aware of the claim, but " under no circumstances "within 90 days after the expiration of the relevant insurance period.

The UIP brought an action before the District Court of Washington, DC for cover. The court ruled in favor of the insurer and was upheld by a unanimous three-judge appellate court. [19659002] The lawyer's statement of February 2018 "qualified as a requirement under the terms of the Zurich policies", it stated.

"UIP" claims that its principals remained unaware that the Zurich policies covered the lawsuits until months after they were submitted But the rule in the District of Columbia "is that an insured" is held to know the competition in his insurance, "it said, referring to a t previous decision and confirmed the decision of the lower court.

Actors in the case had no comments.


Source link